• Posted 11th March 2015

Dental Tax Preparation Checklist

When it comes to planning your dental tax, getting the dental accountants for the job is a more valuable choice. Your accountants will be able to balance the accounts by considering the long term results for you and your practice. As paying tax comes with a deadline, you better have an accountant to back up your finance sector. For giving out information to your accountant, you need to prepare a checklist required for tax preparation. Here is the dental tax preparation checklist you should prepare for ensuring you are on the right track.

1. Your personal information

• Name
• National insurance number
• Date of birth
• Marital status
• Home address
• Telephone number.

  2. Your income information

• Earned income from employment, including termination payments and Benefits-in-kind as stated on Certificate P60 and Form P11D.
• Income from Pensions or Annuities.
• Any income from abroad
• Commissions, gains on surrender of life insurance policies, alimony or maintenance.
• Taxable social security benefits
• Incomes from savings and investments

  3. Other information

• Loans and mortgages used for business purposes
• Charity or donations
• Pension contributions
• Investment scheme or venture investment scheme-Certificates
• Payments of alimony and maintenance
• Offers and issues including privatisation, demutualisation, rights issues, and public offers
• Purchases and sales of assets
• Personal circumstances including marriage, divorce, separation and civil partnership
• Details of PAYE notices of coding to calculate the tax payments made through the year correctly

  In addition to these specific details about you and your practice, you should also provide the particular factors which have changed and you think will affect managing your tax affairs to your accountant. Your accountant is the best when it comes to preparing your accounting and tax work. Please contact our dental accountants in London for getting tax advice and completing your HMRC tax return.