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.
With only weeks left until you must submit your self-assessment tax return online, we discuss the importance of submitting it on time and give our tips to help it go smoothly.
Delaying it will cost you
You may receive a penalty if you fail to submit your self-assessment tax return by the deadline and fail to pay the tax due. A £100 penalty will be applied if your tax return is up to three months late or if you pay your tax bill late.
You could also be charged further penalties for late submission:
- 3 months late – £10 a day fine. Up to a maximum of £900 (90 days) for every day its late
- 6 months late – £300 fine or 5% of tax owing (whichever is greater)
- 12 months late – a further £300 fine or 5% of tax owing (again whichever is greater)
You will face the following charges for late payment of tax:
- 30 days late – 5% charge on tax owing on that day
- 6 months late – 5% charge on tax owing on that day
- 12 months late – 5% charge on tax owing on that day
Interest will be charged on the tax owing plus the amount added in charges at a rate of 3%.
You don’t have to do it alone
To help make submitting your tax return as stress-free as possible, we’ve put together these tips:
- put enough money aside to cover the payments on account
- familiarise yourself with what expenses are deemed as an allowable expense
- keep all your paperwork together and in date order. This makes sorting through it easier and it will also save you valuable time
- include all your sources of income
- double check everything before hitting the submit button
If you continue to struggle or don’t think you will be able to complete it on your own, seek the assistance of an experienced accountant as soon as possible.
Dental & Medical work with specialist accountants and tax advisers to help you keep all your tax affairs in order.