Headings match the order of Full Self Employment Tax Return pages (SA103F). If you have an income of under £85k, you can claim the total of your expenses with no analysis in box 20 on the Short Self Employment Tax Return pages (SA103S). *Whilst the expenses are similar for associate dentists trading with a limited…
This short guide will help you obtain your tax year-end superannuation certificate, claim the income tax relief on your tax return and help avoid common mistakes. How do I claim tax relief on my self-employed NHS superannuation pension payments? You need to get a copy of your SD86C to share with your accountant or to…
Further reading – article links to government guidance and HMRC internal manuals The Rent-a-Room Scheme
I have been working with a dentist who had worked under a contract of employment (not services like a self-employed associate) with a corporate dental firm. The dentist had never filed a tax return before and thought that as taxes were in the payroll, all tax relief would be taken care of. They didn’t realise…
Your company can provide its directors, secretaries, and employees with tax free health benefits. It’s important to know what ones are taxable and which ones are tax free. The taxable benefits come with an income tax charge for the receiver and a national insurance charge for the employer. There may also be a restriction on…
On 17 October 2022, the Chancellor, Jeremy Hunt, known to many dentists as his time as the health secretary, made a fiscal statement reversing almost all tax measures announced at the Mini-budget on 23 September 2022, other than those that have already been legislated. National insurance and stamp duty cuts will remain, as does the…
There are important differences between associate dentists who are self-employed or company directors. Company directors have to comply with health and safety at work regulations. Self-employed workers do not. Self-employed dentists do not get tax relief on their glasses or eye tests To qualify for a tax deduction expenditure must be WHOLLY and EXCLUSIVELY for…
I just read my November 2021 TAXLine magazine. It said 55,000 Child Trust Funds mature every month and many are unclaimed. Do you remember Child Trust Funds? If not, I’ve done some research to remind you. A Child Trust Fund is: To encourage young people to invest and undertstand in stocks and shares the Labour…
This legislation was designed to help the lowest-paid employees in the economy build a free state pension and have access to state benefits. By a quirk of the system, it benefits company directors and sectaries who pay themselves a low salary. If you earn an average of more than £520 per month or £6,240 per…
The best way to get the total number of qualifying years for your state pension is to get a state pension forecast. Your forecast will tell you: The total number of qualifying years you have What state pension you are likely to get How to increase it, if you can You have three ways to…