Articles

23rd April 2019

Be tax efficient with your Directors’ salaries

If your a director find out your new optimal salary from 6th April 2019.
 

4th April 2019

Save tax by issuing shares in your company to your spouse and pay them a tax free £2,000 dividend

A Dentist asked us "Should my wife have shares in my company? Even if she earns £55,000 a year" we said yes.


28th March 2019

Can I save tax if I am married?

Most dentists earn too much to benefit from the Marriage Allowance.  However, part time or trainee dentists could be eligible for a back dated tax gain of £929.


26th March 2019

Childcare where are we now?

Childcare vouchers closed to new enteries from 4 October 2018.  Tax free childcare is the new scheme.  To understand this scheme and which one works best for you read our artice.


26th March 2019

Why dentists with a company shouldn’t buy an electric car until April 2020

You may want to start planning your next car purchase for April 2020 when tax rates for electric cars will drop – it’s only a year away!


12th February 2019

Why every Associate Dentist with a company should have a Relevant Life Plan

Having a Relevant Life Plan will give you peace of mind knowing your loved ones are provided for should anything happen to you.  They can be used as an alternative to life assurance taken out for a mortgage.


14th January 2019

Need time to pay HMRC?

A Time to Pay (TTP) Arrangement allows for your debt to HMRC to be paid back in monthly instalments, typically over a period of up to 12 months. Although depending on your business circumstances and affordability, some arrangements can be agreed over longer periods.


20th November 2018

Personal Tax: Making Payments on Account

If you are a director and a shareholder or self-employed.  Do you know about the extra Tax on account you may need to pay on 31 January 2019?


19th November 2018

By not claiming tax relief on expenses, associate dentists are over paying their taxes every year

In this article, Nathan explains the expenses an associate dentist can (and cannot) claim a valuable tax deduction for.  


13th November 2018

File your Tax Return by 30 December and get a cash flow advantage to help with the cost of Christmas.

You have until the 31 January after the end of the tax year to file your Return, but if you file by 30 December you may benefit from a cash flow saving.


23rd August 2018

Directors and Company Secretaries jump for joy:- How to get full National Insurance Benefits without paying for National Insurance

If you are employed and earning between £6,032 and £8,424 you are in the "Lower Earning Limit" (LEL).  This gives you the full benefit of Class 1 National Insurance without paying National Insurance.


16th August 2018

Dentally and Xero

We’ve just had a demo of Dentally and really liked what we saw!


15th August 2018

How can I follow a company at Companies House?

You can get free alerts whenever a company files a document at Companies House. You may wish to follow a rival, a prospective supplier, or even your own company.


14th August 2018

Is it better to do an annual VAT return?

 You only need to complete one VAT return per year, but there can be disadvantages for some businesses.


1st August 2018

Low emission company cars

 We take a look at the rules for company cars and how they are changing.


17th July 2018

How much tax do I pay if I am a Self Employed Dentist?

We often get asked by our self employed dental clients how much tax do I pay?  See our profits matrix to find out.


19th June 2018

How much tax do I pay if I trade as a company?

We often get asked how much tax do I pay?  See our profits matrix to find out.


19th June 2018

How do I change accountants?

It is normally straightforward to switch accountants, but there are some issues to consider, such as what are you waiting for your old accountant to do, and how long will it take.


8th May 2018

Give yourself a gift and save tax

 

 A company can give gifts up to £50 in value to its directors and secretary, without creating taxable benefits. In other words, you can receive a gift from your company and reduce your corporation tax bill.


1st May 2018

How paying rent for your home office can save you tax

 This is a great tax tip on how to take funds out of your company with little or no tax to pay


28th March 2018

How much tax do I pay if I am self employed ?

We often get asked how much tax do I pay?  See our profits matrix to find out. 


22nd March 2018

New tax year - changes that affect small businesses

Employers will see increases in pension contributions and minimum wage rates, and individuals will see changes to their tax bills.


3rd March 2018

VAT flat rate scheme: End of the line for limited cost traders

HMRC are making an alteration to the VAT flat rate scheme (FRS) categories to include a new ‘limited cost trader’. Businesses that fall within this category will be required to use a new FRS percentage of 16.5% from 1st April 2017.


23rd February 2018

How do I appeal a late filing penalty for my tax return?

Almost 750,000 tax payers missed the tax return filing deadline of 31 January 2018. On 1 February HMRC will issue a default late filing penalty of £100 to anyone not filing on time. That’s a massive £75,000,000 in fines. 


21st February 2018

Why dentists may need to pay extra tax for their NHS pension

If you’re a dentist with an NHS pension, there may be an additional tax charge to pay if the value of your pension has increased over a certain amount.


14th December 2017

Give Christmas gifts and save tax!

 You can give gifts up to £50 in value to your employees, including directors, and reduce your corporation tax.

 


28th November 2017

Salary scenario calculator

Find out your total wages bill including salary, national insurance and pension for one or more employees


7th November 2017

Self-employed: The cash basis can reduce your tax bill

You only need to declare money when it comes in and out of your business if you use the cash basis.  See in our example how a self-employed associate dentist lowers his tax bills and retains more of his Child Benefit payments.

30th October 2017

New Employers must set up a pension scheme

All new employers now need to set up auto enrolment pensions immediately


26th September 2017

Buy and sell Bitcoin - will I have to pay tax?

 What tax would I pay if I buy and sell a cryptocurrency?


14th July 2017

Making Tax Digital delayed until at least 2020

The government has accepted that the scope and pace of reforms should be delayed. 


28th June 2017

New rules for salary sacrifice

Benefits in kind will be taxed on their cash value if the employee has sacrificed salary


13th June 2016

Gift Aid

 More for charity, less tax for you!


XERO CERTIFIED ONLINE ACCOUNTANTS

We will link your business bank account to Xero software. All your income and expenses will feed directly in to Xero. This saves you time in preparing your year end paperwork, and you can even store your documents in Xero