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?
Specialist dental accountants manage the unique VAT rules on dental treatments, which are often exempt, alongside taxable items like cosmetic procedures. They also handle Self Assessment for associates, Corporation Tax for limited company practices, and capital allowances on equipment and surgery fittings, ensuring full compliance with HMRC requirements.
Why should a dentist choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualifications demonstrate a high level of technical expertise and adherence to strict ethical standards. These professionals undergo rigorous training and continuous professional development, ensuring they are up to date with the latest tax legislation and financial reporting requirements, which is essential for accurate and efficient practice management.
How can an accountant help with my dental practice VAT registration?
An experienced accountant will analyse your income streams to determine if you exceed the VAT registration threshold. They will advise on voluntary registration if beneficial, manage the partial exemption calculations for mixed supplies, and ensure your VAT returns are submitted correctly to HMRC, avoiding costly penalties and interest charges.
What is the role of an AAT accountant in a dental practice?
AAT accountants provide essential bookkeeping and management accounting support, handling daily transactions, payroll, and preparation of financial records. They ensure your records are accurate and organised, which reduces the cost of final accounts preparation and provides you with clear financial reports to make informed business decisions.
Can accountants for dentists help with practice purchase or sale?
Yes, they provide vital support during practice transactions, including valuation advice, due diligence, and structuring the deal for maximum tax efficiency. They also assist with negotiating warranties, managing the transfer of goodwill, and ensuring that the financial aspects of the sale or purchase are handled correctly, protecting your interests throughout the process.
How often should I meet with my dental accountant?
It is advisable to have a formal review meeting at least twice a year, typically before your Self Assessment deadline and mid-year for tax planning. However, your accountant should be available for ad hoc advice on matters such as new equipment purchases, staff changes, or changes in your practice structure, ensuring you remain proactive rather than reactive.
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