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 should I look for when choosing an accountant for my dental practice in Pean Hill?
When selecting an accountant for your dental practice, look for someone with experience in the dental sector, as they will understand the specific financial challenges you face. Check their qualifications, such as ACCA, ICAEW, or AAT membership, and ensure they are registered with a professional body. It is also wise to ask about their experience with HMRC and how they handle tax planning for dentists.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and file your Self Assessment tax return accurately and on time, ensuring you claim all allowable expenses and reliefs. They will analyse your income from NHS and private work, deduct legitimate business costs, and calculate your tax liability correctly. This reduces the risk of HMRC penalties and helps you plan for any tax due.
What are the benefits of using an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and adhere to strict ethical and professional standards. They are required to maintain their knowledge through continuing professional development, ensuring they are up to date with the latest tax laws and regulations. This provides you with confidence that your financial affairs are in capable hands.
Can an accountant help me with VAT for my dental practice?
Yes, an accountant can advise on VAT registration, whether it is compulsory or voluntary for your practice. They will help you understand which dental services are exempt and which are subject to VAT, ensuring you charge the correct amount. They can also manage your VAT returns and ensure you claim input tax on eligible purchases.
How does Corporation Tax apply to my dental practice?
If your dental practice is structured as a limited company, you will be subject to Corporation Tax on your profits. An accountant will calculate your taxable profit, apply the appropriate reliefs and allowances, and prepare your Corporation Tax return. They will also advise on salary and dividend extraction to minimise your overall tax burden.
What records do I need to keep for my accountant?
You should keep records of all income and expenses, including invoices, receipts, bank statements, and payroll records. For dental practices, this includes details of private and NHS income, equipment purchases, and staff costs. Your accountant will use these records to prepare accurate accounts and tax returns, so it is important to keep them organised throughout the year.
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