NEWLY QUALIFIED DENTISTS
As a newly qualified dentist you will be embarking on an exciting and new career.
However, quite often or not, we hear of newly qualified dentists that are excited about their career but have not been advised about how to manage their finances and taxes.
From the support of the Samera team you will find that it can be quite easily managed and taken care of by our team of professionals.
Registering as self-employed
Firstly, you will need to notify HM Revenue and Customs that you are self-employed.
Here is the link you need:
HMRC will give you a ten-digit Unique Tax Reference (UTR) and arrange collection of Class 2 National Insurance contributions, which can be paid by direct debit.
Accounts and tax return
Our expert team will calculate your tax liabilities and student loan repayments, prepare your first set of accounts and tax return, ensure that you claim all relevant business expenses and generally help to keep your tax bills as low as possible.
If due, we can claim refunds from HMRC, depending on your previous income tax payments and National Insurance contributions.
Once you become self-employed, HMRC will expect you to look after your affairs, set aside the cash you need to pay tax and pay your bills in full and on time.
Doing it right and liaising with HMRC can be complex and time consuming and therefore we recommend you appoint a specialist accountant to look after your affairs as soon as possible. It will probably be 18 months before you receive your first tax bill, which can come as quite a shock if you have not prepared for it. By getting your tax affairs in order from the start you can plan for your future liabilities.
Records you MUST keep
When it comes to tax, paperwork is vital. You must keep all your associate pay schedules, invoices and receipts for your business expenditure. You should retain your payslips and P45 from your foundation or vocational employment.
If you do not keep these records HMRC may impose penalties and it will be much harder to prepare your first tax return.
Please get in touch with us and we will be delighted to help you.