Clinic sessions and home visits, instruments and consumables, HCPC fees and plenty of domiciliary mileage. Here's how Making Tax Digital for Income Tax affects podiatrists and chiropodists, and when it starts.
MTD for Income Tax phases in by gross income before expenses. Many podiatrists sit between £30,000 and £50,000, so it's worth knowing which wave you're in.
If a big part of your week is home visits, the mileage adds up. Logging it as you go, by flat rate or actual costs, keeps your quarterly figures accurate and your taxable profit fair.
When you're in scope, your annual Self Assessment return is replaced by four short quarterly updates and a year-end final declaration, all through recognised software.
Log cash visits and mileage on the app as you go so a full day of home calls is captured cleanly.
Both are income in one set of records. Log home-visit cash as you're paid so nothing is missed.
Travel to clients' homes is deductible. Log it as you go, by flat rate or actual costs, and nothing is missed.
Instruments, dressings and sterilisation supplies are deductible. Snap the receipts so your expenses stay complete.
Registration and indemnity are deductible. Keep them recorded so nothing is missed at year-end.
Between clinic and home calls, records need to keep up on the move. Clear Books works from your phone and gives HMRC exactly what MTD needs, whenever you're in scope.
Record visits, mileage and consumables as you go, watch your gross against the thresholds, and be ready to submit when your wave lands.
