I speak to many people who ask, “Should I stop child benefit payments because my income is above £50,000?” as I know I’ll have to repay it. This £50,000 isn’t a cliff edge like tax bands. Instead, it tapers off gradually, as we say in the tax world. It stops at £60,000 and is only…
One of my self-employed associate dentist customers who is planning to start a family this year told me yesterday she is preparing to leave the NHS pension and form a limited company. She had assumed she would get the NHS maternity pay if she had a limited company. This was incorrect. If you leave the…
Paying your taxes after they are due is accessible by setting up an EXTRA TIME TO PAY HMRC arrangement for your next self-assessment, VAT or PAYE tax payment. To support individuals and businesses struggling to pay their next self-assessment, PAYE or VAT taxes, HMRC is encouraging the use of its online tool to set up…
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 charitable causes and also can ensure more money goes to…
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…
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…
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…
Paying your personal taxes on account means that you will pay half your annual tax payment twice a year ‘on account’ in January and July rather than having to find a large lump sum all in one go every January. By understanding what payments on account are, you’ll make more informed decisions about your taxes.…
We have identified the following financial advice and help points for coronavirus affected associate dentists. This article is checked and updated regularly. Where you see an updated date below, this is the last time there was any change to the government’s help/advice in this area. 1 – Extended time to pay your next tax bills…
The coronavirus job retention scheme (CJRS) will continue until 30 September 2021 What support is given? 80% of gross wages will be paid for as a grant for time not worked (furloughed) up to a maximum of £2,500 until June falling to 70% and £2,187.50 for July and 60% and £1,875 for August and September…