Chartered tax advisor Veronica Donnelly discusses financial control and long-term wealth protection for clinics
Running an aesthetics business is a balancing act. As your clinic grows, so do your compliance obligations and the complexity of your personal finances.
Increasingly, the two are closely connected, as staying on top of tax and regulatory requirements provides the foundation for stronger long-term financial planning.
This article explores the key compliance developments currently affecting aesthetic practitioners, known as Making Tax Digital (MTD) for Income Tax and the McCloud Remedy for those with NHS pension history.¹² Consequently, this article considers how these obligations can be used as a springboard for wider wealth planning.
MTD is His Majesty’s Revenue and Customs (HMRC) programme to modernise income tax reporting for individuals who currently complete Self Assessment and have income from self-employment and/or property.¹ It had been implemented for VAT since 2022, but is now extending to income tax. This has an impact on anyone in the aesthetics sector who earns over the thresholds set by HMRC.
Instead of relying on paper records or standalone spreadsheets, those in aesthetics must:¹
