The GDPUK.com Blog

All that's new in the world of dentistry
DEC
02

Be Aware of The Autumn Statement - Richard Lishman

Be Aware of The Autumn Statement - Richard Lishman
 

On 25 November 2015, the Chancellor of the Exchequer George Osborne revealed the 2015 Spending Review and Autumn Statement. In the Summer Budget, Osborne declared it was time to become a country of higher wages, lower taxes and lower welfare. It would seem that the Review looks to reinforce this. However, how will this affect the dental profession, if at all?


Savings and Pensions

There are some aspects of the Autumn Statement that won’t affect dentists, but taxation on savings and pensions might. It is prudent to note that the band of savings income that is subject to the 0% starting rate will remain at £5,000 for 2016/2017 – a relevant point for those looking to achieve savings on tax through proactive mitigation.

In regards to individual savings accounts (ISAs), the limit will remain at £15,240. The Statement also announced that the list of qualifying investments for the new Finance ISA is to be extended in Autumn 2016 to include debt securities offered via crowdfunding platforms. As for the ISA savings of a deceased person, they will continue to benefit from ISA tax advantages during the administration of their estate.

The Review has also outlined plans to introduce legislation that will enable the pension tax rules on bridging pensions to be aligned with Department for Work and Pensions legislation. As for the pensions tax relief consultation that was launched in the Summer Budget 2015, the proposals will be published in the 2016 Budget.


Inheritance Tax

Another aspect of the Autumn Statement that might affect dentists is changes to inheritance tax (IHT). The Autumn Statement has revealed that inheritance tax rules are to be backdated to 2011 to prevent pension scheme members from being charged for inheritance tax if they don't drawdown their monetary funds before their death.


Buy-To-Let Scheme

For those looking to invest in additional properties, including buy to let properties and second homes, from 1 April 2016 they will have to pay an extra 3% in stamp duty. The money raised will be used to help those struggling to buy their first home. While this may be costly to some, it is certainly good news for the younger generation of dentists who are not yet on the property ladder. With announcements that a new Help to Buy equity loan scheme will lend 40% of the price of a home to those living in London, it is especially good news for those working and living in the capital.


Rent-A-Room Relief

Additionally, there has been an increase in rent-a-room relief, which is the amount of rental income that can be received tax-free by individuals renting a room or rooms in their main residence. From April 2016, the tax-free amount will be increased to £7,500 per annum.


Get Advice

All in all, the Autumn Statement was met with mixed reactions and certainly provides food for thought. For dentists specifically, there is much to be considered, but there is nothing that is especially concerning. If you are unsure what the Review might mean for you and your practice, it is always beneficial to seek out the advice of trusted financial professionals.

 

For more information please call 0845 345 5060, email This email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.money4dentists.com

 

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JUL
19

An impossible task made achievable with Money4Dentists.com

An impossible task made achievable with Money4Dentists.com

As small business owners, dentists encounter key business decisions daily, from day-to-day accounting to making difficult legal or financial changes. Just being able to balance all these aspects alongside the day-to-day provision of excellent healthcare can seem like an impossible task, especially for those without a formal business education or background.


Fortunately the 4dentists group is ready and waiting to help. With expects across a range of business specialities, the 4dentists group has all the elements needed to help remove some of the stresses of running a modern dental practice – making an impossible task achievable.

Across all its areas of expertise – legal, financial, accountancy, training, consultancy, insurance and setting up, buying and selling practices – the specialists at the 4dentists group are highly experienced and mindful of dentists' needs.

Don’t let running a dental practice become an impossible task, turn to the experts at the 4dentists group for professional, reliable guidance and advice.

 

For more information please call 0845 345 5060 or 0754 DENTIST. Email This email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.4dentistsgroup.com

 

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2895 Hits
MAR
31
0

Save money with GDPUK Insurance Services

 

Get more from GDPUK. Save money and improve your services with our exclusive partner offers.

GDPUK is partnering with carefully chosen providers to offer you services and products that will be of value to you and your practice.

We’ve chosen trusted providers whose products or services have already achieved positive feedback from members, and who have promised to provide a high level of service and support, along with competitive pricing.

Commissions or referral fees earned by GDPUK as a result of introducing members to service partners will be ring-fenced by us for future use in advancing appropriate causes relevant to the profession.

Further information on what we are offering can be found here - www.gdpuk.com/services

Insurance is one of the services we are pleased to be offering to our members.

Save money and receive better service with our bespoke, brokered insurance for dentists. We have reached an advantageous arrangement with reputable insurance brokers who have extensive experience in arranging both professional and personal cover for dentists.

Through our partner brokers, you will receive all the claims handling and underwriting flexibility available from a good broker, along with highly competitive quotes.

 

What cover can you arrange?

Our brokers will be pleased to discuss your precise requirements with you, and then to prepare personal quotes providing you with the most suitable cover at the best available prices. Should you need to extend or adjust your cover, or need to claim against your insurance at any time, you’ll be assured of their attentive and knowledgeable assistance.

Insurance can be arranged in the following principal areas:

  • Practice and Surgery Insurance
  • Overheads and Locum Cover
  • Household Insurance
  • Pressure Vessel Inspection
  • Buy-to-Let Property Insurance

Click on the link below for further information and fill out the form at the bottom of the page. We will then forward your details automatically to our broking partner who will contact you to discuss your requirements.

They will then prepare some quotes for you and progress your application directly and in a timely manner.

 

www.gdpuk.com/insurance

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