Best Dental Financial Planning Company 2024 – UK
money4dentists wins another award! The team at money4dentists are delighted to have won “Best Dental Financial Planning Company 2024 –...
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In The Press
In The Press
Business Innovator Awards 2019
Award-winning advice!
Are you seeking financial advice to help your dental practice prosper?
money4dentists is an award-winning firm that has recently picked up another accolade to add to it's list of achievements by winning the ‘Best Dental Professional Advisory Firm in Europe’ award in CV Magazine’s Business Innovator Awards 2019.
These awards were granted on sheer merit and not votes, meaning that money4dentists stood out among tough competition to claim the title due to its exceptional customer service and dedication to the industry.
So, if you’re looking for experienced Independent Financial Advisers who know dentistry through and through, be sure to give the team at money4dentists a call.
For more information please call 0845 345 5060 or 0754DENTIST. Email info@money4dentists.com or visit www.money4dentists.com
We publish regularly for mainstream dentist and financial press journals, listed below is just a few of them.
How did the Spring Budget change your finances?
Chancellor Jeremy Hunt presented his Spring Budget on the 6th of March in a speech that will change little for the overall performance of dentistry in the UK, but may make small waves for both dentists and patients alike.
Amongst the cacophony of shouting within the House of Commons during the hour-long presentation, Hunt detailed a variety of tax cuts that were expected by many. He closed with another headline slash of National Insurance by 2p, as had been predicted by many outlets in build up to the event.
Aside from big investments into the NHS, with £3.4 billion committed to a new Productivity Plan intended to revamp technological systems in the general health sector, other changes will impact dental professionals more directly.
Saving you money
The cut to National Insurance contributions followed last Autumn’s reduction of 2p. Since before that budget, it has therefore dropped by 4p, from 12% to just 8%. The new change as of 6 April 2024 sees someone who earned £50,000 save nearly £1,500 over the course of a year.
For self-employed clinicians, Hunt’s Spring Budget brings even better news for National Insurance contributions. Last year’s Autumn Statement told of a reduction in National Insurance Class 4 rates from 9% to 8% on 6 April 2024. This time round, however, Hunt dropped this a further 2p to just 6%. As well as this, Class 2 self-employed NICs are being abolished entirely, saving individuals £3.45 a week compared to the 2023/24 rate.
Dental professionals will have a greater volume of income freed up, which they may want to put into an effective savings pot over time. Hunt’s newly introduced £5,000 UK ISA tax allowance, which provides an extended allowance on top of those currently in place, may be ideal for some. It will be subject to a consultation that runs until 6 June 2024, and allows individuals to “invest in the UK”,[i] but you should consult a financial adviser when deciding if it is for you.
Loan extension
Some practices will be pleased to see Hunt’s Growth Guarantee Scheme, which will now run until the end of March 2026. Aimed to help small and medium enterprises (SMEs) with a turnover of less than £45 million, the scheme offers a 70% government guarantee on loans of up to £2 million in Great Britain and £1 million in Northern Ireland.
Introduced in the summer of 2022, its extension is designed to help these businesses grow and invest in themselves. Consulting with an experienced financial adviser could help you identify whether this loan is beneficial to your practice, and can allow investment for growth of your own. You should be aware that whilst the government guarantees 70% of the finance to the lender, you are always 100% liable for the debt as the borrower.
Other headlines
There are a variety of other announcements within the budget which dental professionals should be aware of. The Chancellor unveiled plans relating to the tax on alcohol, vaping products, and tobacco, which can each affect oral health.
Alcohol duty will freeze until February 2025. It had been due to end in August, but the stability will be favoured by many patients over the coming year.
Those who use vaping or tobacco products are not so lucky, with a new tax on the former due to begin in October 2026 following extensive consultations. The new tax could discourage some people from the habit, but it is unlikely to shift public actions completely.
A one-time increase to the tax on tobacco has also been announced in an attempt to maintain the financial incentive to opt for vaping over smoking. Some patients may change their habits as a result.
When looking at property taxes, there was a fall in the higher rate of property capital gains tax, from 28% to 24%. This will benefit some people looking to sell on a residential building in the near future. The drop will affect those at the higher or additional tax rates, and may mean you retain more money to invest in future purchases.
Expert advice
Jeremy Hunt’s Spring Budget may have taken some headlines with various forms of tax reductions taking place, but it can often be difficult to follow each nuance and understand how it truly changes life for you.
Consider speaking to money4dentists in a free consultation to see how this Spring Budget affects you and your practice, and receive advice on a variety of financial subjects from professionals that know dentistry like no others. In fact, the team have worked exclusively with dentists for decades, and offer help with both professional and personal finance. If you want to know more about insurance, investing, pension planning, and so much more following this Spring Budget, the money4dentists team is here to help at every step.
As new changes come into place, it’s important to fully understand how this new Budget affects your income and professional finances. The smallest changes can save you thousands, and it is worth delving further into it to know more.
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