If you have not
claimed tax relief previously and this is your first tax return, you can do so
for the current tax year and also backdate a claim for the previous four tax
years.
You may be
eligible to claim tax relief on:
- Membership fees
- NMC registration fees
- Uniforms (including shoes
and tights)
- Laundry costs for your
uniform.
If you subscribe
to Nursing Standard this is also eligible for tax relief.
How much you can
claim will depend on a number of factors including how much your annual fees
cost and your tax situation. As a guide, members who are UK tax payers can
claim up to 20% on their RCN membership fees.
Please note that there are time limits for making a backdated tax relief
claim
What are my options as a Nurse
Operate
through a Limited Company |
Working
through PAYE Umbrella |
Positive
Points to be happy with |
Positive Points to be happy with |
The
most tax efficient way of performing the
work |
Easy
to use and operate |
Can
claim a variety of expenses |
All
taxes and NI contributions are deducted in advance |
Registration
under VAT flat rate scheme and subsequent benefits |
Suitable
for short term contracts |
Complete
control of your financial matters |
Suitable
for short term contracts less than 25K per year |
Easy
to run as long as you have a good accountant to do the necessary things in
the right way |
Good
if you are unsure if contracting is for you and you're really just in between
permanent jobs. |
Availability
of tax planning opportunities |
Agency
will do the paper work for you and you will have no tax planning
opportunities available |
Things
to know a bit further |
Things to know a bit further |
Time
to arrange your paper work and other administration tasks |
Your
final payment will be subject to PAYE and NI |
Can
be expensive at times especially if a lot of short -term work is carried out. |
Umbrella
company will collect the money from the client |
Might
not be suitable for contracts less than £25k per year. |
No
paper work to arrange or admin work to be performed |