Are you one of the 290,000 members of the Medical Protection Society?
Did you know that doctors, dentists and healthcare professionals can claim a tax rebate because they pay into the MPS?
In addition to MPS fees there are thousands of medical professionals who are unaware that they are entitled to tax relief on other work expenses.
For example a doctor in training or hospital doctor will have a range of work related expenses which is never reimbursed by the NHS.
In which case, you need to enable HMRC to refund the tax on these expenses by submitting an official claim.
What work expenses can MPS members claim tax relief for?
There are a number of employment expenses that members of the MPS can claim tax relief for.
These are some of the most common to the medical profession:
- Professional Indemnity Insurance – if it is on HMRC’s list of ‘allowable’ providers, like the Medical Protection Society.
- The fees for MRCS examinations – a relatively new addition.
- Equipment or protective clothing that is solely for use in work and the cost of which is not reimbursed by your employer. You usually require receipts as evidence for this type of claim.
- The subscription fees to professional journals and the cost of belonging to a professional body. There must be an agreement with HMRC for the latter to be applicable. (eg; The GMC.)
- Using your private vehicle to travel between different work locations. This does not apply to the daily commute between home and a permanent workplace. But consider if your role involves you to travel to different clinics, practices, hospitals or even patients’ homes.
Medical protection society tax rebate facts
- If you complete a Self Assessment tax return this may need amended to get back what you are owed.
- A claim can be backdated for 4 years and you get a small amount of interest on these previous years.
- You can reclaim either 20% or 40% depending on the tax bracket you are in.
- After an initial claim your tax code will be altered so that you continue to pay less tax into the future.
- Your employer is in no way liable for any tax rebate you are due. The entire process is between you and HMRC.
How do I claim an MPS tax rebate?
To make your claim for MPS tax relief and for any other work expenses you should complete HMRC form P87 or include them on your self assessment tax return (in the employment section of your return).
Tony Shanks