Dental specialist financial adviser Morna Beattie, for Wesleyan Financial Services, discusses what life is like for NHS dentists in Scotland.
Morna’s general consensus is that the outlook for NHS dentists in Scotland is a positive one, and those looking to remain within the NHS in Scotland have good reasons to stay. The increase in fees for extractions and dentures have been a welcome change, as has the simplification of the items. However, some dentists still feel that this has not gone far enough, due to the increase in the lab costs and the stock prices which have more than doubled.
There are, however, also the implications of the additional tax bands introduced in Scotland on April 6, 2024, to consider.
As dentists in Scotland are now paying more tax than in any other part of the UK it is vital that they speak to their dental accountant and to their dental specialist financial adviser for guidance.
What do Scottish dentists need to consider?
Pensions can be a useful form of mitigation due to the tax relief, although this is not the answer for everyone, and it is only part of the financial health check.
A recap of the NHS basket of benefits is also a useful exercise for those practising NHS dentistry, to understand exactly what they get in terms of employment and pension benefits, including employer and employee contributions.
Individual circumstances will always vary and there is no one size fits all when it comes to financial planning. This makes it important to have regular reviews, to put you in an informed position.
Tax treatment depends on individual circumstances and may be subject to change in future.
For information and guidance on financial planning, you can book a no-obligation financial review with a dental specialist financial adviser at Wesleyan Financial Services by visiting www.wesleyan.co.uk/dentists or by calling 0800 316 3784.
