
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 handle a range of tax issues including Self Assessment for associates, Corporation Tax for practice companies, and VAT on dental services. They also advise on expenses unique to dental practices, such as lab fees, equipment, and professional indemnity insurance. They ensure accurate tax returns and help you plan for future liabilities.
How can an ACCA or ICAEW accountant benefit my dental practice?
An ACCA or ICAEW accountant brings rigorous training and ethical standards to your financial management. They are qualified to handle complex tax planning, provide strategic business advice, and ensure compliance with HMRC regulations. Their expertise helps you optimise your tax position, improve cash flow, and make informed decisions about your practice's growth.
Do I need a specialist accountant if I am a dental associate?
Yes, a specialist accountant is beneficial for dental associates. They understand the unique income structure, including self-employed status and multiple practice arrangements. They can help you manage your Self Assessment tax return, claim allowable expenses, and plan for pension contributions. This ensures you pay the right amount of tax and avoid penalties.
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, relevant qualifications such as ACCA or ICAEW, and a proactive approach. They should offer services like VAT management, payroll, and practice valuation. Also consider their communication style and availability. A good accountant will provide clear advice and support your business goals.
How does VAT affect dental services and what advice can an accountant give?
VAT on dental services is complex, with many treatments being exempt, but some items like cosmetic procedures may be taxable. An accountant can help you determine your VAT position, decide whether to register voluntarily, and manage partial exemption calculations. They ensure you comply with HMRC rules and claim any allowable input tax.
Can an accountant help with the purchase or sale of a dental practice?
Yes, an accountant can provide invaluable assistance during a practice purchase or sale. They can help with business valuation, due diligence, and structuring the deal tax-efficiently. They also advise on goodwill, equipment transfer, and any capital gains tax implications. This ensures a smooth transaction and protects your financial interests.
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