There are important differences between associate dentists who are self-employed or company directors. Company directors have to comply with health and safety at work regulations. Self-employed workers do not. Self-employed dentists do not get tax relief on their glasses or eye tests To qualify for a tax deduction expenditure must be WHOLLY and EXCLUSIVELY for…
This legislation was designed to help the lowest-paid employees in the economy build a free state pension and have access to state benefits. By a quirk of the system, it benefits company directors and sectaries who pay themselves a low salary. If you earn an average of more than £520 per month or £6,240 per…
When you set up a company for your associate dentist income, all payments for your work are paid to the company bank account. Then you’ll need to transfer what you need to your personal bank account. So how much cash can you withdraw from the company for your personal expenses? There are 2 ways of approaching this: 1. Take what I need…
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 company can give gifts up to £50 in value to its employees, directors and company secretary, tax-free. In other words, you can receive a tax-free gift from your company and reduce your corporation tax bill. This is known as a trivial benefit. Watch out for the restrictions The gift can not be:- a voucher…
As an associate dentist, you will need to choose between being self-employed and forming a limited company. No tax or national insurance is deducted from your payments, so you have to arrange all of your own finances to pay the right amount of right tax. There are a number of ways you can do this,…