Tax and Accountancy Services for Principal Dentists
With over thirty years of experience in advising dental professionals, we can guide you through the challenges and industry specific issues that affect your personal and practice finances.
Particular considerations for principal dentists includeBusiness Structure
How you structure your business can have a significant impact on the amount of tax you pay. Many dentists find it beneficial to operate through a limited company as it can offer more flexibility when extracting profits from a business and also offer a certain amount of legal protection.
While it is often advantageous to use this business structure, there may be more appropriate options available to you depending on your level of income and retirement plans.Tax
Tax can be a complicated area making it easy for individuals and business owners to unknowingly fall in to costly “tax traps”. It’s important to fully understand the effect a key financial decision could have on your tax liabilities in the future before you proceed.
Our advisors will help you explore all your available options, demonstrate which solutions will and guide you through the process.Online Accountancy
We have taken two of the most popular online accounting packages, Xero and Quickbooks Online, and tailored them specifically for dentists' use. They include all the pre-defined accounts you will need with the option to add more if you choose. Furthermore, updates can be made and delivered easily, so you don’t need to worry about installing the latest version and you’ll get access to new features instantly
We have provided online accounting platforms for many years and have the ability to setup, support and assist you with your move to digital record keeping and reporting. Furthermore, as Xero and QuickBooks Online partners, we are able to provide monthly subscriptions at a discounted rate.
Being proactive and planning far in advance for the sale of a dental practice will always put you in a stronger position seeking a buyer at the last moment. With the benefit of time you will have more options and less pressure to recruit and introduce a successor to the practice.
Benchmarking your practice’s business performance against industry averages can be an effective way of identifying financial strengths and weaknesses. Using our access to industry specific data from the National Association of specialist Dental Accountants and Lawyers (NASDAL) along with our experience we can introduce key performance indicators to help your practice increase profitability.
Buying a Practice
Whether you are considering your first purchase of expand through acquisition of another practice or contract we can help you form a business plan and introduce you to our network of specialist solicitors, banks and financial advisors.
Practice Growth and Development
If you are planning to grow your practice, through expansion or refurbishment, we have close connections with local banks who offer special rates of finance for dentists. Also, we can advise on the timing of your expenditure on items such as new clinical equipment to ensure capital allowances are maximised.
As part of your application for funding, you will be asked to produce a business plan. Depending on the circumstances and how the loan will be used, we can show you what you should include in your plan and help with cashflow forecasting and analysing your practice’s performance.
Tax Investigation Insurance
Tax investigations can be expensive, even if you are cleared or are subject to a random inspection. In addition to your own time and the disruption to your business, there can be accountants’ fees which can become significant. We offer a fee protection insurance scheme with Professional Fee Protection (PFP) in respect of legal and accountancy fees incurred in dealing with tax investigations and PAYE and VAT disputes.
These are just a few ways we can help. You may find it useful to check the list below if you are looking for one of our specific services for principal dentists:
- Annual accounts
- Associate profitability review
- Bookkeeping and Xero implementation
- Buying a practice
- Cashflow forecasts and finance applications
- Developing your practice
- Expense-share agreements
- Management accounts
- NHS superannuation reconciliation
- Practice and goodwill valuation
- Practice incorporation
- Selling a practice
- Succession planning
- Tax planning
- Tax savings on building works
- Inheritance tax planning