I have a bit of a complex query please. In addition to working as a doctor for the NHS, I do some private medical practice, and recently set up a company for this. I pay malpractice insurance to the Medical Protection Society which is one of the professional bodies approved by HMRC for tax relief. Although some of this relates to protection against general risks of being a doctor e.g. defence in case of referral to the General Medical Council, most of it is proportionate to private earnings on a sliding scale. My question is whether the insurance should be set against tax on the company tax return or personal tax return? Since personal tax is higher it would clearly be advantageous to be able to set it against this, and maybe the fact that the insurance can only be in the individual’s name would be an argument for this. On the other hand, all the income comes into the company so maybe it would need to be claimed as a company business expense?
I would really appreciate any thoughts on this difficult question. Many thanks in anticipation.
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