⚠ Had a baby in the last 5–6 years? Or do you employ someone who has? Run through these quick checks — then download our free fact sheet. ⏰ Time limit — act now Employers can voluntarily correct underpayments at any time with no time limit. But if you need to make a formal legal…
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…
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…
When the income of self-employed dentists and employed dentists surpasses £100,000, they find themselves subject to a marginal tax rate of 60% and 63% in Scotland. This occurs because their tax-free personal allowance starts to diminish, resulting in a 50% increase in their tax rates. This increase can be offset by making a pension contribution.…
Self-employed Dentists, be aware of the hidden 62% marginal tax rate that could affect your income. As your income tax allowance gets withdrawn, you may experience a steep 60% (61% in Scotland) marginal tax rate. This means that for every additional pound you earn beyond the £100,000 threshold up to £125,140, you will effectively pay…
This short guide will help you obtain your tax year-end superannuation certificate, claim the income tax relief on your tax return and help avoid common mistakes. How do I claim tax relief on my self-employed NHS superannuation pension payments? You need to get a copy of your SD86C to share with your accountant or to…
I have been working with a dentist who had worked under a contract of employment (not services like a self-employed associate) with a corporate dental firm. The dentist had never filed a tax return before and thought that as taxes were in the payroll, all tax relief would be taken care of. They didn’t realise…
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…