BUSINESS: Deduct the cost of your professional subscriptions
As a medical or dental professional you will be required to pay an annual subscription or membership fee to a professional association to enable you to use the required letters of your qualification after your name. There are other benefits to the membership fee too, like regular topical industry news, professional insurances (sometimes) and opportunities to network with other doctors and dentists at seminars and events.
Claim the tax back
The good news is these costs are tax deducible. If you are self-employed then the deduction can be made directly in your own financial statements. If you trade as a limited company, the company can pay the subscription on your behalf and claim the tax relief in the limited company accounts.
Approved subscriptions by HMRC
However, to deduct the cost of membership, not only must the membership be helpful for your work
but the professional organisation must feature on HMRC’s “Approved professional organisations and learned societies
” list, also known as List 3.
Some of the more common subscriptions for doctors and dentists that are 100% deductible for tax are as follows:
- British Dental Association (BDA)
- British Medical Association (BMA)
- General Dental Council UK (GDC)
- General Medical Council (GMC)
If you are a member of more specialist organisations, then check the HMRC list to ensure you can accurately claim the tax relief against your business income.
Or contact Figurit, specialist accountants and tax advisors who will be able to help you:
020 7376 9333
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