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News Update: Q3 Tax Planning Tips

October marks the start of Quarter 3 in the tax year. Here are some tax considerations relevant for this time of year.

This does not constitute advice and advice should be sought in all instances before acting on it.

There is no doubt that this year has been a crazy one.

Q1 was spent in lockdown. Most doctors were working flat out in one way or another, to assist with Covid-19 patients. Many dentists had time away from the practice and may have used some of it on life and business admin, although others will also have been supporting the NHS efforts.

Q2 has been a slow easing out of quarantine but many people still haven’t given much thought to pro-active tax planning; instead everyone has been fire-fighting and adjusting to a new way of life.

Hopefully the third quarter of the tax year will bring some respite and a chance to get back on track with financial plans and taking measures to save tax. 

Tax Planning Tips for Q3

Time to review 20/21 to date

With six months of the tax year passed, it is a good time to take-check of your business year to date. Even though the figures may be dismal and disappointing with practices closed and employees on furlough, it is important to understand your real position. It is only with knowledge that you can then proceed with a clear plan.

Organise your paperwork for 19/20

Now is a very good time to get organised with your paperwork to send to your accountant for the 19/20 tax year. It means you will beat the last-minute panic, which starts around November and will end on 31 January 2021 – the filing deadline.

It’s important to understand what tax you have to pay, so you can set the funds aside and better understand how much you have for investments.

Assess costs

Given the circumstances, it is a good time to review costs, both business and personal.

There may be areas where you can reduce your outgoings to make valuable savings that can be put back into savings or new investments.

Maximise savings and tax breaks

Ensure to be maximising your tax breaks. For doctors and dentists the two standard opportunities include pensions and ISAs.

Whilst ISAs are not so favourable at the moment due to low interest rates, they do still have a valuable place in financial planing for high-earners.

Work with a professional

Working with professionals not only ensures you meet deadlines and save tax, but it also gives you peace of mind that you have left no stone unturned when it comes to tax planning opportunities.

At Dental and Medical Financial Services, we’re committed to helping you to make full use of your tax allowances to reduce your tax bill, so don’t hesitate to schedule time with an adviser who can discuss all your financial planning needs.

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