Whether you own a clinic or work as an associate paying room rent, here's how Making Tax Digital for Income Tax affects osteopaths, what to record and when it starts for you.
MTD for Income Tax is measured on gross self-employed income before expenses. A full clinic diary usually puts osteopaths over £50,000.
As an associate, your treatment income is yours and the room rent or percentage you pay the clinic is a deductible expense. Recording both is what keeps your quarterly figures showing the real margin, not the gross takings.
Your annual Self Assessment return is replaced by four short quarterly updates and a year-end final declaration, all through recognised software.
Record income as you invoice, so insurer-billed sessions land in the right quarter even when paid later.
Rent or a percentage to the clinic is deductible. Record it against your income so the margin is clear.
Running your own clinic? Rent, staff and utilities are recorded costs, offsetting the income you bring in.
Registration and indemnity are deductible. Keep them recorded so nothing is missed at year-end.
Insurer-paid sessions can settle later. Recording income when invoiced keeps each quarter accurate.
You'd rather be treating than doing books. Clear Books keeps your income and costs tidy and gives HMRC exactly what MTD requires.
Record sessions, room rent and professional costs as you go, and send your first quarterly update in minutes.
