Tomorrow, Chancellor Jeremy Hunt will announce a number of new economic measures as part of the government’s spring budget.
Hunt is keen to boost Britain’s workforce following Prime Minister Rishi Sunak’s pledge to grow the economy.
The UK economy has plateaued in recent months, with the Bank of England expecting to enter a recession this year.
Reports suggest that the Chancellor may take a number of measures as part of his upcoming ‘back to work’ budget.
For example, increasing the tax-free allowance on how much someone can save into their pension pot and paying childcare costs upfront for people claiming universal credit.
But what could it all mean for dentistry?
An opportunity
Iain Stevenson, head of dental at the Wesleyan Group, says the budget is a great chance for the Chancellor to help boost dental services.
‘This budget is an opportunity for the Chancellor to help improve dental services,’ he said.
‘Dental practices are currently facing a one-two punch in the form of a planned Corporation Tax rise, and the end of the ‘super deduction’, which provided tax relief on investment.
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Encourage business investment
‘While it’s widely expected that the Corporation Tax rise will go ahead, we’re urging the government not to make the mistake of taking a backward step on encouraging business investment.
‘From a dental perspective, anything that encourages and facilitates more capital expenditure in practices is good for the country as a whole – improving the quality of care they can offer patients.
‘I’d also like to see a significant increase to the NHS spending budget, earmarked specifically for NHS dentistry, a CPI-linked increase to UDA rates, and measures that would provide more support for dentists saving for their retirement.
‘This means reviewing and increasing annual and lifetime allowance limits to incentivise rather than punish pension saving.
‘Beyond the budget, dentists need to be aware that the coming weeks will bring a new tax year and already planned changes to tax and allowances with it.
‘Dentists should be reviewing their financial plans with these in mind, and urgently looking at how they can make the most of this year’s tax-free ISA savings allowance before it expires in April.’
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