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 reliefs can an accountant for dentists identify for my practice?
A specialist accountant will analyse your expenditure to identify all relevant reliefs, including those for capital allowances on dental chairs, X-ray equipment, and surgery renovations. They will also ensure you claim for professional indemnity insurance, laboratory fees, and continuing professional development courses. By thoroughly examining your records, they ensure you are not overpaying tax and that your practice is structured efficiently.
How can an accountant assist with my Self Assessment tax return?
An accountant will compile your Self Assessment return using accurate records of your income and expenses. They will calculate your Class 2 and Class 4 National Insurance contributions and ensure all allowable deductions are included. They will also liaise with HMRC on your behalf if there are any queries, providing peace of mind and ensuring your filing is completed correctly and on time.
What is the benefit of using an ACCA or ICAEW qualified accountant?
Choosing an accountant who is a member of a recognised body like ACCA or ICAEW ensures you are working with a professional who adheres to strict ethical and technical standards. These qualifications require ongoing training and a commitment to professional development. This provides assurance that the advice you receive is current, accurate, and compliant with the latest financial regulations and best practices.
How does a specialist dental accountant help with VAT planning?
Dental practices often provide both exempt and taxable supplies, which makes VAT a complex area. A specialist will review your patient mix to determine the most advantageous VAT scheme, whether that is standard accounting or the flat rate scheme. They will provide guidance on partial exemption calculations and ensure your invoicing and record-keeping processes are compliant with HMRC requirements.
Can you help me with Corporation Tax for my limited company dental practice?
Yes, accountants featured in the directory will prepare and file your Corporation Tax return, ensuring you claim all available deductions for salaries, pension contributions, and business expenses. They will also advise on the optimal salary and dividend split to minimise your overall tax liability, whilst ensuring your company remains compliant with all filing deadlines and regulatory obligations.
What should I look for when comparing accountants for my dental surgery?
When comparing providers, consider their specific experience with dental practices and their understanding of the NHS and private income mix. Look for a proactive advisor who offers regular reviews and clear communication. Check their credentials with professional bodies and ask about their approach to tax planning and practice profitability. It is also wise to enquire about their software and how they will manage your bookkeeping.
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