Just gearing up for the most significant change to the personal tax since the self-assessment tax return started in 1997. This is our first email to our existing associate dentist customers outlining how Making Tax Digital will affect them, and how we at SmallBiz Accounts will support them to get ready for digitalising their accounting…
The Spring Statement, delivered by Chancellor Rachel Reeves, didn’t introduce new tax increases but focused on tighter HMRC enforcement, aiming to raise £2.2bn. Here’s what dentists need to know: 1. HMRC is Cracking Down on Tax Compliance Whilst we haven’t seen a massive number of HMRC enquiries into our dentist’s taxes in recent years, we…
National Insurance Contributions (NICs) Changes From 6 April 2025, the following changes to employer NICs will take effect: Due to the increase in the Employment Allowance, some smaller businesses will pay less Employers National Insurance next year For example, if you you will have no Employer’s NICs to pay. Example: Employee Annual Salary: £24,000 NICs…
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…
Understanding VAT Facial Aesthetics Has your facial aesthetics business temporarily exceeded the £90,000 VAT threshold? Perhaps due to a successful promotion or temporarily taking on another practitioner’s clients? If so, you may not need to register for VAT facial aesthetics. The “Exception to Registration” Option HMRC allows businesses that temporarily exceed the threshold to apply…
Facial Aesthetics VAT Planning for Dentists Here’s a helpful VAT planning tip for dentists who run a separate facial aesthetics business providing purely cosmetic treatments alongside their dentistry. If you haven’t registered for VAT yet and are concerned that registering and paying 20% VAT on your income could affect the fees you charge your patients…
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…
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…
The BUDGET 2024 falls on Wednesday, March 6th, and is crucial for accountants and tax advisers like us. Having observed several budgets throughout the years, on budget day, this is typically what we do at SmallBiz Accounts: Once we have thoroughly examined the ‘devil in the details’, we will release the Budget News 2024 for…