Yesterday, I talked to a car finance broker arranging finance for one of our dental practice customers. We had previously explained to them the cheapest way to run an electric vehicle was using their company, and they were keen to get a new electric car. Our customer has been trading for less than 2 years…
Tax saving school fee schemes aimed at dentists with a company have been marketed by accountants and tax advisers, offering the opportunity to save on taxes while covering private school fees. These tax saving school fee schemes promise to reduce a dentist’s tax burden by over £4,000 per child annually. They involve the dentists transferring…
This week was some humble pie for me and new learning about NHS Pensions in Limited Companies. I had always known that associate dentists who performed their NHS dental services using a limited company would not be entitled to be a member of the NHS pension scheme and qualify for the pension and other benefits…
This week, I will begin winding up three companies’ tax efficiently that have served their purpose for our customers. Capital gains tax rates are lower than higher income tax rates on dividends, which means for higher rate taxpayers, there is a tax advantage to closing a company as a capital distribution to the shareholders. The…
One of my self-employed associate dentist customers who is planning to start a family this year told me yesterday she is preparing to leave the NHS pension and form a limited company. She had assumed she would get the NHS maternity pay if she had a limited company. This was incorrect. If you leave the…
Further reading – article links to government guidance and HMRC internal manuals The Rent-a-Room Scheme
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…
If you’re working as a self employed dentist, you may be aware that you can set up your own limited company – but why would you want to, and how could it help save you money? You can read our article here which compares self-employment to having a limited company. Here, we show 2 examples…
Updated: 24-11-2022 for Autumn Statement Encouraging electric car take-up The last few years have seen dramatic changes in car development. Diesel cars are now known to be bad for air quality. There’s been a lot of negative press coverage, and the tax rates are set to rise for fossil fuel company cars. Sales of new…
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…