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
ACCOUNTS 2U LIMITED
Our director, Howard Turner MAAT ATT, qualified as an accounting and taxation technician in 1995 after training with chartered accountants in Cheshire...See More
Frequently asked questions
What specific tax issues do accountants for dentists in Cheshire handle?
Accountants for dentists in Cheshire handle a range of specific tax issues including Self Assessment for associates, Corporation Tax for limited company practices, and complex VAT rules on dental treatments. They also manage payroll for practice staff and ensure compliance with HMRC regulations regarding expenses and allowances unique to the dental profession.
Why is ACCA or ICAEW accreditation important when choosing an accountant?
ACCA and ICAEW accreditation is important because it demonstrates that the accountant has achieved a high standard of professional competence and adheres to strict ethical guidelines. These qualifications ensure the accountant has undergone rigorous training and continues to update their knowledge, providing you with confidence that your practice finances are in safe and capable hands.
How can a dental accountant help with practice profitability?
A dental accountant can help with practice profitability by analysing your financial data to identify trends and areas of high expenditure. They can benchmark your performance against other dental practices, advise on pricing structures for private treatments, and help you manage associate costs effectively. This strategic analysis helps you make informed decisions to increase your overall profit margins.
What is the difference between an accountant and a bookkeeper for a dental practice?
A bookkeeper typically handles the day-to-day recording of financial transactions, such as logging income and expenses and reconciling bank statements. An accountant, however, provides a higher level of service, including preparing statutory accounts, completing tax returns for HMRC, and offering strategic tax planning advice. For a dental practice, an accountant will also provide specific guidance on sector-related financial matters.
How often should I meet with my dental accountant in Cheshire?
You should ideally meet with your dental accountant at least twice a year, once for a mid-year review and again to prepare for your year-end accounts and tax returns. However, many practices benefit from more frequent contact, such as quarterly meetings, to discuss cash flow, planned purchases, and any changes in tax legislation that might affect the practice.
Can an accountant help me if I am buying or selling a dental practice?
Yes, an accountant is essential when buying or selling a dental practice. They can assist with valuing the practice, structuring the deal in a tax-efficient manner, and conducting due diligence on the financial records. They will also help you navigate the tax implications of the sale, ensuring you fulfil your obligations to HMRC and retain as much of the proceeds as possible.
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