Specialist Dental Accountants for over 28 years - Call 020 8346 0391
|
Specialist Dental Accountants for over 28 years - Call 020 8346 0391 |
|
He (Mac) has helped me as my practice has expanded from single-handed to a six surgery/8 dentist practice. |
Financial Top Tips (This article appeared in the July 2006 edition of Dentistry) Mac Kotecha – a specialist dental accountant for over 28 years – shares with you his 5 top tips for this issue. If you can only do 5 things this fortnight, make sure you read this first: 1. Child Trust Fund Increase The child trust fund allowance has been increased for all children born after 1st September 2002. Parents will now receive a further payment of £250 (or £500 for families on lower incomes), when the child turns seven. 2. Inheritance Tax – good news? The inheritance tax threshold has been raised to £285,000 for the tax year 2006/07. The Government has announced that the threshold will be raised to £300,000 in 2007/08, £312,000 in 2008/09 and £325,000 in 2009/10. The chancellor estimated that in the coming financial year, only 37,000 estates would pay the tax. Careful estate planning is vital for all those who do not wish their loved ones to be lumbered with a tax bill which perhaps could have been avoided with early action. Getting advice from a financial planner at an early stage may be the most cost effective route to go down. 3. Tax efficient charity! Gift Aid donations from taxpayers attract basic-rate tax relief at 22% as a minimum. This means that a gift of £100 entitles the charity to claim a further £28.20 from the taxman on top of your donation -- tax that you would have otherwise paid. Higher rate taxpayers can claim back a further 18% of the total amount the charity receives. So, a £100 gift becomes £128.20 for the charity and you can through your tax return claim back £23.08 so your Gift Aid donation ultimately costs you less. So, if you're a UK taxpayer, always make sure you tick the relevant Gift Aid box on any accompanying form (or tell the phone operator if donating over the phone) that you want Gift Aid to apply .So be a modern day Robin Hood and take from the rich HMRC and give to the poor and needy! 5. Say no to expensive phone numbers A huge number of companies use 0844, 0845, 0870, or 0871 phone numbers. Though 0870 numbers are supposed to be charged at "national rates", and 0845 numbers at "local rate", they are still more expensive than geographical calls. Many times when you call one of these numbers, you will find yourself put on hold for what seems like an eternity – and you are paying for the privilege! The solution is on an ingenious web-site – www.saynoto0870.COMThis enables to search a database and find the corresponding geographical number. Mac Kotecha (FCA, CFP, DipPFS) is a Chartered Accountant and Certified Financial Planner, who deals exclusively with dentists and has been established for over 27 years. His company offers Accountancy, Taxation & Payroll services in addition to invaluable advice on practice management, buying/setting up a practice and other dental issues. Contact him on 020 8346 0391 or go to www.specialistdentalaccountants.co.uk to learn more. |
|
We take great pride in our service, and would be delighted to invite you for a free 1 hour, no obligation meeting at our comfortable offices. Simply call us on 020 8346 0391 to arrange a mutually convenient time. This web-site was last updated on 13/06/2008 Specialist Dental Accountants for over 27 years. Copyright © 2003-2008 Mac Kotecha & Company. All rights Reserved. The information on this site is for general guidance only. It is essential to take professional advice on specific issues about their impact on any individual or entity. No liability can be accepted for any errors or omission or for any person acting or refraining from acting on the information provided on this site. We can still help you if you're not a dentist. Please click here
|
