Pocket Money for Doctors?

As I write this, I'm stuck awaiting a PCR test for a cough that has come about suddenly. I'm sure it's not Covid but got to make sure, the numerous lateral flows are all negative. It does mean that I'm away from any family this Xmas as PCR test results are taking the maximum 72 hours to come back; previously it was no more than 24 hours. Must be a combination of the extra testing this time of year, the increase cases due to Omicron and possibly less people working in the labs this holiday season. Omicron cases hit over 120,000 cases a day which is mind-blowing, no doubt some form of lock down will happen post-xmas. 

Covid isn't the topic of this post however. As we get to the end of the year, I thought of a potential little money spinner for doctors. Back in university, there were little research projects that you could partake in for some extra cash. I remember there was a study back in university where there was a study for £250, in return you'd have to have a bronchoscopy where they would take a piece of your lung - a fair trade-off? More commonly was focus groups where you would get paid to give your opinion on various things, I did ones on beer, websites and domestic products. Now once qualified, there are ones more catered to being a doctor, and even better ones once you specialise. I would class it as extra earned income rather than passive, as you are swapping your time for money.

There are few various types of these. There are online market research studies where you first need to do screening questionnaires to see if you qualify for the study. These usually pay depending the length of time it generally takes to do the survey. Some are quite straight forward whereas some are very time consuming and laborious. Unfortunately, you won't know which one it'll be until you get into it. These are usually best done if you have any spare time or in front of the TV with your phone. 

Doctors.net.uk normally send a shortish monthly online survey (plus occasional bonus ones) that are worth reward points (named eSR points) which once you get enough you can convert into different gift vouchers. The best one is Amazon are there is no admin charge for it. 

Another good one I use is M3 Global Research which sends out quite regular specialist market research. I've noticed that you are more likely to get into the market research if you work full time, and also are at least 3 years post-CCT.

The other type of market research is either a phone call or video call where you give your opinions about a new medication, disease or treatment. There are likely many of these companies around but the one I get a lot of email invites for are GKA who send them some semi-regularly. As you have to set aside time out of your day to do it (usually during working hours), they pay slightly better. Prior to Covid, there were face to face group discussions that paid well as these are usually a whole day but obviously require travel and more effort.

Normally, you can ask for your payment to be paid via bank transfer, to be sent it via cheque, to be given it as a prepaid credit card or Amazon gift voucher. In terms of tax, HRMC says this: 

There will be no tax or NIC liability arising on the individual if the sums received do no more than reimburse the individual’s reasonable costs of participating in the trial or research, including costs of travel and subsistence. 

However should the sums paid exceed those reasonable expenses then the excess may fall to be chargeable to tax as Miscellaneous Income, potentially giving rise to personal tax liabilities of the individuals which should be notified to the HMRC under Self Assessment.

So realistically it is unlikely that anyone will pay tax on these surveys but probably best to keep a record of these payments just in case. 

If this has helped you earn some extra cash, please share below.