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 provide?
Accountants for dentists offer a range of services tailored to the profession, including preparation of Self Assessment tax returns, VAT returns, and Corporation Tax filings. They also provide practice valuation, business planning, and advice on tax-efficient profit extraction. Many firms assist with associate agreement reviews, retirement planning, and pension contributions, ensuring that your personal and practice finances are managed effectively. By working with a specialist, you gain access to advice that is directly relevant to the dental sector.
How can an accountant help with HMRC compliance for a dental practice?
An accountant ensures that your practice remains fully compliant with HMRC regulations by preparing accurate tax returns and submitting them on time. They can handle any correspondence from HMRC, including investigations or queries, and provide representation on your behalf. They also advise on the correct treatment of income and expenses, helping you avoid penalties and interest charges. With their knowledge of current tax law, they can identify opportunities to reduce your tax liability whilst keeping you within the rules.
Why is it important to choose an ACCA or ICAEW qualified accountant?
Choosing an ACCA or ICAEW qualified accountant gives you confidence that your finances are managed by a professional who meets rigorous standards. These qualifications require extensive training, ongoing professional development, and adherence to a strict code of ethics. Such accountants are recognised for their expertise in tax, audit, and business advisory services. They are also regulated, meaning they must maintain professional indemnity insurance and follow best practice guidelines, offering you greater protection and peace of mind.
What is the difference between a tax return and a Self Assessment for a dentist?
A tax return is the formal document you submit to HMRC each year, and Self Assessment is the system used to report your income and gains. For a dentist, this includes income from your practice, any other employment, and investment income. Your accountant will prepare the tax return using the Self Assessment process, ensuring all income is declared and allowable expenses are claimed. They will also calculate the tax and National Insurance due, and advise on payment dates to help you manage your cash flow.
How do accountants for dentists help with VAT and Corporation Tax?
Accountants for dentists help you understand whether your practice needs to be VAT-registered, and if so, they manage your VAT returns to ensure accuracy and timeliness. They also advise on the most suitable VAT scheme, such as the flat rate scheme, which can be beneficial for dental practices. For Corporation Tax, they prepare your company accounts and calculate the tax due, whilst identifying allowable deductions and reliefs. Their expertise ensures you do not overpay and remain compliant with HMRC.
Can an accountant help me with the purchase or sale of a dental practice?
Yes, an accountant with experience in the dental sector can provide invaluable assistance during the purchase or sale of a practice. They can conduct a financial due diligence review, assess the valuation of the practice, and advise on the tax implications of the transaction. They also help structure the deal to be tax-efficient, whether through a share sale or an asset sale. Additionally, they can assist with securing finance and preparing forecasts to support your business plan.
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