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 typically handle?
Accountants for dentists routinely manage complex areas such as calculating tax relief on dental equipment purchases, handling the tax implications of practice goodwill, and structuring income efficiently between NHS and private work. They also advise on pension contributions and ensure that all expenses, including lab fees and professional indemnity insurance, are correctly claimed. Their expertise ensures full compliance with HMRC regulations.
Why is it important to choose an ACCA or ICAEW qualified accountant for my dental practice?
Choosing an ACCA or ICAEW qualified accountant guarantees that you are working with a professional who has completed rigorous examinations and continuous professional development. These qualifications demonstrate a high level of competence and adherence to strict ethical codes. This is particularly important when dealing with HMRC, as qualified professionals are better equipped to handle complex tax investigations and provide authoritative advice on financial matters.
Can an accountant help me with my practice's VAT returns?
Yes, a specialist accountant can provide invaluable assistance with VAT returns. They will ensure your practice is on the correct VAT scheme, whether that is the standard scheme or the cash accounting scheme. They will also identify all allowable input tax on purchases, such as new dental chairs and computer software, ensuring you are not overpaying HMRC and that all returns are submitted accurately and on time.
How can an accountant assist with my Self Assessment tax return?
An accountant will meticulously prepare and submit your Self Assessment tax return to HMRC, ensuring that all sources of income are declared correctly. They will maximise your allowable deductions, such as travel expenses and professional subscriptions, to reduce your overall tax liability. Furthermore, they will advise you on making payments on account and help you plan for your tax bill, preventing any unexpected financial surprises.
What is the benefit of using a directory like AccountingFirms to find a specialist?
Using a directory like AccountingFirms saves you time and provides assurance. The platform allows you to browse local firms in Caterham On The Hill that have been verified and built by ICAEW and ACCA accountants. You can compare their stated specialisms and qualifications side-by-side, ensuring that you connect with a professional who has the exact expertise required for your dental practice.
Will my accountant help me with Corporation Tax if I run my practice through a limited company?
Absolutely. If your dental practice operates as a limited company, your accountant will manage the entire Corporation Tax process. This includes calculating your company's taxable profits, claiming all available capital allowances, and submitting the Company Tax Return to HMRC. They will also advise on extracting profits efficiently through salary and dividends, ensuring that you remain tax-efficient whilst fully compliant with all legal obligations.
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