Dividend allowance In addition to your tax free personal allowance, you get an annual tax free dividend allowance of £2,000. By gifting some of your company shares to your spouse, they can also have up to £2,000 of dividends tax free every tax year. Provided your spouse has no other reason to complete a tax…
The childcare voucher scheme is a tax-free payment for your childcare costs made by your employer. If you enter into an employment salary sacrifice arrangement you’ll save tax and national insurance. In addition, your employer will not have to pay their national insurance contributions on the part you sacrifice. Some employers pass on some or all of…
We know dentists love to be tax efficient, but we are amazed at how many have never heard of Relevant Life Cover. Having a Relevant Life Plan will give you peace of mind knowing your loved ones are provided for should anything happen to you. They can be used as an alternative to life assurance…
Updated 26 Aug 2021 In this guide to Associate Dentist Expenses, I will detail the costs that can be claimed as an associate dentist and some of the intricacies of the tax system. I’ll cover the differences between the expenses a limited company and self-employed associate dentists can claim. The expenses you can claim get…
If you file your Tax Return on-line on or before the 30 December (note it is the 30 not the 31 December) and the amount of tax you owe is less than £3,000 you can have your tax collected through your PAYE code, rather than paying it all in one lump sum payment on 31 January.…
There are details of over 4 million companies held on the company register, all available to you for free. All you need is a smartphone, tablet or laptop. You’ll need to get registered with Companies House and begin following companies you have an interest in. When a company updates their details you’ll receive an email…
Once you’ve decided on your new accountant, they will take care of the process of switching. They’ll ask you for information about yourself and contact your old accountant to provide copies of documents. You may choose to contact your current accountant by phone or an email to let them know you’ve appointed a new accountant…
If you started a company in 2017-2018 and want to find out how much to set aside for your taxes, this simple profits matrix should allow you to budget for your upcoming tax payments. Watch out for the first personal tax payments due in January 2019. The first payment of income tax is…
The online service can be used to appeal a £100 late filing penalty, or form SA370 to appeal any late filing or late payment penalty. View the forms and guidance at www.gov.uk/government/publications/self-assessment-appeal-against-penalties-for-late-filing-and-late-payment-sa370 You must have a reasonable excuse and that excuse must remain in place throughout the period from the late filing to the filing of…
Your self-employed profits are typically prepared on an ‘accruals’ basis – you include the income for work performed in an accounting year and not just the cash you received. However, if your income is less than £150,000, you can use the more straightforward cash basis to work out your profits. The cash basis option is only…