Latest Tax Planning News & Views for Medics & Dentists

Keeping you up-to-date with financial news and specialist, expert views from Legal & Medical that may affect your personal and/or professional financial affairs.

NHS Dentists: Are You Incorporated?

Recent changes that affect you

Are you a dentist trading as a limited company for your NHS contracts? Are you the owner of an incorporated dental practice?

If you answered yes to either question, you need to read on.
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Pay Rise Tax Implications

When is a pay rise an unwelcome tax burden?

Some of those most likely to be adversely affected by the government's recent pension legislation are junior doctors or dentists moving up to consultancy, partnership or principal positions.

Consultants may also be at risk if they have recent awards such as clinical excellence. It could potentially mean a hefty tax bill based on your pension.
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Here’s Your 60%, Mr Chancellor!

Have you started paying 60% income tax on some of your earnings? 

Are you aware you could have already started paying 60% income tax on some of your earnings since April this year?
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U-Turn on Child Benefit

Your budget deficit needs you higher rate taxpayer

After initially stating that the Child Benefit system would remain universal, the Coalition Government has now changed its mind and said that it will be means tested.

Why the change of tack?
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Dental Practitioners

Is now the time to incorporate?

There are a number of strategies that can be applied to reduce your tax liability. Whilst this is dependent on income, incorporation of your practice may be one very viable strategy to adopt. 
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NHS Doctors And Dentists: Tax Evasion Targets

What happens post amnesty?

In a bid to tackle tax evasion which loses the economy around £3billion a year, HM Revenue and Customs (HMRC) inspectors moved their attention in January of this year from blue collar workers, such as publicans and taxi drivers, to the accounts of white collar professional workers earning more than £100,000.
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