Money and tax saving tips for trainees

Claiming tax on professional fees and subscriptions, student card, RSNA membership and more


There are many ways to save £100's of pounds as a radiology trainee.  Below are the most worthwhile savings we have found at Radiology Cafe.


 

Claim tax back on professional fees and subscriptions

 

If you are a UK taxpayer then you may be able to claim a tax rebate on professional fees and subscriptions.  The information below not only applies to radiology trainees, but doctors of any grade including consultants.

 

X-ray of a wallet

 

Why claim?

When you pay fees and subscriptions to organisations such as the Royal College of Radiologists (RCR) or the General Medical Council (GMC) you will also be paying tax on those fees.  If the expenses are related to your employment then you may be allowed to claim tax relief on these payments, thereby reducing the cost of your subscription fee.  Most tax reliefs usually go unclaimed because it is your (the employee's) responsibility to tell HM Revenue and Customs (HMRC) and claim the tax relief.

 

What can I claim?

Below is a short list of some professional bodies you can claim registration / membership fee tax relief on:

  • The Royal College of Radiologists (RCR)
  • General Medical Council (GMC)
  • British Medical Association (BMA)
  • British Institute of Radiology (BIR)
  • Medical Defence Union (MDU)
  • Medical Protection Society (MPS)

There are many more organisations and radiological societies approved for tax relief.  Click the link below to view the official list produced by HMRC:

Comprehensive list of professional bodies approved for tax relief by HMRC  

 

How much will I get back?

This will depend on a number of factors including the number of subscription fees you have, your pay level and your tax situation.  As an example, UK tax payers can claim up to 40% on their RCR subscription.  Once tax on all fees / subscriptions is reclaimed you could save £100's.

 

When can I claim?

You can claim right now for the previous tax year (the tax year ends on 5th April each year).  In addition, you can backdate your claim for previous years (up to 4 years previously) if not already done so.  You can do this if you’ve had multiple jobs or even if you've quit medicine!  For the current and future tax years you can opt to get tax relief through your tax code which means you’ll get a bit less tax deducted from your pay over the year.

 

How do I claim tax relief?

It's simple.  You just need to tell HMRC about the fees and subscriptions.  You will need to write to HMRC. The address differs depending on whether you Pay As You Earn (PAYE) or by Self Assessment returns. As a general rule, if you are not sure, you are likely paying tax on the PAYE scheme.

Here are the addresses:

PAYE
HM Revenue and Customs
BX9 1AS
United Kingdom
Self Assessment
HM Revenue and Customs
BX9 1AS
United Kingdom

 

Example letter to claim for professional fees/subscriptions:

Professional Fees Tax Deduction Template Letter.rtf

Professional Fees Tax Deduction Template Letter.rtf  

Download this RTF document by clicking the file name or the RTF icon

 

Example letter to claim for examination fees:

Radiology Exam Fee Tax Template Letter.rtf

Radiology Exam Fee Tax Template Letter.rtf  

Download this RTF document by clicking the file name or the RTF icon

 

If you need any help or advice concerning individual claims and circumstances then please contact your tax advisor or HMRC.

 


 

Student discount card (NUS Extra)

 

As a trainee member of the Royal College of Radiologists you can buy an NUS Extra card and get student discounts at many places.  The card costs a one-off fee of £12/£22/£32 and is valid for 12/24/36 months from the date of purchase (depending on whether you have purchased a 1,2 or 3 year card).  Benefits include up to 40% off at certain chain restaurants, as well as discounts on travel, cinema tickets, shopping and more.  It's a no brainer!


NUS Extra logo

To order your card visit:  https://cards.nusextra.co.uk  
To view some of the offers and discounts available visit:  http://www.nus.org.uk/en/nus-extra/discounts/  


 

Free RSNA membership

 

Radiology trainees or doctors in a subspecialty fellowship can join the Radiological Society of North America (RSNA) for free.  The main benefit is free registration for the RSNA annual meeting in Chicago each year!  You will also get a complementary subscription to the Radiology and RadioGraphics journals, which you can access online for free.


RSNA logo

To become a member visit:  http://www.rsna.org/Become-a-Member  


 

Free ESR membership

 

Members of the Royal College of Radiologists (including trainee members) can join the European Society of Radiology (ESR) for free by virtue of their UK membership with the RCR.  Benefits include reduced registration fees for the European Congress of Radiology (ECR) and free electronic access to the journal European Radiology.


ESR logo

To join the ESR for free follow this link from the RCR website:  https://www.rcr.ac.uk/european-society-radiology-membership  


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