Suppose you run a one-person limited company and follow the suggested tax-efficient strategy of paying yourself a director’s salary to match your Tax-Free Allowance, and take any other cash from the company as dividends. You must be aware of a crucial change announced in the 2024 budget that has significantly increased your national insurance bill. …
Just gearing up for the most significant change to the personal tax since the self-assessment tax return started in 1997. This is our first email to our existing associate dentist customers outlining how Making Tax Digital will affect them, and how we at SmallBiz Accounts will support them to get ready for digitalising their accounting…
The Spring Statement, delivered by Chancellor Rachel Reeves, didn’t introduce new tax increases but focused on tighter HMRC enforcement, aiming to raise £2.2bn. Here’s what dentists need to know: 1. HMRC is Cracking Down on Tax Compliance Whilst we haven’t seen a massive number of HMRC enquiries into our dentist’s taxes in recent years, we…
Understanding whether Company Pension Contributions are Tax Deductible for Family Members can be an excellent way for company owners to save for retirement while reducing corporation tax—but only if done correctly. A customer recently asked us whether a £60,000 and £40,000 pension contribution for himself and his wife, the directors, would be fully deductible. The…
Understanding VAT Facial Aesthetics Has your facial aesthetics business temporarily exceeded the £90,000 VAT threshold? Perhaps due to a successful promotion or temporarily taking on another practitioner’s clients? If so, you may not need to register for VAT facial aesthetics. The “Exception to Registration” Option HMRC allows businesses that temporarily exceed the threshold to apply…
Facial Aesthetics VAT Planning for Dentists Here’s a helpful VAT planning tip for dentists who run a separate facial aesthetics business providing purely cosmetic treatments alongside their dentistry. If you haven’t registered for VAT yet and are concerned that registering and paying 20% VAT on your income could affect the fees you charge your patients…
Paying your taxes after the due date is possible by setting up an “Extra Time to Pay HMRC” arrangement for your next Self Assessment, Corporation Tax, VAT, or PAYE tax payment. HMRC supports individuals and businesses struggling to meet their tax obligations by encouraging the use of its online tool to set up an instalment…
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…