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 offer?
Accountants for dentists typically provide a range of services tailored to the dental profession. These include preparation of annual accounts, Self Assessment tax returns, and Corporation Tax filings. They also offer VAT management, payroll for associates and staff, and strategic tax planning. Many also provide advice on practice acquisitions, partnerships, and retirement planning, ensuring your financial affairs are in order throughout your career.
Why is it important to choose an accountant with dental industry experience?
Dental practices have unique financial structures, including the treatment of associates as self-employed or employed, and specific rules around lab fees and materials. An accountant with dental industry experience understands these nuances and can help you structure your affairs efficiently. They are familiar with the common pitfalls and can provide proactive advice to maximise your profitability and ensure full compliance with HMRC regulations, giving you peace of mind.
How can an accountant help with my Self Assessment tax return?
An experienced accountant can prepare and submit your Self Assessment tax return accurately and on time, ensuring you pay the correct amount of tax. They will identify all allowable expenses and reliefs you are entitled to claim, potentially reducing your tax bill. They can also advise on payments on account and help you plan for future tax liabilities, avoiding any unexpected surprises from HMRC.
What is the role of ACCA, ICAEW, and AAT qualifications?
ACCA, ICAEW, and AAT are professional bodies that set high standards for accountants. Choosing an accountant who is a member of one of these organisations ensures they have undergone rigorous training and adhere to a strict code of ethics. These qualifications provide assurance of competence and professionalism, meaning your financial affairs are in capable hands and you can trust the advice you receive.
How do I know if I need to be VAT-registered for my dental practice?
VAT registration is compulsory if your taxable turnover exceeds the current threshold, which is £90,000. However, even if your turnover is below this, you may choose to register voluntarily. An accountant can assess your specific situation and advise on the best course of action. They will handle the registration process and ensure you comply with all VAT regulations, including submitting returns and managing your records correctly.
Can an accountant help me with my dental practice's Corporation Tax?
Yes, if your dental practice operates as a limited company, your accountant will prepare and file your Corporation Tax return with HMRC. They will calculate your taxable profits, considering all allowable deductions and capital allowances. They will also advise on extracting profits in a tax-efficient manner, such as through salary or dividends, and ensure you meet all filing deadlines to avoid penalties.
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