As medical accountants, we help doctors in general practice navigate the tax issues surrounding self employment. You will know that the tax rules can be very complex. You need support from accountants who know what they are doing.
If you are a doctor on PAYE and claiming expenses, then you want help in making everything as simple and pain free as possible.
Nicolson Accountancy are experienced tax advisors to the medical profession, acting for over 100 doctors and a large number of GP practices.
Speak to us for help you with your accounting and your external reporting, as we fully understand the requirements. We also work with you to make sure that you are operating efficiently and minimising your overall tax position.
Preparation and submission of your pension certificates is another element of the service we can provide.
If you want to outsource your payroll then we will provide full payroll support for your employees. This means we will undertaking all reporting responsibilities for you.
National insurance savings for doctors
With private practice earnings as well as your NHS salary, you could be paying far too much National Insurance (NICs). There is a cap on the level of National Insurance payable per tax year at the main rate. This is based on annual earnings up to the “Upper Earnings Limit” which is £50,000 in 2019/20.
If your NHS salary exceeds the Upper Earnings Limit you should only be paying the extra 2% NIC on your private practice income. Not the full 9% due for class 4 plus the flat rate for class 2.
If you have employment earnings in addition to your NHS salary, it is highly likely that you will be due a refund of class 1 NIC. Our software can automatically identify if you have overpaid NI, and restrict any additional liability from arising via self-assessment.
Contact us if you think you have overpaid NI as refunds can be sought for the previous 4 years.
You can benefit from a further discussion of what we can do to help doctors. Speak directly to our expert Angus Nicolson about the services we can offer.