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…
If you’re working as a self employed dentist, you may be aware that you can set up your own limited company – but why would you want to, and how could it help save you money? You can read our article here which compares self-employment to having a limited company. Here, we show 2 examples…
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…
Criteria for dentists to claim for a tax-deductible party? With some simple tax planning, it’s easy to incorporate an annual staff event into tax-deductible spending to benefit yourself. You can invite other guests too, including your family, but it must be for the benefit of the staff/employees, not a personal event, e.g. your birthday. The…
If you’re looking to manage your existing practice or set up a squat practice, Dentally and Xero software together is a great cloud solution. Dentally software 100% based in the cloud Dentally is a cloud based dental practice management software that integrates seamlessly with Xero cloud accounting software. With your dental and accounting systems in the…
When you set up a company for your associate dentist income, all payments for your work are paid to the company bank account. Then you’ll need to transfer what you need to your personal bank account. So how much cash can you withdraw from the company for your personal expenses? There are 2 ways of approaching this: 1. Take what I need…
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…
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,…
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…