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TAX TIP TUESDAY: Q3 Tax Planning 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. 

We are now over half way through the 2018/19 financial year, and as we enter Quarter 3, time is running out for planning your finances and taking advantage of tax break opportunities before April.

Get organised

You should have a system in place already to capture, process and store your business paperwork. Having everything in order will make the year end process much easier and more efficient. This is equally important for self-employed individuals as for limited companies.

Limited company owners should not forget changes made to the dividend allowance this year. From April this year, the government reduced the dividend allowance from £5,000 to £2,000. Your tax band will affect what this means for you in real terms.

Again, as a limited company owner, you should make sure that you are aware of what national insurance contributions and possible auto-enrolment contributions you will need to make.

Consider your saving options

The two main areas to consider as an individual are pensions and ISAs. Both of these options allow you to save money while taking advantage of tax breaks.

Pensions– You can save money into a personal pension and benefit from tax relief up to your Pension Lifetime Allowance amount, currently set at £1.25m. There are many pension options available – including an NHS pension. If you have a pension plan, now is a good time to make sure you have set aside the amount that you want to invest in it before the end of the financial year. It is advisable to speak to an expert, such as one of our team of financial advisors, to make sure that you choose the right pension plan and invest the right amount each year for you.

ISAs– Now is a good time to check that you will be using your full tax free ISA allowance for the year. If you have not saved as much as you expected, then a little bit of financial planning should be able to get you back on track.

Speak to professionals

At any stage of your career, and whatever your status (from a newly or seasoned self-employed consultant to practice owners with a limited company), it is vital to manage your finances and plan ahead.

To make sure that you are ready and well prepared for the end of the financial year, speak to one of the team at Dental and Medical Financial Services. We will work with you to identify the best route for you so that you can reach your goals, whatever they are.

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