Financial Considerations

As a GP Registrars you are still employed and therefore receive a salary commensurate with your level of experience. This is supplemented by an out of hours allowance to recognise that you are responsible for some emergency work. There is also a payment of a car allowance which is to allow you to run a car whilst in practice. It is usually taxed at source and it is worth checking with your Trainer whether in your particular practice this actually occurs.

There are a number of sources of information that will help you through this financial maze.

The Red Book - Statement of Fees and Allowances Although this seems a yawn it will possibly repay your study many times over. Sections to look out for are 31.1. - 31.43.2

Primary Care Trust (PCT) They actually pay your salary and reimburse various expenses which include -

• Defence Union - a large proportion of your MDU or MPS subscription is reclaimable. Your Trainer will pay you this and is reimbursed by Nottingham Health.
• Telephone - only the rental charges are reimbursable. However if you need to have an extra phone extension line this can be reimbursed from Nottingham Health. Keep all receipts and this is claimed via your Trainer.
• Excess daily travelling expenses - this is covered in paragraph 38.10 of the Red Book
• Expenses when on call - if you have to stay away from home whilst on call you can claim reimbursement up to a certain sum.
• Removal expenses - if you are moving a reasonable distance from outside Nottingham in order to take up your traineeship, you may be able to claim removal expenses and certain expenses in relation to your new property. You may also claim expenses incurred in preliminary visits to view property. The details of these claims would need to be discussed with Nottingham Health.

An Accountant It is important to keep the following details-

• Car - although you receive a car allowance it is worthwhile keeping all records of car expenses. These include depreciation in the six month period as a GP Registrar, car tax, car insurance, AA, parking, car washing, petrol, oil and servicing. Car hire is also allowable. You should keep a mileage log for preferably two months (at least one month) to calculate your business and private mileage. Please remember that travelling from home to work is private mileage unless performing a home visit en route. If your expenses are greater than the car allowance you may be entitled to a refund from the tax inspector.
• Medical Equipment - any medical equipment required absolutely for use in medical practice should be allowable when offset against tax. You may have to discuss with the tax inspector.
• Professional Subscriptions - this is a grey area when employed, it is worth checking with your local tax inspector.

Your Trainer/Practice Manager Hopefully they will be able to point you in the right direction!