Am I Naughty If? Accountant Version! Expense Claiming for Dentists – PDP261

Can you claim parking expenses as a dentist? What about a coffee machine for your practice—could that really be deductible? Or investing in a MSc in Implantology—does that count as a tax write-off? In this episode, chartered accountant Sebastian Stracey joins Jaz to answer all those “am I naughty if I claim this?” questions that dentists and associates always wonder about. Together, they cover what’s truly deductible, what isn’t, and some surprising exceptions you might not expect. They also dive into the bigger picture—how principals and associates really compare in terms of income, stress, and responsibility—and Seb shares insights that might change the way you view your career path. https://youtu.be/BW_TZ5iZ-B8 Watch PDP261 on YouTube Protrusive Dental Pearl Check out our free Financial Resilience Webinar Replay on Protrusive Guidance, where Dr. Sunny Sadana and I discuss associate contracts, case acceptance, investing, and fee setting. Key Takeaways: Dentists often forget to claim mobile phone bills as expenses. Home office usage can be claimed, especially for associates. Keeping detailed mileage logs is crucial for claiming travel expenses. Laundry and cleaning expenses for scrubs can be claimed. Communication with your accountant is key to maximizing claims. Continuing education expenses can be gray areas but may be allowable. Gathering evidence for claims is essential to justify them to HMRC. Specialization programs can be claimed if they build on existing knowledge. Fixed fee services for accountants are beneficial for associates. Always discuss your situation with your accountant to ensure compliance. Many new dentists struggle financially during their training. Understanding tax obligations is crucial for financial stability. VAT regulations can be complex, especially for cosmetic treatments. It’s important to save for tax throughout the year, not just at the end. Common misconceptions about tax deductions can lead to financial pitfalls. Dentists should engage in financial education early in their careers. Expense claims can be tricky, especially for gifts and personal items. The distinction between personal and business expenses is vital for tax purposes. Associates and principals have different financial realities in dentistry. Communication and education about finances are essential for dental professionals. Highlight of this episode: 00:00 Teaser 00:42 Introduction 02:06 Pearl: Free Financial Resilience Webinar Replay 04:45 Meet Sebastian Stracey 06:56 Common Missed Expenses 13:57 Home Internet Claims 16:49 Asking Accountants Questions 19:07 Claiming Masters Courses 26:31 Specialist Training Costs 27:30 Midroll 30:41 Specialist Training Costs 33:28 Saving for Tax Bills 36:36 VAT on Cosmetic Work 40:06 “Am I Naughty If?” Questions 49:10 Wild Expense Attempts 50:11 Ways Dentists Can Learn More About Tax and Finance 51:56 Associate vs Principal Numbers 53:39 Outro Get expert financial guidance for individuals and businesses with Humphrey & Co—your trusted partners in taxes, planning, and business success Learn strategies for career security, smart investing, and building wealth—watch Personal Finances for Dentists (IC068) #PDPMainEpisodes #BeyondDentistry This episode is eligible for 0.75 CE credit via the quiz on Protrusive Guidance.  This episode meets GDC Outcomes B. AGD Subject Code: 550 – Practice Management and Human Resources Aim: To outline common allowable and non-allowable expense claims for dentists and highlight the importance of documentation, communication with accountants, and financial planning. Dentists will be able to – Identify commonly missed claimable expenses in dental practice. Recognize expenses that are not allowable under tax rules. Understand the importance of documentation and communication with accountants when claiming expenses.