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 offer?
Accountants for dentists typically provide a full range of services including Self Assessment tax return preparation, VAT management, Corporation Tax planning, payroll, bookkeeping, and practice valuation. They also offer strategic advice on practice purchases, partnerships, and retirement planning, ensuring your dental business runs efficiently and remains compliant with HMRC regulations.
How can an accountant help with my dental practice's VAT?
Dental services are often exempt from VAT, but there are exceptions such as cosmetic treatments. A specialist accountant can advise on whether you should be VAT-registered, help you complete VAT returns accurately, and ensure you claim any allowable input tax. They will also guide you on partial exemption calculations if your practice mixes exempt and taxable supplies.
Why should I choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and adhere to strict professional standards. They are regulated by recognised bodies, ensuring they possess up-to-date knowledge of tax laws and accounting practices. Choosing such a professional guarantees high-quality advice, ethical conduct, and accountability, giving you confidence in your financial management.
What is the difference between an accountant and a tax return filing service?
A tax return filing service simply submits your Self Assessment to HMRC, whereas a qualified accountant provides comprehensive financial advice, including tax planning, bookkeeping, and strategic guidance. An accountant analyses your practice's financial health, identifies savings opportunities, and helps with long-term planning, offering far more value than a basic filing service.
How often should I meet with my dental accountant?
It is advisable to meet with your accountant at least quarterly to review your practice's financial performance, discuss cash flow, and plan for upcoming tax payments. More frequent meetings may be beneficial during periods of significant change, such as practice acquisition or expansion. Regular communication ensures that you remain proactive about your finances and avoid any surprises at year-end.
Can an accountant help me with HMRC investigations or audits?
Yes, a specialist accountant can represent you during an HMRC investigation, helping to gather necessary documents, prepare responses, and negotiate on your behalf. They understand the investigation process and can ensure that your rights are protected. Having professional support reduces stress and increases the likelihood of a favourable outcome, especially if there are complex issues.
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