Paying your personal taxes on account means that you will pay half your annual tax payment twice a year ‘on account’ in January and July rather than having to find a large lump sum all in one go every January. By understanding what payments on account are, you’ll make more informed decisions about your taxes.…
We have identified the following financial advice and help points for coronavirus affected associate dentists. This article is checked and updated regularly. Where you see an updated date below, this is the last time there was any change to the government’s help/advice in this area. 1 – Extended time to pay your next tax bills…
With an example of the 130% super deduction, we explain what a super deduction is and how dentists can take advantage of this new form of tax saving. We also go on to explain with a further example a surprising result after the super deduction ends for any dental companies with profits between £50,000 and…
The coronavirus job retention scheme (CJRS) will continue until 30 September 2021 What support is given? 80% of gross wages will be paid for as a grant for time not worked (furloughed) up to a maximum of £2,500 until June falling to 70% and £2,187.50 for July and 60% and £1,875 for August and September…
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…
Your tax-free personal allowance starts to be withdrawn when your income exceeds £100,000 When your income tops £100,000 you might want to celebrate.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
It’s a new year and a new website, so we thought we would introduce you to our current team of ‘Bizzers’. Today it’s Nathan’s turn… Full Name: Nathan Holmes. What is your role at SmallBiz? I am the founder. What are your expertise? Tax and Xero, which a great piece of software designed to make…
It’s a new year and a new website, so we thought we would introduce you to our current team of ‘Bizzers’. Name: Dom Smith What is your role at SmallBiz? Assisting the team with work related to tax & accounts. What are your expertise? As I’m training currently in AAT Level 4, I have Business…
Setting an optimal salary for a company director each tax year is the most common form of tax planning. We always suggest setting a salary first then paying a combination of dividend, interest and rent to take money from your company. The important thing to remember is everyone’s tax affairs are unique. We recommend discussing…