Tel: 01403 780 770

Building and protecting your wealth

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. 

Summer is drawing to a close and if you’ve been as busy as we have, you might be surprised to find that Q3 has snuck up on you. The start of a new quarter is the perfect time to review your finances and revise your financial strategy; the third quarter is an especially great time to look back on the first half of the tax year and make changes to finish the year strong.

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

Review and prepare

With the first six months of the tax year under your belt, you have sufficient data to review your business’ performance, but you also have ample time to implement any changes that might be necessary for improvements or to save tax. January tax payments are quickly approaching so ensure you’ve prepared your return and developed a plan to deal with anything you may owe.

Manage costs

Looking at your business expenditure, consider where you might be able to reduce outgoings so that you can have more money for you personally, to invest in your business, to invest elsewhere or to put into a savings scheme.

Seek out tax-relief

HMRC provides a variety of ways to save on tax, you just need to know how to take advantage of all the opportunities available. From Inheritance Tax and Capital Gains Tax allowances to Pension Lifetime and ISA allowances, you’ll find relief that works for your financial circumstances.

Maximise savings

Double check that you are fully utilising your tax-efficient savings avenues. The biggest opportunities that many leave unfulfilled are pensions and ISAs.

  • Pensions – The lifetime allowance for most taxpayers is £1,055,000 for the 2019/20 tax year. You can spread this amount across all the pensions you have, including any private or workplace pensions, but excluding your State Pension.
  • ISAs – For the 2019/20 tax year, the ISA allowance is £20,000 which can be split between the various ISA types. Check that you’re on track to use your full tax-free ISA allowance for the year and if you’re behind on your goal, some quick adjustments should help you get back on track.

Work with a professional

If you’re too busy to take on the review yourself or are simply in need of assistance, a financial adviser can help. They’ll be able to find any tax-saving schemes you might not be aware of, provide guidance on pension and ISA savings plans, and assist you with prepping your returns.

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 advise on all your financial planning needs.

Follow us on for regular financial and mortgage updates

Twitter                     LinkedIn

If you found this article interesting, why not share it?

Meet the Advisers

With over 20 years experience our advisors can help you meet your business and personal goals.

Who we Help

All our clients are doctors and dentists, just like you. As specialists we know your industry inside out.

Info & News

Make this the place you visit to keep up to speed with financial news for your sector.

Contact Us

Wherever you are in the UK we can help you build and protect your wealth.

Get Connected

to our specialist team

Tel: 01403 780 770

Keep Updated

Simply register your name and email below and receive our updates direct to your inbox

Dental & Medical Financial Services News Updates

Just for doctors and dentists

Read more news


Dental and Medical Financial Services is an appointed representative of Best Practice IFA Group Limited, which is authorised and regulated by the Financial Conduct Authority. Company registered in England no. 9158580 Registered office: 1 Market Square, Horsham, West Sussex, RH12 1EU

© 2014 Dental & medical Financial Services. All rights reserved. Website design by Goldmine Media.