Lately, I’ve noticed a clear trend: more dentists are switching to Capital on Tap for their business credit card. And honestly? I can see exactly why. I helped one of our dentists switch over this month, and it reminded me just how simple and beneficial it can be when you know what to expect. So…
Tax-free relocation allowance for Associate Dentists Suppose you’re moving house to take up a new associate position or to start your squat dental practice. In that case, you may be able to claim up to £8,000 of tax-free relocation expenses — but only if you’re working through your own limited company. This guide explains who…
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. …
With the tax year ending on April 5th, now is the crucial time for dental professionals to take action to maximise their tax savings and plan effectively for the new tax year. Contribute to a pension Contributing to a pension is a tax-efficient strategy as you get immediate tax relief on the contributions, For Self…
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…
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…
We’ve been working with a new dental associate customer who has recently moved from a sole trader dentist to a limited company. He has brought his wife into the limited company to take advantage of her lower tax rates. Keeping his and his wife’s dividends and salaries at a rate of £50,000 annually means he…