
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 issues do accountants for dentists handle?
Accountants for dentists specialise in tax issues unique to the profession, such as the taxation of associate income, practice goodwill, and capital allowances on dental equipment. They also manage VAT on certain dental services, Corporation Tax for limited companies, and Self Assessment for sole traders. Their expertise ensures you claim all legitimate deductions and remain compliant with HMRC regulations.
How can an ACCA or ICAEW qualified accountant benefit my dental practice?
An ACCA or ICAEW qualified accountant brings rigorous training and ethical standards to your practice. They are regulated, meaning they must adhere to strict professional guidelines and keep their knowledge up to date. This ensures accurate financial reporting, strategic tax planning, and reliable advice on practice growth, giving you confidence in your financial decisions.
What should I look for when choosing an accountant for my dental surgery?
When selecting an accountant, look for experience with dental practices, relevant qualifications such as ACCA, ICAEW, or AAT, and a proactive approach to tax planning. Check that they offer services like payroll, VAT returns, and year-end accounts. Also, consider their communication style and whether they provide regular financial reviews to help your practice thrive.
Are accountants for dentists familiar with HMRC digital tax reporting requirements?
Yes, professional accountants for dentists are well-versed in HMRC's Making Tax Digital initiative, which requires digital record-keeping and quarterly updates for VAT and income tax. They can set up compatible software, train your staff, and ensure all submissions meet HMRC standards. This reduces the risk of errors and penalties, keeping your practice compliant.
Can an accountant help me structure my dental practice to minimise tax legally?
Absolutely. An experienced accountant can advise on the best business structure, whether as a sole trader, partnership, or limited company, based on your income and long-term goals. They can recommend profit extraction strategies, pension contributions, and expense planning to legally reduce your tax liability. This proactive approach helps you retain more of your earnings.
How often should I meet with my dental accountant for financial planning?
It is advisable to meet with your dental accountant at least twice a year, once for tax planning and once for a financial review. However, more frequent meetings may be beneficial during periods of change, such as practice acquisition or expansion. Regular communication ensures you stay on top of cash flow, tax deadlines, and investment opportunities.
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