Dental Tribune United Kingdom Edition

January 23-28, 201214 Money Matters United Kingdom Edition14 W ith the New Year upon us millions of peo- ple across the world will be pausing to take stock of their lives, consider their New Year’s resolutions and plan for the year ahead. For businesses the New Year is an important time. By considering both the suc- cesses and the failures of the previous year, a successful busi- ness will be one that takes pride in its successes but also learns from its mistakes to become stronger for having made them. These same principles apply just as well to the large multina- tional corporations as they do to businesses such as local retail- ers and dental practices. For recently opened prac- tices, the New Year can be par- ticularly exciting, with each week providing new challenges and new potential patients. For longer-established businesses too, the New Year should be equally exciting as it is a good opportunity to take positive ac- tion for the benefit of the busi- ness. The biggest trap any busi- ness can fall into is getting stuck in a “rut”. Each and every day is, after all, a new opportunity and for this reason businesses should always look forward and so seek a positive outcome from any challenge they encounter. In the spirit of forward thinking and positive thinking for the year ahead, one of the best things any dentist or prac- tice owner can do is formulate a plan, both in a general sense, and also, importantly, in re- gards to finance. Too often people leave their tax planning until April (which can limit the options available to you when the time comes to fill in your tax return) and you can find you might be parting with more of your hard-earned money than you might like. Instead of leaving your fi- nancial matters to the last min- ute, the New Year is the perfect time to seize control of your finances and ensure both you and your business make the right choices for the year ahead. With pensions such a hot topic for public debate and with the lifetime allowance set to drop to £1.5m in April 2012, there has never been a more critical time to start considering your options. It can certainly pay high earners to consider options beyond those associated directly with pen- sion schemes when thinking about their plans for the future. Beyond pensions, dental professionals and practice own- ers would be wise to undertake a review of the tax efficiency of their current investments. Another factor that needs to be considered is the impending reduction in the level of capital allowance, which is due to fall in April 2012. This in turn can potentially impact upon the size and timing of any planned capi- tal expenditure or investment. If you are unsure about capital allowances, or need advice in this area, you are recommend- ed to consult an IFA for the best impartial advice. An IFA can advise you on any number of ways to maxim- ise both your personal, and your business tax efficiency. Be it a question of tax-efficient savings or even the best means to save money by providing employees with tax-free benefits in lieu of salary, an Independent Finan- cial Advisor will be able to offer you honest, impartial advice in order that you might make the best decision for you and your business. DT New Year, new start Richard Lishman advises to look ahead About the author Richard T Lish- man of money- 4dentists, which are a specialist firm of Independ- ent Financial Ad- visers who help dentists across the UK manage their money and achieve their financial and lifestyle goals. For more information please call 0845 345 5060 or email info@money4den- tists.com www.money4dentists.com New! Honigum Pro is the new VPS impression material with patented crystal structure: for the best usage comfort and for a consistently perfect result. More information at www.dmg-dental. com. Please visit us on stand M06 at the Dental Showcase! The new Honigum Pro. Impressions made your way. Stays where you need it – Flowable when you want it. AZ_HGPRO_DShow_1107.indd 1 07.07.11 17:39