It goes without saying that tax is an important area to get right.
At MaxPro Accountants we an extensive experience in helping people in the dental sector when it comes to reducing their tax bills. It pays to know what Tax Deductible Expenses for Dentists are allowable
It does really matter how your dental practice is structured, knowing what expenses are allowable is pretty important.
Below is a list of the areas you need to think about. Remember we are here to help you, but this list will provide you with things to consider…..
There are many ways that you as the dental practice owner can save money and reduce your tax bill (hint ‘one of them is by talking with us !)
Anyway here’s a list of Tax Deductible Expenses for Dentists
TAX DEDUCTIBLE EXPENDITURE
There are various forms of allowable expenditure that qualify as tax-deductible expenses. You can reduce the amount of tax you pay if you have an understand of what is allowable. This is where we can help.
Some examples for you…..
Advertising Your Dental Practice (keep a note of what you spend on online and offline marketing)
Motor Expenses (journeys have to be 100% for business – you may be able to deduct things like road tax, branding, insurance premiums, fuel, MOT, servicing)
Bank Charges (normally tax deductible but only for business bank accounts)
Dental Practice Costs (these include drugs, instruments, lab fees, technician charges, consumables)
Legal and Professional Fees (speak to us about these)
Business Rates – You’ll need our advice about this area. There are many things that could be consider for tax relief. We’ll advise you
General Supplies (there are several things you can claim for such as magazines for the waiting room) to dental supplies and medicine.
These things are also tax deductible…..
Utility Coasts (these include Heating, Water, Electricity etc.)
Business Mortgage Interest (this is an allowable expense for anyone who owns their business property with a mortgage.
Repair Works (There are various rules that apply to the tax deductibility of these costs but they do generally qualify for tax relief).
Employee Costs (employers national insurance contributions are considered tax-deductible, as well as things like staff training and welfare, pension contributions, recruitment and other staff coast)
Communication (There are allowable expenses for phones, broadband, internet, IT and software costs etc.)
Charitable Donations (If you make charitable donations to a UK registered charity, these are tax-deductible)
Travel & Subsistence (This includes any travel to training courses, accommodation
Then you have a whole range of miscellaneous expenses that you can rightly claim for. We can advise you in this area.
There are many ways to legitimately mitigate your tax liabilities and we are here to help you. Tax can be a complicated matter especially as legislation changes all the time.
If you run a dental practice, you might want to consider getting in touch with us. We specialise in helping people in the dental sector. We provide great tax, accounting and bookkeeping services for dental practices in the UK
Why not get in touch for your FREE ‘no obligation’ telephone consultation ?
Get in touch HERE or simply call