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 services do accountants for dentists typically provide?
They provide services such as preparation of annual accounts, tax return filing, and Self Assessment for principals and associates. They also offer practice valuation, partnership structure advice, and assistance with HMRC investigations. Furthermore, they specialise in VAT planning for dental services and can help with payroll for practice staff, ensuring full compliance with all financial regulations.
How can an accountant help with my dental practice's VAT obligations?
Dental services are often exempt from VAT, but there are exceptions such as cosmetic treatments. A specialist accountant will analyse your income streams to determine your VAT position accurately. They will advise on whether to register voluntarily, how to handle partial exemption calculations, and ensure you claim all allowable input tax, keeping your practice fully compliant with HMRC rules.
Why is it important to choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualifications demonstrate a high level of professional competence and adherence to strict ethical guidelines. These accountants undergo rigorous training and continuous development. Choosing a qualified professional ensures you receive accurate, reliable advice and that your financial affairs are managed correctly, reducing the risk of costly errors or penalties from HMRC.
Can an accountant help me with the financial side of buying or selling a dental practice?
Yes, they can provide essential support during practice transitions. This includes preparing financial forecasts, conducting valuations, and structuring the deal in a tax-efficient manner. They will also assist with due diligence, ensuring you understand the financial health of the practice you are acquiring or selling, and help negotiate terms that protect your interests.
What is the difference between a tax return and Self Assessment for a dentist?
A tax return is the formal document submitted to HMRC detailing your income and capital gains for the tax year. Self Assessment is the broader system used to report this information and calculate your tax liability. For a dentist, your accountant will use your financial records to complete the tax return and ensure your Self Assessment is filed correctly and on time.
How often should I meet with my accountant to review my practice finances?
It is advisable to have a formal review at least twice a year. One meeting should be before the end of your financial year for tax planning purposes, and another after your accounts are prepared to discuss results. However, your accountant should be available throughout the year for ad-hoc advice on new regulations or significant business decisions.
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