Annual tax returns for dentists

Annual tax returns for dentists
If you run your own dental practice then you are considered to be self-employed and therefore have to complete annual tax returns forms for the previous tax year. The deadline for the most recent tax year passed at the end of January, but it is worth planning ahead to make sure that you are prepared for the next tax return deadlines to ensure that you don't incur any late penalties.

Being classed as self-employed means that you are responsible for paying income tax on your own earnings, as opposed to your employer taking the tax you pay out of your monthly or yearly earnings. Once you become self-employed, you should register with the HMRC as soon as possible. You will then be responsible for filing your annual tax returns on time for each tax year you are in business and then paying any tax that you owe.

As a dentist, you are obviously busy, especially if you do run your own practice, but it is important that you keep your finances in order throughout the year to ensure that the tax return process runs as smoothly as possible when the deadline comes around. This means keeping receipts and keeping a record of your income and expenditure and any claimable expenses. Hiring a bookkeeper to carry out this task for you is a good way of ensuring that accurate and well organised records are kept all year round. This way, you know that your finances are being looked after while you can focus more of your attention on the efficient running of your practice.

When the deadline is nearing, make sure you send records of your accounts to your accountant within plenty of time before the deadline, so both they and you are not left rushing around in the weeks before the deadline. Accountants have a lot of clients to submit tax returns for, so getting yours to them early will allow them to dedicate the required time to completing it accurately and in the most cost-effective way for you. The deadline for online submission is midnight on 31st January 2017, but if you are filing a paper submission, the deadline is midnight on 31st October 2016, so you will be required to get yourself organised much earlier of you are submitting through this route.

If you are a dentist running your own practice, get in touch with us to find out how we can help you save money on your taxes and gain more time to spend looking after your patients. Call us on 0115 956 9452 or email This email address is being protected from spambots. You need JavaScript enabled to view it..
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