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FRIDAY FAQ: As a self-employed dentist how much should I save for tax?

Every Friday we aim to post an answer to a FAQ about mortgages, tax, investments, money matters, business or retirement. You can have your say too. Send an email with your FAQ to

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.

Q. As a self-employed dentist how much should I save for tax?

Answer: As soon as you become self-employed you need to register with HMRC. Once, that is done it is time to turn your attention to tax.

The best way to tackle tax is to keep on top of your accounts. It’s a good idea to set aside a couple of hours at the end of each month to maintain your accounting records.

Once you’ve done this you should portion off at least 20% of your gross income to cover your tax liability. This is just a ballpark as it does vary depending on your personal circumstances and other taxable income.

It is a good idea to open a separate account into which you can deposit the money that you’ve put aside for tax.

Doing this on a monthly basis will ensure your accounts stay organised, you get into the habit of setting aside money for tax and you won’t face having to find a large chunk of money once it comes to paying your income tax liability.

If you are looking for further information, you may find our article, ‘Newly self-employed – what you need to know for tax’  interesting reading. 

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