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…
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…
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…
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 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…