As a dentist, you work tirelessly at drilling, extracting, straightening, and generally keeping your customer’s teeth in tip-top condition. Finding the time to balance your numbers may be tricky, but failing to do so can leave a cavity in your finances. It’s important to declare your income and file your taxes to propel your business forward, helping to avoid any teeth chattering costs at the end of the year.
Why Use Dead Simple Accounting?
Dead Simple Accounting takes care of the entire process of filing your taxes, leaving you to focus on your business. We can handle your payroll ensuring that your employees get paid on time while complying with RTI, and can also complete VAT returns for you. As your client base grows, so will your business, and we’re experts on forecasting any risk that may hinder the growth of your business.
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At Dead Simple Accounting we charge just £275 including VAT for self-assessment tax returns, and can take you through the entire process.
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What Expenses Can Dentists Claim?
Like any business, dental professionals are required to record their finances and track them accurately. Just like brushing your teeth before bed, getting into the habit of proper record-keeping and maintenance can help to complete tax returns.
As a dentist, there are several costs that you incur that may be eligible for tax relief, helping to reduce the costs of your operations .This option enables you to reduce the tax that you owe at the end of each year by keeping an accurate record of any costs and including them on the self-assessment tax return.
Expenses that can be claimed include the following:
- Travel and subsistence
- This includes costs incurred when making trips that are exclusively for work, and travel between practices or hospitals when regular commuting isn’t possible.
- Mileage is allowed at 45p for the first 10,000 miles and 25p for anything above that limit. A mileage claim form is required for listing all work-related journeys.
- Professional subscriptions and memberships
- This includes the costs of being a part of GMC, BDA, GDC, BMO, or MDO.
- Any equipment that is required exclusively for work purposes including the cost of specialist medical or dental equipment that you use on a daily basis can be claimed.
- Education and training costs
- Courses and costs associated with attending them are tax-deductible.
- Uniforms that are required wholly for work purposes are tax deductible- this includes work clothes, gowns, and scrubs.
Need Some Further Help?
If you have any further questions or would us to help with your tax needs, get in touch with us today.
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