Managing taxes as a physician isn’t simple—high earnings, multiple income streams, NHS pension complexities, and ever-changing HMRC rules make tax planning a challenge. At Pearl Lemon Accountants, we specialise in tax planning for doctors, ensuring physicians save more with expert strategies for tax deductions, accounting, and financial planning designed to the medical field.
Whether you need tax-saving strategies, physician accounting services, or expert tax advice, our team ensures compliance while minimising liabilities. With years of experience helping healthcare professionals, we make tax planning seamless and stress-free. Let’s optimise your finances—contact us today!
What You Gain with Pearl Lemon Accountants
Our expert accountants team are dedicated to helping you keep more of your income in your pocket. Through meticulous personal tax planning, we deliver strategies that ensure you’re not paying more than you need to while staying fully compliant with UK tax laws:
Save Money Where It Counts
Physicians routinely miss out on significant tax savings because of overlooked deductions or inefficient structures. We’ll identify every opportunity to legally reduce your tax bill.
- We’ll make sure your professional memberships (like GMC or BMA) are claimed.
- We’ll ensure your expenses for continuing education, equipment, and travel are accounted for.
- If you’re operating as a Limited Company, we’ll optimise dividend payments and corporate tax benefits.
Example: A locum GP earning £180,000 through a PSC saved over £12,000 after we restructured their income streams.
Stay Protected from HMRC Scrutiny
Tax investigations can be stressful and time-consuming. Physicians, particularly high earners, are often targeted for audits by HMRC.
Our team ensures:
- Your tax filings are watertight.
- IR35 compliance is handled effectively, especially for locum doctors.
- You stay on the right side of HMRC without sacrificing your income.
Expert Guidance for NHS Pension Challenges
The Annual Allowance taper and Lifetime Allowance charges can leave doctors facing unexpected bills. We’ll analyse your pension contributions to ensure you’re not caught out and help you manage your retirement planning effectively.
Our Expert Tax Services for UK Physicians
The Annual Allowance taper and Lifetime Allowance charges can leave doctors facing unexpected bills. We’ll analyse your pension contributions to ensure you’re not caught out and help you manage your retirement planning effectively.
Personal Tax Planning
We understand that physicians have unique financial circumstances, often juggling NHS salaries, private practice income, and locum work. Our tax planning services ensure that your tax liability is minimised while keeping your finances in order.
- Maximise Deductions: We’ll identify all allowable expenses, from professional memberships to continuing professional development (CPD) costs.
- Tax-Free Allowances: Claim benefits like the Personal Savings Allowance and Capital Gains Tax exemptions.
- Income Splitting: Reduce your tax burden by assigning income to family members in lower tax brackets.
NHS Pension Tax Management
The Annual Allowance and Lifetime Allowance rules for NHS pensions can catch high-earning physicians off guard, resulting in unexpected charges.
- Annual Allowance Analysis: We’ll assess how the tapered annual allowance impacts your contributions.
- Lifetime Allowance Planning: Avoid exceeding the £1.073 million Lifetime Allowance limit with strategic pension reviews.
- Pension Growth Forecasting: We project your pension growth to keep you informed and prepared for future charge
Tax Services for Locum Doctors
If you work as a locum doctor through a Personal Service Company (PSC), handling IR35 regulations can be daunting. Our services help locum physicians stay compliant and financially efficient.
- IR35 Contract Reviews: Ensure your contracts meet HMRC guidelines to avoid penalties.
- PSC Structuring: We’ll optimise your income through salary, dividends, and expense claims.
- Expense Tracking: Claim deductions for work-related travel, equipment, and other necessary expenses.
Private Practice Tax Services
Operating a private practice comes with its own set of financial complexities. We’ll help you manage your practice’s tax liabilities while ensuring smooth operations.
- Limited Company Setup: Incorporate your practice to take advantage of corporation tax rates and dividend payments.
- Expense Optimisation: Claim deductions for rent, equipment, admin costs, and more.
- VAT Registration and Returns: If your practice meets the VAT threshold, we’ll manage your VAT regulations.
Advanced Tax Strategies
For high-earning physicians, advanced tax strategies can save significant amounts of money.
- Capital Gains Tax Planning: Reduce or defer tax on property sales and other investments.
- Tax-Efficient Investments: We’ll help you invest in Enterprise Investment Schemes (EIS) or Seed Enterprise Investment Schemes (SEIS) for tax relief.
- R&D Tax Credits: If you’re involved in clinical trials or research, you could claim a rebate on qualifying expenses.
HMRC Dispute Resolution
If you’re facing an audit or tax investigation, our experts will handle the process from start to finish.
- Audit Support: We’ll prepare documents, liaise with HMRC, and resolve any disputes.
- Tax Standards Checks: Avoid future investigations with our authentic reviews.
- Negotiations: We’ll negotiate with HMRC to reduce penalties or settle disputes.
Self-Assessment Tax Returns
Filing a self-assessment tax return can be overwhelming, especially with multiple income sources. Let us handle the process for you.
- Accurate Filing: Ensure your return is error-free and filed on time.
- Expense Management: We’ll help you include all allowable deductions.
- Tax Savings: Identify opportunities to reduce your tax liability legally.
Business Advisory Services for Physicians
Whether you’re starting your private practice or scaling an existing one, we provide guidance on financial planning and business structure.
- Practice Growth Advice: Identify ways to grow your private practice while maintaining efficiency.
- Cash Flow Management: Ensure your business remains financially healthy.
- Exit Planning: Prepare your practice for sale or transition with minimal tax implications
Why Choose Pearl Lemon Accountants?
Managing the complexities of UK tax laws requires a partner who understands your unique challenges. We combine technical expertise with personalised attention to create tax plans that maximise your savings and keep you compliant.
We Understand Physicians’ Needs
Working with physicians isn’t new to us—it’s what we do every day. From NHS consultants juggling dual roles to locums managing PSCs, we’ve seen it all and solved it all.
What Our Clients Say:
- “Pearl Lemon Accountants saved me £15,000 last year alone. I didn’t realise how much I was leaving on the table until they stepped in.”
- “The team’s expertise with IR35 saved me from a costly HMRC dispute. I can’t thank them enough.”
No-Nonsense Solutions
We don’t offer cookie-cutter advice. Every doctor’s situation is different, so we take the time to create a strategy that fits your unique needs.
From restructuring your practice into a Limited Company to reviewing your contracts for IR35 compliance, we deliver results, not theories.
A Team You Can Rely On
At Pearl Lemon Accountants, we handle everything:
- Annual tax returns
- Self-assessment filings
- NHS pension advice
- Private practice and locum tax planning
- HMRC dispute resolution
We’re not just accountants; we’re your financial partners.
Frequently Asked Questions
Our physician clients typically save between £10,000 and £20,000 annually, depending on their income and current tax structure.
Yes, we specialise in managing dual income streams. We’ll ensure all your income is accounted for efficiently, with no missed opportunities.
Absolutely. Locum doctors often face IR35 compliance issues, and we’re experts at managing these challenges to protect your income.
We offer specialised services exclusively for high earners like physicians. Our track record of saving clients significant money speaks for itself.
Your Financial Health is Our Priority
Your job is to take care of your patients. Ours is to take care of your taxes. With us, you’ll get more than just bookkeeping—you’ll get peace of mind knowing your finances are in expert hands.
Let us handle your tax problems so you can focus on what truly matters. Reach out today to secure your free consultatio
