Welcome to Morris Crocker Dental Accountants
We have been working with dental professionals for over thirty years. Recognising the need to provide specific tailored advice, we made this a specialist area. Our services are now used by over 100 dentists and dental professionals who rely on us, not only to assist them with their routine accountancy requirements but to help them improve their profitability, pay less tax and gain a better work/life balance.
Why a Specialist Dental Accountant?
As specialist dental accountants we understand the particular issues that dentists face such as NHS contracts, CQC, associate and other health professional contracts, superannuation etc.
Taxation is always an issue and one of the main reasons for using an accountant. While the same tax rules apply to everyone, there are invariably special factors that apply to certain types of business. This is very much the case with dentists. Knowing what to claim and not claim for are extremely important if problems with HMRC are to be avoided. Then again nobody wants to pay more tax than they have to.
Pensions: Annual Allowance
However near (or far away) you are to retirement, it is important to know what effect the pension rules could have on you.
Restrictions on how much can be paid into pensions came in from April 2016. The Annual Allowance (AA) is the amount you can pay into all pensions in a tax year and £40,000 is the current maximum. If you exceed your AA you will be taxed on the excess.
However, if you are a high earner and have income in excess of £110,000, the limit of £40,000 is ‘tapered’ from April 2016. This could see the amount you pay into your pension reduce to £10,000 per year.
The rules are very complex to work out and will depend on your individual circumstances. To find the figure you need to calculate your AA is not simple and will require information obtained from the NHS. In the past the NHS automatically provided a pension savings statement but only to members exceeding the AA of £40,000. It now sends statements to all practitioners.
If you have received a letter and are not sure of its implications please get in touch with us
Morris Crocker is a member of the National Association of Specialist Dental Accountants and Lawyers (NASDAL). This provides us with regular and up-to-date benchmarking statistics which we can use to assess your business performance and its value.
We'll be pleased to tell you more about our services, so please call us today on 023 9248 4356, or email us email@example.com