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. …
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…
This article is written as a guide for self-employed dentists to claim tax relief on their training costs. A self-employed dentist could be an associate or principal working as a sole trader, partnership, or limited liability partnership. Self-employed dentists do not include a dentist who is a director in their own company or a dentist…
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…
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…
You may be an associate dentist looking for the best accountant to take forward your business. SmallBiz Accounts know how much added value we offer our customers but, over the coming months, you can hear directly from dental professionals about how we can manage their accounts and – more importantly – save them money. This…
You may be an associate dentist looking for the best accountant to take forward your business. We know how much added value we offer our customers, but to show much we are appreciated by them we will be posting some case studies over the coming months so you can hear directly from dental professionals about…
Over the last few weeks we have been introducing you to our current team of ‘Bizzers’, last – but certainly not least – is Katherine. Full Name: Katherine Flood. What is your role at SmallBiz? I am the Client Manager. What are your expertise? Accounts and tax for small and micro businesses, specifically for dentists.…
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…