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 typically offer services such as preparation of annual accounts, Self Assessment tax returns, VAT returns, payroll for practice staff, and tax planning for practice incorporation or partnership. They also advise on equipment financing, goodwill valuation, and retirement planning, ensuring your dental practice remains financially efficient and compliant with HMRC regulations.
How can an accountant help with HMRC compliance for my dental practice?
An experienced accountant ensures your practice meets all HMRC deadlines, including submitting accurate tax returns and paying any Corporation Tax or VAT on time. They also handle any correspondence with HMRC, assist with tax investigations, and provide advice on allowable expenses to reduce your tax liability, giving you peace of mind and avoiding penalties.
What qualifications should I look for in a dental accountant?
Look for an accountant who is a member of a recognised professional body such as ACCA, ICAEW, or AAT. These qualifications guarantee a high standard of expertise and ethical practice. Additionally, seek someone with specific experience in the dental sector, as they will understand the unique financial challenges and opportunities that dental practices face.
Can an accountant help me with VAT on dental services?
Yes, a specialist accountant can provide crucial VAT advice. Dental services are generally exempt from VAT, but certain treatments, such as cosmetic procedures, may be taxable. An accountant will help you determine the correct VAT treatment for your services, manage partial exemption calculations, and ensure your VAT returns are accurate and submitted on time to HMRC.
How often should I meet with my accountant?
It is advisable to meet with your accountant at least twice a year, but more frequent contact may be beneficial during periods of change, such as practice acquisition or expansion. Regular meetings help with proactive tax planning, cash flow forecasting, and ensuring you are taking advantage of all available tax reliefs. Your accountant can also provide advice throughout the year via phone or email.
What is the difference between a sole trader and a limited company for a dental practice?
A sole trader is personally liable for business debts and pays tax through Self Assessment, whilst a limited company is a separate legal entity, offering limited liability and potentially more tax-efficient profit extraction. An accountant can model both scenarios, considering factors like income levels, practice growth, and retirement plans, to recommend the best structure for your circumstances.
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