By Richard T Lishman

Every year, millions of working days are lost across the UK due to sickness and injury averaging out at about 16 days per person – and dentists are no exception.[i] If anything, dentists are at greater risk of becoming ill or suffering from an injury than many other professionals, as dentistry is such a physically and mentally demanding occupation.

That is why you need income protection – a policy designed to pay you an income if you are unable to work due to sickness, injury or an accident. That way, if the worst were to happen, you can rest assured that your livelihood is protected regardless of how long you are off work.

Now, there are more than 50 income protection plans available at any given time, so be sure to examine all of the options available to you. Here’s what you’ll need to consider:

1. Level of incapacity: All insurance companies base claims on how ill you have to be prior to any benefit being paid, but whether or not you receive a payout will all depend on which incapacity level you choose. Selecting ‘own occupation’ policy will provide you with the most comprehensive cover, as it ensures that your claim will be assessed on your ability to perform your duties as a dentist. ’Any occupation’ cover on the other hand will only pay out for as long as you’re unable to work, so if you were declared fit to work payments would be stopped – regardless of whether you could return to practice or not.
2. How long can you afford to wait before making a claim? With income protection policies there is what is known as the ‘deferred period’, which means you can either choose to be paid from the first full day you are off sick or defer your claim to a later date. Generally, a shorter deferred period will increase the cost of your cover.
3. Guaranteed or reviewable premiums: If you were to go for guaranteed rates, the amount that you would pay for your cover would remain the same for the duration of the plan, irrespective of how many claims you make. Alternatively you could select a reviewable premium, which is where your monthly payment would be reviewed after a set period of time and can be increased based on their overall claims experience.
4. Exclusions: When choosing income protection cover be sure to check the policy for any potential limitations or exclusions. These may vary depending on the insurer that you opt for, but typical exclusions where you won’t receive a payout can include pre-existing medical conditions and illness or injury that is self-inflicted.

To find out more about income protection or for expert help and guidance with finding a suitable policy, contact the Independent Financial Advisers at money4dentists today.

For more information please call 0845 345 5060 or 0754DENTIST.

Email info@money4dentists.com or visit www.money4dentists.com

About the author
Richard T Lishman is Managing Director of money4dentists, a firm of specialist Independent Financial Advisers who help dentists across the UK manage their money and achieve their financial and lifestyle goals

[i] Health and safety executive: Working days lost. Accessed online 2 May 2017 at http://www.hse.gov.uk/statistics/dayslost.htm

The government’s tough stance on the tax affairs of the very wealthy has been the focus of a specially designated team since 2009. These taxpayers, or High Net Worth Individuals (HNWIs), are people whose investible assets exceed £10m.

The Public Accounts Committee (PAC) has been critical of how HMRC handles HNWIs, however, and in a report issued in January claimed that not enough is being done to deal with tax evasion and avoidance within this group. Between 2009 and 2016, there were 72 completed investigations for tax fraud, but just one successful prosecution in a criminal case.[i] This is significant because HNWIs have the potential to make a healthy contribution to government finances.

The HNWI population in the UK currently stands at 552,800. In 2014/5, this growing club paid over £535,000 a head in income and capital gains tax (CGT).[ii] At the last count, London had the most HNWIs for a city worldwide, with New York and Tokyo in second and third place.

If this all sounds a million miles away from anything that dental practice owners should concern themselves with, don’t be fooled because there have been clear indications that HMRC wants to get more money out of a wider group of taxpayers. It is now starting to look closer at those who are just inside the upper tax bracket, which will include many dental professionals and entrepreneurs. Indeed, the number of Brits paying income tax at the higher or additional rate hit record levels in 2016.[iii]

In 2011, two years after the HNWIs team was established, the Affluent Unit was set up to look at individuals with incomes over £150,000 and/or a net worth between £1m and £20m. The Unit has almost doubled in size since it began, increasing its numbers of employees by 20 per cent. The Affluent Unit’s prime targets commonly include those who have property portfolios/bank accounts that are based offshore. You will also come under the scrutiny of the Unit if you habitually file self-assessment returns late and use (or have used) tax avoidance schemes.

An affluent individual is likely to have more complex tax affairs, so it is common sense that HMRC will want to take a closer look to ensure that everything is above board. The fact is that even if you are a higher or additional rate taxpayer, there are perfectly legitimate ways to reduce your tax bill while staying fully compliant with the rules. The services of a specialist accountant are essential to help with tax planning and regular tax check-ups so you can be confident that you are doing everything by the book. Lansdell & Rose has an expert team with extensive experience in advising dental practice owners on money matters. Saving tax while remaining legally compliant is not only possible, but will help you get the most out of your business.

If HMRC is being criticised for not having taken a tough enough stance on its wealthiest clients, then you don’t want to be caught out as it starts to ramp up the scrutiny on those who are slightly lower on the income scale. As it expands its operations to monitor the affluent more closely, we can predict a tighter inspection of everyone’s tax affairs in a few years’ time, as the government seeks to squeeze more tax out of more of the population. Don’t give yourself the headache of non-compliance; work with the experts now and you will stay in control.

To find out more, call Lansdell & Rose on 020 7376 9333,

Or visit www.lansdellrose.co.uk

[i] https://www.parliament.uk/business/committees/committees-a-z/commons-select/public-accounts-committee/news-parliament-2015/high-net-worth-individuals-hmrc-report-published-16-17/

[ii] www.worldwealthreport.com

[iii] Higher-rate taxpayers hit record levels. Financial Times, 20 May 2016.

By Rachel Pointer

In early 2016, data from UK households who took part in a survey that documented food and drink habits between 1974-2000 was published.[i] We now eat less white bread, offal and fewer varieties of fish, but more pasta, pizza and chips. The purchase of ready meals went up fivefold between 1974 and 2000, with consumption of canned vegetables dropping by over a third in the same period.

There have also been huge shifts in how we eat. Whereas a hearty breakfast, lunch and dinner at defined times was the norm not too long ago, nowadays the rules are looser. We don’t always stop to eat. Snacking or eating between meals used to be frowned on; biscuits or cake were often only bought out for guests or for a treat.

A snack is generally defined a bar or packet of something that is cheap, requires no preparation and can be consumed anywhere. Brits love to snack and savoury snacks are the most popular choice; we eat more crisps than any other country in Europe.[ii] But snacks are no longer something small to keep us going until mealtime. Crisps and chocolate bars are available in super-sized packets and the calorie content of many popular snacks is higher than we think. So-called ‘healthy’ snacks, such as cereal bars, are often full of sugar. We must not forget calorific and high-fat beverages, either. Energy or sports drinks are massively popular and we have a thriving coffee shop culture that did not exist in the 1970s.

If size matters, should certain snacks be upgraded to ‘meal’ status instead? Although some health professionals advocate grazing on five or six mini meals as alternative to three big ones for a range of health benefits “in relation to appetite control, bodyweight management and improved blood glucose control in diabetics and pre-diabetics”[iii], this only works if people know what an appropriate portion size is.[iv]

Dental professionals must address the needs and changing habits of the modern patient and help them think about what they are eating. If snacks or mini meals are the reality of how they eat, help them make healthier choices. Cheese or unsalted nuts are better than crisps and chocolate for teeth (although not so good for waistlines). Get them to think about portion size and remind them that it is OK to stop when they are full! Alongside nutrition advice, teaching them how to brush using the correct technique and the best tools will keep their mouth clean and remove debris left over from regular meals and snacks. The comprehensive range from Tandex, including interdental brushes, is suitable for all ages and dental needs and supported by adjunctive products, including a mouthwash containing fluoride and chlorhexidine.

Going out to eat frequently, snacking more, bigger portions – the way we eat has changed drastically in the last 40 years. Reiterating nutritional advice alongside good brushing technique will help us fight the snack attack and encourage patients to think about their teeth as well as their waistlines.

For more information on Tandex’s range of products,
visit www.tandex.dk or visit the facebook page:

www.facebook.com/pages/Tandex-UK/234855250044190?fref=ts

Author Rachel Pointer qualified from Guys Hospital as a dental hygienist and began work in general dental practice in Hertfordshire.  After working as staff hygienist for Professor Naylor she was appointed tutor dental hygienist at Guys Hospital before working in Australia.  Rachel has experience in hospital, specialist periodontal practice and in the private sector as well as setting up a PDU within a cerebral palsy home in Essex.  Working for 10 years for the British Dental Hygienists Association as their information officer plus membership and careers co-ordinator she presently works at Addenbrookes Hospital and in general dental practice and a few year ago branched out to teach in a Montessori school setting.