ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
What specific tax issues do accountants for dentists handle?
Accountants for dentists specialise in tax issues unique to the dental profession, such as the correct treatment of associate income, claiming allowable expenses like lab fees and professional indemnity, and managing VAT on mixed supplies. They also handle HMRC enquiries, prepare Self Assessment tax returns, and advise on Corporation Tax for limited company practices, ensuring full compliance and minimising liabilities.
How can an accountant help with dental practice VAT?
Dental practices often provide both exempt and taxable supplies, making VAT complex. An accountant can advise on VAT registration thresholds, partial exemption calculations, and how to structure your practice to maximise VAT recovery. They ensure that your VAT returns are accurate and submitted on time to HMRC, avoiding penalties and optimising cash flow.
Why should I choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and adhere to strict ethical and professional standards. They are recognised by HMRC and have the expertise to handle complex financial matters. Choosing such a professional ensures that your practice receives high-quality advice, accurate reporting, and proactive tax planning, giving you confidence in your financial management.
What services do accountants for dentists typically offer?
Accountants for dentists typically offer a range of services including bookkeeping, payroll, preparation of annual accounts, Self Assessment and Corporation Tax returns, VAT management, and tax planning. They also provide strategic advice on practice purchases, partnership structures, and retirement planning, helping you achieve both short-term profitability and long-term success.
How often should I meet with my accountant?
It is advisable to meet with your accountant at least quarterly to review your practice’s financial performance, discuss cash flow, and plan for upcoming tax deadlines. More frequent meetings may be beneficial during periods of significant change, such as practice acquisition or expansion. Regular communication ensures that you stay on top of your finances and can make informed decisions.
Can an accountant help me with HMRC investigations?
Yes, an accountant can be invaluable during an HMRC investigation. They can handle all correspondence with HMRC, prepare the necessary documentation, and represent you in meetings. Their expertise ensures that your rights are protected and that any enquiry is resolved efficiently, minimising stress and potential financial penalties.
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