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How can Dentist Save Money?

  • Posted 29th June 2015

How can Dentist Save Money?

Most of us like to save money but the problem is we don’t how to. And, most of the dentists are not immune to this which can make them frustrated. To help all the dentists to save some money, we have made a list that gives you ideas on savings.

Understand your financial affairs

If you take interest in understanding your financial affairs, you will definitely be able to save some money. Along with that, you will also understand the implication of your saving and spending decisions which will further help you in financial decisions.

Claim tax relief on expenses

You should know that expenses done for the business purposes are tax allowable where you can claim tax relief on. Expenses include training costs, telephone bills, travel expenses, accountancy fees, and use of home if it is used as an office, and many more. Besides that, if such expense has already been reimbursed by the practice you work at, you may not be able to claim the relief.

Get your employment status right

If you are employed, you work under a contract of service and can claim relief for expenses by asking HM Revenue & Customs (HMRC) to include the expense you pay by making changes in your PAYE tax code. You can claim expenses that incur wholly, exclusively and necessarily in the performance of their duties. If you are self-employed, you have a contract for services and claim relief on the self assessment tax return which is completed each year. You can also claim expenses wholly and exclusively incurred for business purposes.

Control your debt

To control your debt, you need to find out and make a list of all of your bank current accounts, credit cards, loans, mortgages and finance agreements, and the amounts of money and interest you owe. And, start paying off the debt having top annual interest percentage at first with the credit card.

Consider business partnerships or ownership of joint properties

If you are married or in civil partnership and your partner pays a lower rate of tax, working in business partnerships or in joint ownership can help you save money. You can also transfer your valuable possessions in the name of your partner’s name. However, to transfer property liable to capital gains tax into joint accounts, you need to do that before it is sold. If you learn all these tips by heart and use them, your present condition of your finance will definitely improve. And, to help dentist like you, Phoenix Tax Accountants have come up with an event focusing in the tax issues which not handled well can make you lose money. After the grand success of dentistry event in April, we are hosting a ‘SEMINAR’ on tax subject for the doctors and dentists. If you are a doctor or dentist and want to discuss about tax matters, register and join with us on the day of our event. Venue: Malmaison, Birmingham Date: 30th June, 2015 To find out more, go to http://www.phoenixtaxaccountancy.co.uk/

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