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TAX TIP TUESDAY: Q2 Tax Saving Tips

Our 5-minute read – Tax Tips – for UK doctors and dentists will help you save tax, get organised with your tax affairs and make sure you meet important deadlines with ease.

This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. The Financial Conduct Authority does not regulate tax advice. 

It’s hard to believe the second quarter of the tax year is already upon us. The start of a new quarter is a great time to take a step back to evaluate your financial matters and put plans into motion should the need arise.

Here are a few things you should be doing to ensure you’re saving the most tax possible this year.

Review performance

The first thing to focus on as a business owner is reviewing your company’s performance. Take into account the first quarter’s numbers. How does your actual performance compare against your budget? What are your profits thus far? Be sure you understand what your annual tax bill will be.

If you’re a limited company owner, make certain you have considered the new dividend allowance as well as any expected national insurance contributions and possible auto-enrolment contributions you will need to make.

Buy-to-let landlords should also be aware of legislation that reduces how much of your mortgage interest you’ll be able to offset when your tax bill is calculated, which dropped by 25%.

Calculate your tax bill

Next, make sure you’ve made arrangements to pay your July Payment on Account in order to avoid interest and stay up to date with your tax affairs.

Look for any opportunities to save tax – like through the inheritance or capital gains tax allowances.

Take advantage of tax saving opportunities

As an individual, you should be evaluating your own financial circumstances. Ensure you are taking full advantage of your Pension Lifetime Allowance and that you’re aware of all the pension options and potential tax relief available.

Double check that you are you maximising your ISA allowance this year. Confirm you have pursued all options that will help you save for retirement.

Plan ahead

Tax planning is essential regardless of your current professional status, so as soon as you have an accurate assessment of your personal and professional finances, you can begin planning ahead.

At Dental and Medical Financial Services, we understand that reducing your tax bill is just as important for a newly self-employed associate or consultant as it is for an established practice owner operating a limited company.

We’re here to provide suggestions on how you can save the most tax and assist with all your financial planning needs.

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