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
Why do dentists need a specialist accountant rather than a general practitioner?
Dentists have unique financial circumstances, including practice ownership, associate agreements, and specific tax reliefs on equipment. A specialist accountant understands these nuances and can help you structure your affairs efficiently. They are familiar with HMRC requirements for dental practices and can identify deductions you might otherwise miss. This tailored approach ensures your tax position is optimised and your practice remains compliant.
What qualifications should I look for in an accountant for my dental practice?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications ensure the accountant has undergone rigorous training and adheres to ethical standards. Additionally, experience with dental practices is crucial. A qualified professional will stay updated on tax legislation and provide proactive advice, giving you confidence that your financial affairs are in safe hands.
How can an accountant help with my Self Assessment tax return?
An accountant can prepare and file your Self Assessment tax return accurately, ensuring you meet HMRC deadlines and avoid penalties. They will review your income from the practice, expenses, and any other sources, applying all allowable deductions. This saves you time and reduces stress, whilst also minimising your tax liability. Their expertise ensures your return is complete and compliant.
What VAT considerations apply to dental practices?
Most dental services are exempt from VAT, but there are exceptions such as certain cosmetic procedures. An accountant can help you determine your VAT position, manage partial exemption calculations, and ensure your records meet HMRC requirements. They will also advise on capital purchases and how to handle VAT on equipment. This specialist knowledge prevents costly errors and keeps your practice compliant.
How does Corporation Tax affect my dental practice if I operate as a limited company?
If your practice is a limited company, you are required to pay Corporation Tax on your profits. An accountant will prepare your company accounts and Corporation Tax return, ensuring you claim all available reliefs and expenses. They will also advise on salary versus dividend extraction to minimise your overall tax burden. This strategic planning is essential for maximising your practice's profitability.
What should I expect from an initial consultation with an accountant?
During an initial consultation, the accountant will review your current financial situation, discuss your practice structure, and identify any immediate issues. They will explain their services, fees, and how they can assist you going forward. This is also an opportunity for you to ask questions and assess whether they are a good fit. A good accountant will listen carefully and provide clear, practical advice tailored to your needs.
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