Tax saving school fee schemes aimed at dentists with a company have been marketed by accountants and tax advisers, offering the opportunity to save on taxes while covering private school fees. These tax saving school fee schemes promise to reduce a dentist’s tax burden by over £4,000 per child annually. They involve the dentists transferring…
Dental services are exempt from VAT, but a VAT case has just gone through the courts that cosmetic dentists should know. The case involved Aesthetic-doctor.com Ltd (ADCL) v HMRC [2024] TC09030, which found that a private medical clinic offering cosmetic treatments was not providing medical care. Its supplies were not exempt from VAT. ADCL’s sole…
This week was some humble pie for me and new learning about NHS Pensions in Limited Companies. I had always known that associate dentists who performed their NHS dental services using a limited company would not be entitled to be a member of the NHS pension scheme and qualify for the pension and other benefits…
This week, I will begin winding up three companies’ tax efficiently that have served their purpose for our customers. Capital gains tax rates are lower than higher income tax rates on dividends, which means for higher rate taxpayers, there is a tax advantage to closing a company as a capital distribution to the shareholders. The…
A global launch webinar, primarily aimed at the orthodontic community, will be held next week to show off the capabilities of the latest version of Align’s product. As a dentist reading this, you will be fully aware of the game-changing potential of the intraoral scanner in patient communication. The enhanced capabilities of the Lumina (for…
This guide benefits working dentists with children who want to help a family member who isn’t working and cares for their kids to get a free state pension. Your state pension and the amount you will be paid are linked to your National Insurance contributions records. You will need at least ten years of…
We have an Associate Dentist joining us as a new customer. This follows a rather stressful HMRC investigation into five years of their previous expenses. Unfortunately for the associate, they had failed to keep accounting receipts as evidence of their associate payments, and HMRC disallowed several expenses upon which they had claimed a tax deduction.…
This is a guide to help dentists understand how the tax system can help you increase the size of your donation and obtain tax relief for yourself. Tax incentives for charitable giving have long played a crucial role in encouraging individuals and businesses to support philanthropic causes and can also ensure that more money goes…
Further reading – article links to government guidance and HMRC internal manuals The Rent-a-Room Scheme
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…