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
7 associate dentist tax deductions for health expenses to claim tax free
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…
How much tax could I save if I use a limited company?
If you’re working as a self employed dentist, you may be aware that you can set up your own limited company – but why would you want to, and how could it help save you money? You can read our article here which compares self-employment to having a limited company. Here, we show 2 examples…
Electric cars for dentists save tax
Updated: 24-11-2022 for Autumn Statement Encouraging electric car take-up The last few years have seen dramatic changes in the development of cars. Diesel cars are now known to be bad for air quality. There’s been a lot of negative press coverage, and the tax rates are set to rise for fossil fuel company cars. Sales…
2022 Mini-Budget tax cuts for dentists reversed
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…
Tax deductible parties for associate dentists
Criteria for dentists to claim for a tax-deductible party? This tax relief does not apply to self-employed associate dentists operating as sole traders or partnerships without employees. This tax relief can apply to associate dentists with company directors’ secretaries who are considered employees. This tax relief can apply to practice owners operating as sole traders…
When dentists can claim tax relief on glasses (including contact lenses)
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…
Get extra time to pay your taxes with HMRC
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…
How to get free National Insurance Benefits
This legislation was designed to help the lowest-paid employees in the economy build a free state pension and have access to state benefits. By a quirk of the system, it benefits company directors and sectaries who pay themselves a low salary. If you earn an average of more than £520 per month or £6,240 per…
How do I withdraw cash from my company?
When you set up a company for your associate dentist income, all payments for your work are paid to the company bank account. Then you’ll need to transfer what you need to your personal bank account. So how much cash can you withdraw from the company for your personal expenses? There are 2 ways of approaching this: 1. Take what I need…