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
TaxKings Tax Made Simple
TaxKings work with owner managed businesses all over the UK. With off...
Breco Accounting Services
Client centered accountant concentrating on helping small businesses and individuals. Friendly Service, Competitive rates. Payroll Services, Vat Retur...See More
IDEO BUSINESS SERVICES LTD
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Stewart Accounting Services
Stewart Accounting Services, Chartered Accountants, is a CA firm with its main office in Alloa, Clackmannanshire. We also have offices in Falkirk and ...See More
Agility Bookkeeping
Agility Bookkeeping is a Xero online bookkeeping firm based in the UK having three offices in Glasgow, Stirling, and Edinburgh. Whether you are a new ...See More
CloudBook Accountants Ltd
Since we were established in 2013, we have done everything online - from getting a quote to signing off your accounts. It's easier and quicker, so it ...See More
TI Accountancy Limtied
TI Accountancy was established in 2002 by its owner Tracy Irwin, who grew the company organically through her hard work and determination to the Emplo...See More
Tax Returns - London
At Cheap Tax Returns, we love to give a personalized touch to the service we provide. As an accountancy firm, we understand small business owners and ...See More
LFR Accounting
Accountancy and taxation services
NIXON WILLIAMS LIMITED
Nixon Williams has been providing specialist accountancy services to contractors, freelancers, consultants and interim professionals throughout the UK...See More
Sabre Accountants
Sabre Accountants have built up a fantastic reputation as a trustworthy, affordable & reliable accountancy service. We provide accountancy services a...See More
LLOYDS ACCOUNTANTS LTD
We offer accounts, taxation and business advisory and support services to a wide range of businesses and individuals, nationwide. We continue to build...See More
Pepperhill Associates
Xero Certified Adviser - Remote service taking care of all your bookkeeping needs. Providing a professional, confidential, flexible and reliable bookk...See More
Holden Associates
Holden Associates are a family run business founded in 2002, we are located at V12, Merlin Park, a modern purpose-built office in Burscough, Lancashir...See More
GE ACCOUNTANCY LTD
Specialist Motor Trade Accountant with over 20 years. Accountancy & Book Keeping Services offered including VAT Preparation & Submission, Self Assessm...See More
C & B Accounting Solutions Ltd
All aspects of bookkeeping, payroll & accounting undertaken
Holdsworth Accountancy
We are a team of experienced, qualified accountants and bookkeepers providing professional services to individuals and businesses within Bradford and ...See More
MJF ACCOUNTANCY LIMITED
Frequently asked questions
What specific tax issues do dentists face that a specialist accountant can help with?
Dentists often deal with complex income structures, including associate fees, practice profits, and rental income from surgery premises. Specialist accountants can assist with HMRC compliance, ensuring accurate Self Assessment tax returns and proper treatment of expenses. They also advise on VAT implications for dental services, which are generally exempt but can become taxable for certain procedures. Additionally, they help with capital allowances on dental equipment and property, and structure pension contributions to reduce tax liabilities. By engaging a specialist, you gain tailored advice that addresses the unique financial landscape of dentistry.
How can I verify that an accountant is qualified and regulated?
Qualified accountants typically hold memberships with professional bodies such as ACCA, ICAEW, or AAT. You can verify their credentials by checking the registers on these organisations' websites. On AccountingFirms, every listed firm has been vetted to ensure they meet professional standards. Look for designations like FCA, ACA, or ACCA after their names, which indicate recognised qualifications. Additionally, you can ask for their practising certificate number and confirm it with the relevant body. This verification process ensures you are working with a regulated professional who adheres to ethical guidelines and continuing professional development requirements.
What is the difference between Self Assessment and Corporation Tax for a dental practice?
Self Assessment applies to sole traders and partnerships, where the business owner reports income and pays tax on profits through their personal tax return. Corporation Tax, on the other hand, is paid by limited companies on their taxable profits. If your dental practice operates as a limited company, you will need to file a Corporation Tax return with HMRC, even if you are also a director. A specialist accountant can help you decide which structure is most tax-efficient for your practice and ensure you meet all filing deadlines, avoiding penalties. They will also advise on salary versus dividend extraction to optimise your overall tax position.
Are there specific VAT rules that apply to dental practices?
Yes, dental services are generally exempt from VAT under UK law, which means you cannot charge VAT on most treatments. However, certain procedures, such as cosmetic treatments, are subject to VAT at the standard rate. This creates a mixed supply scenario that requires careful record-keeping and partial exemption calculations. A specialist accountant can help you navigate these complex rules, ensuring you correctly account for VAT on all supplies. They can also advise on whether to voluntarily register for VAT, which may allow you to reclaim input tax on practice expenses, and help you complete your VAT returns accurately to HMRC.
How can an accountant help with the purchase or sale of a dental practice?
When buying or selling a dental practice, an accountant can provide invaluable support. They can conduct financial due diligence, analysing the practice's accounts, tax records, and cash flow to ensure the price is fair. They can also structure the transaction to minimise capital gains tax and other liabilities, whether through share sales or asset sales. Additionally, they can advise on goodwill valuation, which is often the largest asset in a dental practice. By working with a specialist accountant, you can negotiate with confidence and ensure the deal is financially sound, while also planning for the tax implications of the sale.
What should I look for when comparing accountants on AccountingFirms?
When comparing accountants on AccountingFirms, consider their experience with dental clients, professional qualifications, and the range of services they offer. Look for firms that explicitly mention dental specialism, as they will understand the unique challenges of your profession. Check their client reviews and testimonials to gauge satisfaction and reliability. Also, consider their fee structure – whether they charge a fixed monthly fee or an hourly rate – and ensure it fits your budget. Finally, assess their communication style and availability, as you want a proactive advisor who responds promptly to your queries and provides regular financial updates.
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