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 specialise in tax issues unique to dental practices, such as the correct treatment of associate income, lab fees, and NHS versus private earnings. They also advise on capital allowances for dental equipment and property, and help with practice valuation and goodwill. Their expertise ensures you meet HMRC requirements whilst optimising your tax position.
How can an ACCA or ICAEW accountant help my dental practice?
An ACCA or ICAEW qualified accountant brings rigorous technical knowledge and ethical standards to your dental practice. They can prepare your annual accounts, manage your Self Assessment tax return, and provide strategic advice on practice growth and profitability. Their accreditation ensures they stay up to date with changing tax legislation, giving you peace of mind.
What should I look for when choosing an accountant for my dental practice?
When choosing an accountant, look for someone with experience in the dental sector, ideally with a track record of working with practices similar to yours. Check their qualifications, such as ACCA, ICAEW, or AAT, and ask about their approach to tax planning and HMRC correspondence. It is also important to find an accountant who communicates clearly and understands your business goals.
How do accountants help with VAT for dental practices?
Dental practices often provide a mix of exempt and taxable supplies, so VAT rules can be complex. A specialist accountant will help you determine your VAT registration threshold, manage partial exemption calculations, and ensure you reclaim input tax correctly. They will also advise on the VAT treatment of cosmetic treatments and private patient fees, keeping you compliant with HMRC.
Can an accountant help me with my Self Assessment tax return as a dentist?
Yes, an accountant can prepare and file your Self Assessment tax return accurately and on time. They will ensure you claim all allowable expenses, such as professional indemnity insurance, course fees, and equipment costs. By using a specialist, you reduce the risk of errors and penalties, and you can focus on your patients whilst your finances are managed correctly.
Why is it important to use a specialist accountant for dental practices?
Dental practices have unique financial structures, including associate agreements, practice purchase loans, and mixed income sources. A specialist accountant understands these complexities and can offer tailored advice on profit extraction, tax planning, and practice valuation. They also stay informed about sector-specific HMRC guidance, ensuring your practice remains compliant and financially efficient.
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