Do All Doctors Need To Complete A Tax Return?
Not all but many of you will.
Below are a number of circumstances when a formal tax return is likely to be required:
- HM Revenue and Customs (HMRC) have sent you a tax return to complete
- Your income is in excess of £100,000
- You have multiple sources of employment income
- You have significant NHS employment related expenses to claim
- You are in receipt of self-employed private practice income
- You are in receipt of other untaxed medical fees or Royalties
- You are in receipt of rental income
- You are a company director
- You have received company dividends on which tax needs to be paid
- You have made a capital gain
- You need to pay back child benefit monies
- You have significant sources of investment income
- You have income from overseas
- You need to claim split-year tax treatment
The above list is not exhaustive and be aware that it is your responsibility to advise HMRC that you need to complete a tax return. Do not wait for HMRC to contact you as missing the tax return filing deadlines will cost you money.
We will be happy to help if you have any concerns.
Contact us today for a free consultation: jason@doctorstax.co.uk