You’ve finished your GP training and you’re ready to be let loose on the world, but has your training taught you how to deal with your tax and pension position going forward? Liz Densley, specialist medical accountant from Honey Barrett, explains all you need to know.
As a GP trainee
You are taxed under PAYE, so you receive a payment each month where tax, national insurance, pension contributions and student loan repayments have already been deducted and you get what’s left. So, all you need to do is:
- Know what you can claim for – exam and training costs whilst under a training contract only, professional subscriptions and mileage if you have to do visits in your own car (and you’ve not been paid for the miles).
- Check you have the right tax code, and call HMRC if your allowances are not right.
- Make sure, if you are getting to the end of your student loan repayments, that you communicate with the student loan guys to pay off your balance and get deductions stopped.
Once you become a fully qualified GP it all changes!
