Tax on any kind of income will vary depending on the source and whilst PAYE income tax is fairly straightforward, requiring little or no independent calculations, dividend tax payments are an entirely different matter.
The current set up is that any practice owner/manager of a limited or incorporated business drawing dividends from the company’s profit pot as either their entire salary, or as a share of it, pays tax in the following ways:
However, a blanket £5,000 tax-free dividend allowance will be introduced which will replace the 10% tax credit. Any dividends paid out beyond that first £5,000 will then be taxed for basic rate taxpayers at 7.5%, for higher rate taxpayers at 32.5% and additional-rate taxpayers at 38.1%. Often, these changes will mean that the combination of dividend tax and national insurance contributions paid by practice owners and managers will pay a higher amount of tax on their dividends. For example, for a practice generating £100,000 annual profits and an owner drawing £8,000 as a salary and £73,000 as dividends, the amount of tax and national insurance contributions is going to increase from £28,900 to £32,937.
Financial advice and accountancy services from experts who have been working for the dental sector for many years is exactly what you need to make sure your company profit offers the best return possible, whilst remaining legally compliant.
Contact the friendly team at Lansdell & Rose today, to find out how to maximise the benefits of your hard-earned profit.
Specialist medical and dental accountants Lansdell & Rose have a wealth of knowledge on a range of topics, from pensions to tax and record-keeping, and will help your business to grow. Visit www.lansdellrose.co.uk or call 020 7376 9333.
The keeping of records is a particularly cumbersome yet vital aspect, and the equipment used for decontamination and sterilisation lies at the heart of ensuring compliance.
HTM 01-05 2.4n states: “Equipment used to decontaminate dental instruments should be fit for purpose and validated. This means that the device should be commissioned, maintained and periodically tested by a Competent Person (Decontamination) or service engineer, that records of maintenance should be kept and that correct functioning should be monitored and recorded”.
Therefore all testing reports are required to be kept for documentary evidence of the effectiveness of equipment in the dental practice. However, the meticulous task of record keeping can be time consuming and also has the potential for inaccurate logging of data due to inevitable human error. It is therefore crucial to try to find a way to enhance the efficiency of your record keeping and streamline this process, whilst maintaining the quality of data.
One area that can be especially time consuming is the recording of daily and weekly test cycle data of your autoclave and/or washer disinfector. From the everyday ACT tests completed each morning to measure the time, steam and temperature of the autoclave, to the weekly residual air and air leakage tests, each check requires detailed annotation, documented in a daily logbook for every piece of equipment in the practice.
Although absolutely essential in terms of practice inspections, manually having to record this data and then store it can often be seen as more than a mere inconvenience. Some autoclaves will have a printer installed, which will print off a receipt that should be kept, which makes the process a little easier and more efficient, but it still requires time and effort to collate these print-offs, not to mention the physical space needed to store the data.
However, there are new technological solutions that can make all of this a thing of the past. The latest autoclaves from Eschmann are compatible with computer software that can capture all of the data necessary from your tests and automatically save it onto your PC. This means you have no forms to fill in and store, and you don't have to transfer data using memory cards or USB devices.
With such software you will benefit from quick and easy cycle sign-off at the click of a button and you could even monitor the progress of your cycle from your PC or laptop. The latest software will also show you when your instruments are ready for use, as the software operates in real-time meaning it is always up to the minute, which is precisely what you need in a busy dental practice.
The Eschmann real-time Wireless Cycle Logger with automatic daily/weekly test cycle software is compatible with the company's own autoclaves and washer disinfectors. Providing automatic population of daily and weekly test cycle records, this software is making manual record keeping and storage a thing of the past, while also providing added security through accurately recorded and validated cycles and tests ready for official inspection.
To take away any unnecessary worry in the lead up to your next CQC inspection, make sure you have everything in place now.
For more information please visit www.eschmann.co.uk, or call 01903 753322
But as remarkable as these examples are, it is doubtful they will have a lasting, positive impact on the profession. That is why what happened in Târgu Mure?, Romania on May 16th of this year is so important. At around 2 o’clock in the afternoon, over 1,500 people gathered in a municipal park and partook in the largest oral hygiene lesson in the world. Admittedly, the sixteenth largest city in Romania may seem like a somewhat innocuous setting for such an event to take place – but what it achieved was an incredibly encouraging step in the right direction in terms of raising awareness for the importance of effective oral healthcare.
As we are all aware, one of the biggest challenges faced by dental professionals today is the lack of understanding and effective education amongst patients, especially children. This makes both treatment in the practice and preventative homecare more difficult to achieve.
But by making oral health education fun and different, it may be possible to eliminate this difficulty altogether. Encouraging people to take part in something like a world record can be incredibly motivating. The chances are that they will be able to take away not only memories of an enjoyable day, but some useful information that will benefit them and their oral health in the future as well.
That is why the lesson in Târgu Mure? was such an effective one – and marked a significant attempt to help people understand the importance of maintaining their own oral health. Participants were led by Dr Ana Stevanovic for 30 minutes of brushing, flossing and learning all about the best methods of keeping teeth clean and healthy, with high-quality, everyday products that make doing so simple.
The event was proudly supported by leading oral hygiene expert, Curaprox. By providing participants with oral health care kits containing a number of its own excellent products, Curaprox showed its passion for providing patients with the tools and knowledge to improve their oral health.
The onus is now on UK dental professionals to replicate the success of the innovative Romanian oral hygiene event in an attempt to improve oral health in this country – perhaps then it won’t be long before the record set in Târgu Mure? will be broken, here in the UK.
or visit www.curaprox.co.uk
In a municipal park in Târgu Mures?, Romania, over 1,500 people gathered together on a Saturday in May. They hadn’t come for some kind of rally or protest or musical event – they’d come to learn more about better oral hygiene.
The previous record for the largest oral hygiene lesson in a single venue was set in Cairo last March, with just under 1,200 people in attendance.
That record has now been broken.
With oral health kits provided by Curaprox, containing a number of useful products, participants were led through 30 minutes of brushing, flossing and learning about proper oral health care – earning them a Guinness World Record at the end.
A fun and memorable afternoon for everyone involved, this event also marked an important milestone in oral health education that the whole team at Curaprox was proud to be able to support.
or visit www.curaprox.co.uk