Our five minute read, Tax Tips for UK doctors and dentists will help you save tax, get you organised with your tax affairs and make you feel at ease that everything is taken care of.
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.
31st January is fast approaching
An important date to put in your calendar is 31st January 2018. This is the date by which you need to complete your online Self-Assessment for the tax year ending 5 April 2017.
It may seem like you have months to complete it but with Christmas and New Year’s just weeks away, it can be very easy to forget about it.
The mention of Self-Assessment can make some people feel very anxious, however, if you do it now and seek the help of your accountant (if needed) you will not have to worry about it over the festive season.
We’ve listed our top tips that can help you complete your online Self-Assessment:
(1) don’t procrastinate – act now, the longer you leave it the harder it will seem to do
(2) dedicate time to get it done – make sure there is nothing there that will distract you
(3) keep your accounts in order – delays in completing a Self-Assessment often occur because of missing paperwork, like receipts
(4) know what is allowable – familiarise yourself with what is an allowable expense
(5) don’t think you have to do it on your own – if you are really struggling with it, ask the advice of your accountant
(6) don’t forget to pay – the deadline for HMRC to receive payment is the same as the submission deadline – 31st January 2018
(7) don’t forget your payment on account too – take into consideration that the first payment on account will also be due.
Once your tax return is complete, you can start to look ahead for next year.
If you are not the most organised when it comes to your accounts, now is the ideal time to put a plan together for tax year 2017/18.
Dental & Medical Financial Services help doctors and dentists stay on top of their taxes. We also connect you to other specialist professionals like accountants to help give you a range of advice.