Funding your children’s university from your dental company
Further reading – article links to government guidance and HMRC internal manuals The Rent-a-Room Scheme
Do I get interest if I pay my tax early?
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…
Employed dentists miss out on £1,000s of tax refunds every year and are surprised to find this out
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…
Budget 2020: NHS dentists get better pension tax relief
The Chancellor has announced in the budget a reform of how tax relief on pension works, which will help dentists. It makes it far less likely that dentists working in the NHS will face additional tax charges. Since 2016/17, some higher earning dentists have faced very high tax charges because of a restriction on tax…
Meet our Customers
You may be an associate dentist looking for the best accountant to take forward your business. SmallBiz Accounts know how much added value we offer our customers but, over the coming months, you can hear directly from dental professionals about how we can manage their accounts and – more importantly – save them money. This…
Meet our Customers
You may be an associate dentist looking for the best accountant to take forward your business. We know how much added value we offer our customers, but to show much we are appreciated by them we will be posting some case studies over the coming months so you can hear directly from dental professionals about…
Meet the Team – Katherine
Over the last few weeks we have been introducing you to our current team of ‘Bizzers’, last – but certainly not least – is Katherine. Full Name: Katherine Flood. What is your role at SmallBiz? I am the Client Manager. What are your expertise? Accounts and tax for small and micro businesses, specifically for dentists.…
How can I follow a company at Companies House?
There are details of over 4 million companies held on the company register, all available to you for free. All you need is a smartphone, tablet or laptop. You’ll need to get registered with Companies House and begin following companies you have an interest in. When a company updates their details you’ll receive an email…
How do I appeal a late filing penalty for my tax return?
The online service can be used to appeal a £100 late filing penalty, or form SA370 to appeal any late filing or late payment penalty. View the forms and guidance at www.gov.uk/government/publications/self-assessment-appeal-against-penalties-for-late-filing-and-late-payment-sa370 You must have a reasonable excuse and that excuse must remain in place throughout the period from the late filing to the filing of…
Salary scenario calculator
If you’re thinking about employing someone, or giving an existing employee a pay rise, you probably want to know how much it’s going to cost you. With our salary calculator, enter the proposed salaries for one or more employees and apprentices. Then see your salary, national insurance and pension contributions bill, per month and per…