Headings match the order of Full Self Employment Tax Return pages (SA103F). If you have an income of under £85k, you can claim the total of your expenses with no analysis in box 20 on the Short Self Employment Tax Return pages (SA103S). *Whilst the expenses are similar for associate dentists trading with a limited…
This short guide will help you obtain your tax year-end superannuation certificate, claim the income tax relief on your tax return and help avoid common mistakes. How do I claim tax relief on my self-employed NHS superannuation pension payments? You need to get a copy of your SD86C to share with your accountant or to…
Further reading – article links to government guidance and HMRC internal manuals The Rent-a-Room Scheme
Paying your taxes early can be a wise financial decision if the funds are available, as HMRC will pay you interest. HMRC interest rates are set in legislation that links them to the Bank of England base rate. There are two rates: Tax repayment interest in summary For example, paying Corporation Tax early Darren is…
I have been working with a dentist who had worked under a contract of employment (not services like a self-employed associate) with a corporate dental firm. I reviewed their monthly payslips and noticed the corporate had been £££ contributing towards their GDC, insurance and travel costs. I also noticed there were tax reliefs unclaimed on…
Your company can provide its directors, secretaries, and employees with tax free health benefits. It’s important to know what ones are taxable and which ones are tax free. The taxable benefits come with an income tax charge for the receiver and a national insurance charge for the employer. There may also be a restriction on…
On 17 October 2022, the Chancellor, Jeremy Hunt, known to many dentists as his time as the health secretary, made a fiscal statement reversing almost all tax measures announced at the Mini-budget on 23 September 2022, other than those that have already been legislated. National insurance and stamp duty cuts will remain, as does the…
There are important differences between associate dentists who are self-employed or company directors. Company directors have to comply with health and safety at work regulations. Self-employed workers do not. Self-employed dentists do not get tax relief on their glasses or eye tests To qualify for a tax deduction expenditure must be WHOLLY and EXCLUSIVELY for…
I just read my November 2021 TAXLine magazine. It said 55,000 Child Trust Funds mature every month and many are unclaimed. Do you remember Child Trust Funds? If not, I’ve done some research to remind you. A Child Trust Fund is: To encourage young people to invest and undertstand in stocks and shares the Labour…
Contact HMRC to set up a TIME TO PAY (TTP) arrangement for your next self-assessment tax payment. To support individuals struggling to pay their taxes, HMRC is encouraging the use of its online tool to set up an instalment plan for self-assessment payments. The tool can deal with payments due of up to £30,000. A…