Associate percentages of UDA and private work, lab fees, GDC registration and materials across more than one practice. Here's how Making Tax Digital for Income Tax affects you, and when it starts.
MTD for Income Tax is measured on gross self-employed income before expenses. On typical associate earnings, that's over £50,000 for most dentists.
Associate pay is a percentage of UDA and private work, often with a share of the lab bill deducted. Record the income you receive and the lab fees as an expense, and your quarterly updates show the true margin on your work.
Your annual Self Assessment return is replaced by four short quarterly updates and a year-end final declaration, all through recognised software.
Record income net of the practice split, with lab fees and materials as expenses, so each quarter is accurate.
Often deducted from your pay. Recorded as an expense, they keep your quarterly margin honest.
You record the income you actually receive after the practice split, so your figures match your bank.
Registration and indemnity are deductible. Keep them recorded so nothing is missed at year-end.
Work at more than one? It's all one set of records, totalled into a single quarterly update.
Associate pay comes with deductions to track. Clear Books keeps income and costs clear and gives HMRC exactly what MTD requires.
Record your income, lab fees and materials as you go, and send your first quarterly update in minutes.
