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 dentists face?
Dentists often have mixed income from exempt and taxable treatments, which affects VAT calculations. Additionally, associates are typically self-employed for tax purposes, so they must complete Self Assessment returns. A specialist accountant can help you navigate these complexities, ensuring you claim all allowable expenses and meet HMRC deadlines without error.
How can an accountant help with a dental practice purchase?
When buying a dental practice, an accountant can assist with valuing the goodwill, structuring the deal tax-efficiently, and negotiating the terms of the sale. They will also review the financial records of the practice to identify any hidden liabilities, such as outstanding tax or pension contributions, ensuring you make an informed investment.
Are ACCA or ICAEW qualifications important when choosing an accountant?
Yes, qualifications from ACCA or ICAEW demonstrate that the accountant has undergone rigorous training and adheres to professional standards. These bodies require members to keep their knowledge up to date and follow strict ethical guidelines. Choosing a qualified accountant gives you confidence that your financial affairs are handled competently and in line with HMRC requirements.
What is the difference between a tax return and a Self Assessment?
A tax return is the form you submit to HMRC, while Self Assessment is the system used to report your income and gains. For dentists who are self-employed or have additional income, completing a Self Assessment tax return is mandatory. An accountant can prepare and file this on your behalf, ensuring accuracy and avoiding penalties for late submission.
How do I find a suitable accountant for my dental practice?
You can use the AccountingFirms directory to browse local accountants who specialise in the dental sector. Filter by qualifications, services, and client reviews to find a professional that matches your needs. It is advisable to contact a few firms and ask about their experience with dental practices, as well as their fee structure, before making a decision.
Can an accountant help with VAT for dental services?
Yes, VAT on dental services can be complex because some treatments are exempt while others, such as cosmetic procedures, are taxable. A specialist accountant will analyse your income streams, advise on the correct VAT treatment, and help you register for VAT if necessary. They will also ensure your records are accurate to avoid HMRC penalties.
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