Tax deadlines might not be the most exciting part of your work, but keeping on top of them is essential - especially for healthcare professionals juggling complex finances. Whether it’s filing personal tax returns, managing pension charges or staying compliant with VAT rules, missing a deadline can mean hefty fines and unnecessary stress.
So we’ve teamed up with Elizabeth Stutt, Associate and finance extraordinaire at specialist medical accountants Sandison Easson, who breaks down those all essential tax deadlines and filing obligations for you as a healthcare professional – complete with tips to help you meet your compliance requirements and sidestep any costly mistakes.
It’s the date most healthcare professionals have circled in their calendar, but it’s worth double-checking if you need to submit a tax return. If you’re unsure, here are some common reasons you might need to file:
If you pay more than 80% of your tax through Pay As You Earn (PAYE) or your total liability is under £1,000, this is likely the only payment you’ll need to make.
However, if you don’t qualify for either of these exemptions, you’ll need to make a payment on account by 31st July, in addition to your 31st January payment. This is an advance payment towards your next tax bill, based on 50% of your previous liability.
If you’re a practitioner with a hand still in the NHS, you might face pension tax charges based on the annual growth of your NHS pension.
To ease the financial burden, you can apply for a pension NHS Pensions to pay the charge on your behalf through the ‘Scheme Pays’ election.
The deadline to submit this election is 31st July following the end of the tax year - for example, if you have a tax charge for 2023-24, you’ll need to apply by 31st July 2025.
Confused? Don't worry - this is a complex area, so it’s worth consulting a specialist medical accountant to help calculate your tax charge and advise you on the best approach.
If you operate through a limited company, you’ll face a different set of tax obligations. Here's the thing to remember: company year-ends don’t always align with the standard 31st March/5th April tax year. Instead, they’re typically based on the month your company was formed.
Your company has four main deadlines each year - work out where your specific dates would sit and pop them in your calendar (maybe circle them a couple of times, too):
It is more common than ever for consultants will be involved in a partnership or limited liability partnership (LLP).
For LLPs, Companies House filing deadlines are similar to those of limited companies. The key difference is in taxation: LLPs are treated as traditional partnerships for tax purposes, so there is a requirement to submit a partnership tax return to HMRC by 31st January each year.
If you’re VAT-registered (typically due to medico-legal work), VAT deadlines are tighter than personal tax or company accounts. Most businesses must now file VAT returns online, with the filing and payment deadlines being the same: one calendar month + 7 days after the end of the VAT period.
If you’re on the annual accounting scheme (where you file one annual return but make payments on account throughout the year), you’ll have two months after the year-end to file.
Whether you’re a consultant managing pension tax charges or running a limited company with multiple reporting obligations, keeping track of the key dates helps you avoid penalties and stay compliant. With a little proactive planning and the right accountant or financial advisor by your side, you can navigate the more complex areas without the stress.
Ultimately, the less time you spend worrying about tax admin, the more time you have to focus on what really matters: delivering outstanding care to your patients.