HM Revenue & Customs (HMRC) has launched an online tutorial scheme called the Tax for Dentists Guide, specifically to help people in the profession to understand their tax liabilities.
Taking up to two hours to complete the online tutorial, the guide includes an overview of tax, National Insurance Contributions and VAT with information on employing staff.
There is a particular section on help for the newly qualified and guidance on keeping business records, including expenses, while there is a substantial section on completing tax returns, along with information on paying the taxman.
Starting with registering with the department, the guide goes on to explain the various taxes applicable to dentists, whilst it also has a section on allowable expenses, both capital and business, both for the employed and self-employed dentist.
The guide concludes with a section that contains useful links to other sites and a glossary of taxation terms.
A spokesperson for the department said that the on-line tutorial had been produced following the results of the campaign conducted by HMRC, which involved healthcare professionals.
Since the campaign, more than £10m in unpaid tax and penalties has been paid back voluntarily by over 1,500 medical professionals, who used the campaign’s disclosure amnesty to settle up. HMRC hopes that the new guide will help dentists to get their tax affairs right and not repeat the mistakes made by others in the profession.
The department is also hoping that the on-line nature of the guide will make it easier for dentists to read it in bite-sized chunks and at times to suit them.
As an accountant; David Jacobs offers a range of accounting, audit and taxation advice to the legal and medical professions.