The government has announced several measures this month to get the UK economy going again as the COVID-19 lockdown measures are eased. To give you a quick overview: You’ll be able to claim £1,000 for each employee who remains continuously employed through to the end of January 2021. Employees must earn above the Lower Earnings…
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…
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…
Your company can give gifts up to £50 in value to its employees, directors and company secretary, tax-free. In other words, you can receive a tax-free gift from your company and reduce your corporation tax bill. This is known as a trivial benefit. Watch out for the restrictions The gift can not be:- a voucher…
As an associate dentist, you will need to choose between being self-employed and forming a limited company. No tax or national insurance is deducted from your payments, so you have to arrange all of your own finances to pay the right amount of right tax. There are a number of ways you can do this,…
Your tax-free personal allowance starts to be withdrawn when your income exceeds £100,000 When your income tops £100,000 you might want to celebrate. But as soon as it does, you will be entering the 60% tax rate club. One of the highest income tax rate clubs in Europe that no dentist wants to be in.…
If you trade as a self-employed dentist you will want to know how much to save for your taxes. These two simple profit matrices show you how much to save for your tax payments if you:- Contribute to the NHS pension scheme Do not contribute to the NHS pension scheme
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…
Have you ever wondered what happens if you die before you claim your pension? We all hope we’ll live to benefit from all those years paying into a pension scheme. However, it’s worth knowing what would happen if you died before you started to claim any of your pension. This can help you, as a…
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.…