Dental accountants got a little assistance from HMRC this week, with the publication of a new guide that helps dentists to understand the tax issues that might affect them in their work.
The new publication covers everything from employing staff – including national insurance contributions – to issues for newly qualified dentists and those who need to complete their own tax returns.
HMRC’s Mike Purvis says: “Dentists need to understand their tax liabilities and will find these guides particularly helpful if they are becoming self-employed or treating private patients for the first time.”
Recent results from HMRC Campaigns highlight the importance of assessing your tax liabilities correctly; over £10 million was collected in one campaign from over 1,500 medical professionals.
Among them were a doctor who had to repay over £1 million and a dentist who paid over £300,000.
These are substantial sums of money whatever your level of personal wealth, and if you have not kept your tax affairs in order in the past, it is important to face up to your liabilities as soon as possible.
Our dental accountants can help you to do so, and can provide ongoing advice to help keep your finances in order, even if you’re up to date with what you owe.