|The Dental Budget - Step Up, Don't Give Up!
George Osborne's budget was pretty much expected, full of promises, but nothing particularly radical for UK dentists. Although the headlines shout about corporation tax rates falling, this is only for practices with big profits over £300k.
The small company tax rate, as announced previously, will be 20% from April, which still makes incorporation a compelling option for many dentists, but not all.
Personal allowances are on the rise, which is tax beneficial too. However, whatever the Chancellor did, he really is stuck between a rock and a hard place. He has inherited super huge debt, and is now trying to alleviate the problem by cutting public expenditure, which of course is not liked either.
But i guess he is not in the business of being loved, he is trying to get the UK economy back firing again with new initiatives such as new Enterprise Zones, a relaxation in planning laws etc, to stimulate business growth.
And that is what will get UK plc firing again, a focus on growth, but not just in the UK based market, but also exports too. We all know the world is shrinking faster than ever before, therefore, whether you are in business selling dental laboratory work, or a dental practice offering cosmetic work, we all need to up our game, become more competitive and if necessary re-organise our businesses to adapt to the changes very apparent in the UK. As change is one certainty that will not go.
I do feel these times will be here for a while longer, but if one tackles the challenges head on (and i know there is a lot to deal with at the moment in practice), and embrace rather than resist change, you will have a business that is leaner, sharper and better placed for when the better times come.....and they will come.
Now is the time to step up, not give up!
For a one page summary of the key bits we think that will effect dentists due to this budget, please click here. Pass it on to anyone who may think will find it useful.
Get in touch if you need help.
Arun Mehra FCA
Happy tax saving!