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TAX TIP TUESDAY: When Did You Last Get a Full Tax Review?

It’s Tuesday! Let’s talk Tax!

Read this week’s short tax snippet for Doctors & Dentists, to help you save money and get more organised with your tax affairs. It’s just to give you a flavour – take 5 minutes to have a read.

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.   

The many taxes that need reviewing

As a UK doctor or dentist, you are likely to have to deal with a number of different tax categories each year. Some of the most common ones are:

  • Income tax is a virtual given.
  • Dividend tax is highly likely, if you run your practice through a limited company, as many do for tax-saving purposes.
  • Corporation tax is also relevant if you have a limited company.
  • Capital Gains Tax (CGT) could be apparent for you if you sold any assets in the year.
  • Inheritance Tax (IHT) is frequently on everyone’s mind as a tax that needs careful planning to pay the least amount possible upon death.
  • National Insurance (NIC) can be categorised with tax for the purpose of this message.
  • Stamp Duty Land Tax (SDLT) if you purchased a business or residential property.

Too busy to review your taxes? You could be missing a trick

Most of these taxes are complex in nature and require a qualified and professional accountant to give the correct advice

Doctors and Dentists are notoriously busy by nature, however, if your individual and collective taxes are not reviewed regularly, it is highly likely you will be paying too much or missing a trick to save in the future. 

To ensure that this is not the case, speak to your financial adviser and accountant who can work together for you, and your family, to reduce you tax liability as low as possible.

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