Tax Cutting Ideas For All GP Locums
There are lots of expenditures involved in running a gp locum business and it therefore is a good idea to consider being as tax efficient as possible. Essentially any kind of expense which is attributable to the company is able to be reduced in relation to your earnings and will therefore reduce you income tax bill. You should obtain full professional guidance from your tax specialist .
For tax purposes your vehicle is regarded as the most confusing issue. There are 2 methods of evaluating it, the first way is you are able to offset 40p / mile for the first ten thousand miles of business mileage along with 20 pence a mile thereafter (be sure you keep a complete log.) The second way is you are able to determine the percent you use your vehicle for business and what proportion for private use, and then offset the business percentage of your fuel, repairs, insurance and capital depreciation costs against your earnings.
Additionally you can allocate a portion of your house for work use. As a guide about 10% is reasonable. A few gp locums hope to get away with 20 percent but this is potentially a risky strategy and risks getting examined by HMRC. You may then claim that proportion of your home insurance, house cleaning, monthly rent or interest fee payments, gas, electricity and water charges.
Don't forget to put any other charges resulting from the business for example postage of bills and promotional material, professional providers (including MPS /Medical Defence Union / BMA), study costs, telephone and internet costs et cetera.
Some locum GPs will find it overly demanding to undertake their own tax returns, however it is really not too complicated and can be done on the web . I hope this was useful.
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