A Personal Tax Account: An Essential Tool for Doctors
As a doctor, managing your finances and ensuring accurate tax payments can be a daunting task. Fortunately, HM Revenue and Customs (HMRC) has introduced a convenient solution – the Personal Tax Account. This online platform allows you to claim tax relief for various expenses related to your profession, including your GMC (General Medical Council), BMA (British Medical Association), MDU (Medical Defence Union), and MPS (Medical Protection Society) fees, as well as any exam expenses incurred during your training.
If you haven’t already signed up for an HMRC Personal Tax Account, we strongly recommend you join the 16 million taxpayers who have embraced this user-friendly service.
What is an HMRC Personal Tax Account?
The account allows you to manage your tax affairs conveniently and securely. This digital account allows you to handle various tax-related tasks quickly and simply, whenever it suits you.
Why Do Doctors Need a Personal Tax Account?
As a doctor, a Personal Tax Account offers numerous benefits that can streamline your tax affairs. Here are some of the key advantages:
- Tax Relief Claims: The platform allows you to claim tax relief on employment expenses. Step-by-step guides are available to walk you through the process, providing all the necessary information, such as where to find receipts and what expenses you can claim.
- Tax Code Verification: You can easily check your tax code and ensure that your tax is calculated correctly. Our guide on checking your tax code can assist you with this process.
- Income Tax Estimation: The account provides an estimate of the income tax you are likely to pay in the current tax year, helping you plan your finances accordingly.
- Tax Calculation: You can review how your income tax has been calculated to ensure all relevant information has been included.
- Income Updates: The platform allows you to view and make changes to your estimated pay, which ensures your tax code is kept up to date and which should prevent any over/underpayments within the year-end calculation.
- Earnings and Contributions Tracking: You can check the earnings your employer(s) have reported to HMRC, including details of the tax you’ve paid and National Insurance contributions you’ve made each month-to-date in the current tax year, as well as for the previous tax year.
For a comprehensive list of features offered by the HMRC Personal Tax Account, please visit the official government website.
By taking advantage of this convenient platform, you can streamline your tax affairs, ensuring accurate tax payments and claiming the relief you’re entitled to as a doctor.
For more information contact Ballards LLP at 01905 794 504
Disclaimer (as of 22/04/2024): This article has been prepared for information purposes only as of the stated date. The information provided may not be relevant or accurate for any other date. Formal professional advice is strongly recommended before making decisions on the topics discussed in this release. No responsibility for any loss to any person acting, or not acting, as a result of this release can be accepted by us, or any person affiliated with us.
