Here is a quick start guide to what expenses you can claim as a dental associate:
Professional Subscriptions:
- Professional Indemnity – MPS, MDU, DDU, etc.
- General Dental Council
- ICO
- Royal College of Surgeons
- Dental magazine subscriptions
Training:
Training courses that are used to enhance existing skills.
Training courses that are to learn new skills are not an allowable expense in the eyes of HMRC.
This can include travel expenses to get to and from training courses, along with any necessary overnight stays for multiple day courses.
Use of Home as Office:
You can claim the use of home as office based on the amount of business hours you use your home as an office using the following flat rates:
- 25-50 business hours per month – £10 flat rate per month
- 51-100 business hours per month – £18 flat rate per month
- 101 and more business hours per month – £26 flat rate per month
Laundry:
Dentists are allowed to claim a flat rate fee of £125 per year for laundering their scrubs at home throughout the year.
Scrubs:
The purchase of scrubs for the sole purpose of business is an allowable expense.
Business Mileage:
When using your own car for business mileage, a flat rate of 45p per mile up to 10,000 business miles can be claimed, with the flat rate reducing to 25p per mile for business mileage exceeding 10,000 miles.
Advertising:
Costs incurred regarding advertising yourself as a dentist are allowable, whether this be the likes of business cards or social media coverage to get your name out there.
Software costs:
Dental software monthly subscription costs that you use to do your job as a dentist if you incur these costs personally. E.g. this could be the likes of Kiroku, a dental notes software.
Laboratory Fees and Dental Materials:
Any Lab Fees or Dental Materials that have been purchased by you and not reimbursed by the practice you work at are allowable expenses.
Accountancy Fees:
Your accountancy fees are deductible from profits; however, any fees associated with your personal tax return are not considered an allowable expense.
Capital Asset Purchases:
Capital Asset Purchases are not deductible expenses as such in terms of accounting profit. However, there are capital allowances which can be claimed on eligible assets. These allowances reduce the profits on which you pay tax, otherwise known as ‘tax adjusted profits’.
A Capital Asset Purchase is an asset which is used within your business and costs more than £250 to acquire and bring into use in the business. This includes the likes of:
- Dental Loupes
- Dental equipment >£250
- Computer equipment purchased by yourself and used for business purposes
Of course, there are various other expenses and/or allowances that a dentist could incur that would be allowable, but this list was to provide a general overview of the regular expenses and allowances our dental associates incur.
Should you have any queries regarding any of your business expenditure, by all means get in touch with our Healthcare Accounts team by filling out our contact us form.