Tax for Dentists guide launched
An online tax guide designed specially for dentists has been launched. HM Revenue and Customs (HMRC) has produced the Tax for Dentists guide, which includes:
• An overview of tax, National Insurance contributions and VAT
• Help for the newly qualified
• Information on employing staff
• Guidance on keeping business records
• Business expenses
• Help with completing tax returns
• Information on paying HMRC.
HMRC’s Mike Purvis said: ‘The e-learning tutorial is available online so that dentists can read it in their own time, when it is convenient. It’s in small sections, so doesn’t need to be read all at once. Dentists can read as little or as much as they like, and return to it as often as they need to, whenever it suits them.
‘Dentists need to understand their tax liabilities and will find these guides particularly helpful if they are becoming self-employed or treating private patients for the first time.’
The guidance, which takes between one and two hours to complete, can be found by visiting www.hmrc.gov.uk/courses/syob2/thp_d/index.htm.
More than £10 million in unpaid tax and penalties has been paid voluntarily by more than 1,500 medical professionals who used an HMRC campaign disclosure opportunity for dentists and doctors. This included a dentist who paid more than £300,000 and a doctor who paid more than £1 million.