There are numerous guidelines set by the Inland Revenue about what can and can't be claimed for tax relief regarding motor expenses. The rules also vary according to whether you trade as a sole trader, partnership or limited company. Read our FAQ's to assist you in understanding more about this subject.
Tax and tax planning
When you start to pay personal tax as a chiropractor, you may start to hear the term "payments on account" in connection with paying your tax. Please refer to our FAQ's to assist with understanding this area
Download information on the Inland Revenue cycle scheme to see if you can save up to 50% on the cost of a bike and equipment as well as save on national insurance and income tax.
Using the latest solutions this can actually become 80% - 83%. So if you are grossing £120k p.a. on a 50/50 deal then this results in an extra £7,000 of cash that you retain - which works out to be a 17% pay rise!
The Companies Act has changed. There are a number of changes, but these may be some of the more relevant ones:
In his last Budget speech, Gordon Brown announced certain changes to capital allowances for plant and machinery and to Industrial Buildings Allowances and Agricultural Buildings Allowances. These were in addition to an ongoing review of capital allowances for cars.
Read up-to-date tax news here on our website!
Todays Feature: Although no-one can proclaim to be interested in tax it certainly commands your attention, especially when you face the likelihood of paying too much
Those of you eagerly awaiting (!?!) the recent pre-budget report will have been few in number but well rewarded with a few sweeping changes altering Inheritance Tax, Capital Gains Tax and some Husband and Wife arrangements. For those without a full understanding of tax legislation and are a little more sceptical of the announcements, what does that mean in the real world .
Listed below are some common expenses incurred by a chiropractor and details of how they are treated for tax relief. Please ensure that you read the information about each heading as it makes reference to specific situations, which may affect whether this expense would be allowable or non-allowable.
Are you an employed chiropractor (or have recently been employed) who would like to claim a refund of tax paid in employment against deductible expenses? Apply here for more details............