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
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MARLIS BOOKKEEPING & ACCOUNTANCY
The team comprises of Marion and Lisa, a mother and daughter combination, who offe...
Frequently asked questions
What specific tax issues do accountants for dentists handle?
Accountants for dentists are trained to manage tax issues unique to dental practices, including the tax treatment of practice goodwill, the taxation of associate income, and the correct reporting of dental plan fees. They also assist with capital allowances on dental equipment and property, ensuring you claim all available reliefs. Additionally, they help with VAT on mixed supplies and advise on the most tax-efficient structure for your practice.
How can an ACCA or ICAEW accountant help with HMRC investigations?
If HMRC opens an investigation into your practice, an ACCA or ICAEW accountant can represent you and manage all correspondence. They will prepare the necessary documentation, explain your position, and negotiate with HMRC on your behalf. Their professional expertise ensures that your rights are protected and that you do not pay more tax than is legally required. This support is invaluable for reducing stress and achieving a fair outcome.
Why is it important to choose a specialist accountant for my dental practice?
Dental practices have specific financial and regulatory requirements that general accountants may not fully understand. A specialist accountant is familiar with the NHS and private fee structures, the tax treatment of associates and locums, and the complexities of practice purchase and sale. They can provide proactive advice on profitability, cash flow, and future planning, ensuring your practice operates efficiently and remains compliant with all relevant regulations.
What should I look for when comparing accountants for dentists?
When comparing accountants, check their qualifications and whether they are members of a recognised body such as ACCA, ICAEW, or AAT. Look for experience specifically with dental practices, and ask for references from other dental clients. Consider the range of services they offer, including tax planning, payroll, and VAT advice. Also, review their fees and communication style to ensure they are a good fit for your practice.
How can an accountant help with my Self Assessment tax return?
An accountant can prepare and submit your Self Assessment tax return accurately and on time, ensuring that you claim all allowable expenses and reliefs. They will review your income from the practice, including earnings from NHS contracts, private patients, and any other sources. By analysing your financial records, they can identify deductions you may have missed and help you plan for future tax payments, avoiding any penalties from HMRC.
What are the benefits of using a VAT-registered accountant for my dental practice?
A VAT-registered accountant has in-depth knowledge of VAT rules that apply to dental practices, including the exemption for most dental services and the option to tax for certain supplies. They can help you decide whether to register for VAT voluntarily, manage partial exemption calculations, and ensure your VAT returns are correct. This expertise can save you money and prevent costly errors, whilst keeping you compliant with HMRC regulations.
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