Did you know that you can claim tax relief on the fee you pay to belong to the RCP?
Whether you are a board member, question writer or examiner for the MRCP you will incur work expenses as you fulfil your role. You have the weighty task of upholding the internationally recognised standards of excellence in examinations of medical skills and knowledge.
An issue such as tax rebates for work related expenses seems comparatively unimportant. But these are legitimate entitlements which, in a small way, acknowledge your crucial role in the development of our medical professionals.
Here are some of the most common regulations that apply to your work;
- Membership of the GMC and some other professional bodies and unions. They must have an agreement with HMRC.
- Subscriptions to some professional journals.
- Professional Indemnity Insurance that the HMRC have classified as ‘allowable’.
- Using a private vehicle for work travel that is not a normal daily commute.
- MRCS exam fees.
- Equipment or clothing that has been bought solely for work usage.
- Working from home, if it is a requirement of your job specification.
- Subsistence and mileage costs for working away from home, if they are not reimbursed by your employer directly.
How much can a Physician claim?
You can reclaim either 20% or 40% of the amount you have paid in work related expenses, depending on what rate of tax you pay. You can also backdate this claim up to 4 years and receive a small interest payment on this amount.
After making the first claim your tax code will change to account for tax relief in the future.
How do I claim Royal College of Physicians Tax Relief?
Our tax relief guide for Doctors let’s you know what else you can claim for and how to make your claim with HMRC.
