Being an associate puts you in a rather special category when it comes to income tax considerations. Although you do fall under the HMRC’s description of a self-employed earner, you also have very different financial circumstances to that of, say, a freelance artist or a small business owner.
You don’t own a business, and yet you work for yourself. You’re not an employee, yet you report to a specific place (or places) of work on a regular basis. And unlike most freelance workers, you’re required to wear a uniform whenever you’re on duty!
The same anomalies your working status brings into your everyday life also apply to your tax needs. So if you’re looking for a tax solution to help with your returns, you need to find a service that caters specifically to associate dentists. This way, you can be sure that your particular tax requirements are being met.
A tax solution must first of all prepare your annual accounts and tax returns accurately and efficiently whilst communicating with you in each step of the process, and deliver this service in the shortest time possible so you don’t incur late penalties.
They also need to have the specialist knowledge to be able to ensure you can make the most of your tax claims. Some items that you think are claimable may very well not be, and other items you haven’t thought to put on that list can result in lost savings.
A tax service that can provide you with a comprehensive list of dental specific claimable expenses and ensure you are informed of how to record these accurately will end up saving you quite a lot in the long run.
You should also consider finding a tax solution that’s based on an easy-to-use online system, so you can supply your tax solution providers with income records and other information quite easily, with minimum interruption to your busy schedule. An online-based system can also give you easy access to your financial documents and files any time you might need them.
One very important factor to consider when you work for yourself is the possible risk of an HMRC investigation.
As the HMRC conducts a certain percentage of random inspections each year, you’re never guaranteed to avoid one; although there are certainly measures that can be taken to ensure that the risk is reduced as much as possible and any pain to both your time and pocket are minimised. Free insurance for such an event can be invaluable.
As a self-employed earner, you also need to look toward budgeting for the years to come quite carefully, and extras which can help you plan your financial future can be most welcome. These free benefits can include interim tax estimates that help greatly with your yearly budget, or a consultation with a financial advisor to speak about investments, pensions and the like.
If you hope to gain practice ownership someday, a tax package that comes with a free formal accountant’s reference which you can use to look for financing will help a great deal. And assistance with setting up your own business bank account if you don’t have one yet is another great bonus.
All this may seem like a lot to ask for, but there is a company that can deliver all this, at a very affordable price as well. figurit is a new accountancy and tax solution exclusively for dental associates that can take care of all your tax returns, and delivers the most in free added benefits.
Filing your taxes and taking a hold of your finances shouldn’t send you into a panic, if you turn to a company that understands your specific needs and can deliver the kind of service that you deserve.
For more information on our specialist accountancy and tax package
exclusively for dental associates, visit www.figurit.co.uk