Doctors and dentists ― self-employed expenses

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance

Doctors and dentists ― self-employed expenses

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance
imgtext

Practice expenses

Most GPs have adopted the practice of making annual claims for income tax purposes in respect of amounts paid out privately in connection with their practice. Typical expenditure of this nature includes:

  1. medical subscriptions

  2. motor car and travelling expenses

  3. personal telephone charges, and

  4. salaries and benefits paid to spouses

Where a doctor or dentist is a sole practitioner, such disbursements are normally charged in the practice account. They are expenses incurred wholly and exclusively in connection with their profession and are allowable. They are treated as any other expense of the business.

In the case of a medical or dental partnership, it is necessary to establish which expenditure should be paid out of partnership funds and which are to be borne personally by the practitioner. In ideal circumstances, this will be set out in the partnership deed. Often the deed is silent and the position should be confirmed in writing.

In these circumstances, the partnership accounts do not reflect the full costs of the partners. It is

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™
Powered by Tolley+

Popular Articles

Group relief for carried-forward losses

Group relief for carried-forward lossesThis guidance note examines in detail the relief available to groups for carried-forward losses. The scope excludes the treatment of specialist businesses such as banks, insurance companies and oil and gas companies.From 1 April 2017, companies can surrender

14 Jul 2020 11:50 | Produced by Tolley Read more Read more

Research and development expenditure credit (RDEC)

Research and development expenditure credit (RDEC)This guidance note provides information on how research and development expenditure credits (RDEC) are calculated and utilised. The Qualifying expenditure for R&D tax relief guidance note provides information on what expenditure qualifies for

14 Jul 2020 13:24 | Produced by Tolley in association with Will Sweeney Read more Read more

Withholding tax

Withholding taxIntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeUK withholding tax may be reduced under the provisions of a double tax treaty (DTT). Prior to 1 June 2021, payments of interest and royalties made to EU resident associated companies were

14 Jul 2020 14:01 | Produced by Tolley Read more Read more