The Chancellor’s Budget this year may not have headline tax hikes, but the details matter especially for dental professionals. From frozen allowances to changes in dividends, pensions, property taxes, and business rates, here’s what you need to know. 1. Personal Allowances Frozen Until 2031 Originally due to unfreeze in 2028, personal allowances will now remain…
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…
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 is a guide to help dentists understand how the tax system can help you increase the size of your donation and obtain tax relief for yourself. Tax incentives for charitable giving have long played a crucial role in encouraging individuals and businesses to support philanthropic causes and can also ensure that more money goes…
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…