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?
Accountants for dentists typically handle tax issues such as Self Assessment for associates, Corporation Tax for limited company practices, and VAT on dental services. They also advise on capital allowances for equipment, tax relief on professional fees, and the tax treatment of practice income. Their expertise ensures you comply with HMRC regulations whilst minimising your tax liability.
How can an accountant help with a dental practice purchase?
An accountant can assist with a dental practice purchase by conducting financial due diligence, valuing the practice, and structuring the acquisition tax-efficiently. They will advise on the best legal entity to use, such as a limited company or partnership, and help secure financing. They also plan for goodwill amortisation and ensure all tax implications are considered.
Are ACCA or ICAEW qualifications important for a dental accountant?
Yes, ACCA and ICAEW qualifications are important as they demonstrate a high level of professional competence and adherence to ethical standards. These qualifications ensure the accountant has undergone rigorous training and continues to update their knowledge. This is particularly valuable for complex areas like dental taxation and practice management.
What is the difference between a general accountant and one specialising in dentistry?
A general accountant may not be familiar with the specific tax rules and financial structures common in dental practices. A specialist understands the nuances of associate agreements, practice valuations, and the tax treatment of dental plan fees. They are also aware of the latest HMRC guidance relevant to the dental sector, providing more tailored advice.
How often should I meet with my dental accountant?
It is advisable to meet with your dental accountant at least twice a year, once for tax planning and once for year-end preparation. However, more frequent meetings may be beneficial if you are making significant changes to your practice, such as buying equipment or expanding. Regular contact ensures you stay on top of your financial obligations and opportunities.
Can an accountant help with VAT on dental services?
Yes, an accountant can help with VAT on dental services, as many dental treatments are exempt from VAT, but some are not. They will analyse your services to determine which are taxable and ensure you are correctly registered with HMRC. They also assist with VAT returns and advise on partial exemption calculations if you provide a mix of services.
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