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 article will examine what happens if you pay your corporation tax early, which can be a win-win situation if the funds are available. Her Majesty’s Revenue and Customs (HMRC) will pay you interest on tax repayments when you overpay your taxes. This is known as “repayment interest.” HMRC also has a little-known policy regarding…
Customers and new inquiries always ask me, ‘Should I have a Company or be a sole trader?’ I’m writing a guide to answer this question and will share some inside information about what I discovered. First, I have looked at small businesses with profits of up to £50k. Second, I have looked at small businesses…
After closing a dental practice or finishing as an associate, a dentist, as required by the GDC, must maintain Professional Indemnity Insurance (PII) coverage for a certain period to protect against potential claims arising from past treatments. The duration for which PII insurance is required can vary. If your policy was a claims-made policy, you…
This article is written as a guide for self-employed dentists to claim tax relief on their training costs. A self-employed dentist could be an associate or principal working as a sole trader, partnership, or limited liability partnership. Self-employed dentists do not include a dentist who is a director in their own company or a dentist…
The BUDGET 2024 falls on Wednesday, March 6th, and is crucial for accountants and tax advisers like us. Having observed several budgets throughout the years, on budget day, this is typically what we do at SmallBiz Accounts: Once we have thoroughly examined the ‘devil in the details’, we will release the Budget News 2024 for…
When the income of self-employed dentists and employed dentists surpasses £100,000, they find themselves subject to a marginal tax rate of 60% and 63% in Scotland. This occurs because their tax-free personal allowance starts to diminish, resulting in a 50% increase in their tax rates. This increase can be offset by making a pension contribution.…
I read the excellent Extreme Business blog by Chris ‘Coach’ Barrow. Chris recently published his table of Key Performance Indicators (KPIs), which every dental practice should benchmark. We use these to benchmark our dental practices, too. In his post on 27th February 2024, Chris highlighted how increasing wage costs in dentistry as a % of…
I recommend this series of dentistry webinars to any dental practice owners or anyone considering purchasing a practice and wanting to gain more confidence in their numbers. I have been on a Chris Barrow finance course, which was excellent; it gave me a real insight into the number of dentists I need to focus on,…
We’ve been working with a new dental associate customer who has recently moved from a sole trader dentist to a limited company. He has brought his wife into the limited company to take advantage of her lower tax rates. Keeping his and his wife’s dividends and salaries at a rate of £50,000 annually means he…