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.
The early bird gets the worm, as they say
So there’s no time like the present to seek out advice on your yearly tax return.
Especially as submitting your return late – even if you have no tax to pay – can result in a one time charge of £100 and an additional £10 per day that your return is outstanding!
The submission deadline for 2017/18 paper returns is the end of October 2018 and end of January 2019 for online returns so plan accordingly.
By taking the opportunity to gather all your information ahead of the time, you can rest easy knowing your return is prepared well in advance, avoiding any last minute rush to meet the deadline and a potential fine.
The benefits of early tax preparation
(1) One of the luxuries of early tax preparation is that you’ll have your pick of tax advisors who you can consult with.
If you are happy with your current accountant – great! Schedule an appointment with them to discuss your taxes as early as possible. But if you’re looking for someone to provide a new perspective on your financial plans, the beginning of the tax year is the time to do so. You’ll have plenty of time to work with them on this year’s return and they can also provide advice to help you save on tax for the next tax year.
(2) By taking early advice on your tax return, you can ensure that you are taking full advantage of all the tax breaks available to you this year.
Many allowances renew annually, and new products come out all the time which may benefit your tax situation. Being prepared ahead of time also lets you understand the allowances that are no longer available or if there is any new legislation that may affect your taxes.
Getting help from an adviser now will help you if your financial circumstances changed in the previous tax year or if you know there will be changes ahead. You can easily develop a plan that helps you save tax in spite of any variations from one year to the next.
(3) If the satisfaction of submitting your return on time isn’t enough to sway you to prepare it early, then perhaps the threat of late penalty fees will.
Despite this fact, many taxpayers will inevitably submit their returns after the deadline. Don’t let this happen to you – contact the advisers at Dental and Medical Financial Service so you can be secure in the knowledge that you’ve submitted a return on time, and one that saves you the most tax.