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 typically handle?
Accountants for dentists typically handle complex areas such as the taxation of associate income versus practice owners, claiming capital allowances on expensive dental equipment, and managing the VAT implications of mixed NHS and private work. They also specialise in navigating HMRC enquiries and ensuring that all income streams are correctly reported on your Self Assessment tax return, whilst identifying legitimate expense deductions unique to the dental profession.
Why is it important to choose an accountant with ACCA or ICAEW accreditation?
Choosing an accountant with ACCA or ICAEW accreditation provides assurance of a high professional standard and up-to-date technical knowledge. These bodies require members to undertake continuous professional development and adhere to strict ethical codes. This ensures that the advice you receive on Corporation Tax, VAT, and payroll is accurate and compliant, reducing the risk of errors that could lead to HMRC penalties or financial mismanagement within your dental practice.
How can an accountant help with my dental practice's VAT obligations?
An accountant can help you decide whether to register for VAT voluntarily and advise on the best scheme, such as the flat rate scheme, if applicable. They will ensure your records are accurate for VAT purposes, correctly separating taxable and exempt supplies. Furthermore, they can manage your VAT returns and provide guidance on reclaiming input tax on practice purchases, ensuring you fulfil your obligations to HMRC efficiently and without overpaying.
What is the difference between an accountant and a bookkeeper for a dental practice?
A bookkeeper typically handles the day-to-day recording of financial transactions, such as logging sales and purchases and reconciling bank statements. An accountant, however, provides higher-level strategic advice, prepares statutory accounts, and handles tax planning and compliance with HMRC. While a bookkeeper may prepare the raw data, an accountant analyses that data to help you make informed business decisions, complete your Corporation Tax return, and optimise your tax position.
Can an accountant assist with financial planning for buying or selling a dental practice?
Yes, accountants are crucial during the purchase or sale of a dental practice. They can conduct financial due diligence on the target practice, analyse its profitability and cash flow, and advise on the tax-efficient structure of the deal. When selling, they can help structure the transaction to minimise Capital Gains Tax liabilities and ensure all legal and financial requirements are met, protecting your financial interests throughout the process.
How often should I meet with my dental accountant for a financial review?
It is advisable to meet with your dental accountant at least twice a year for a formal financial review, although many practices benefit from quarterly meetings. These sessions should analyse your practice's performance against budget, discuss cash flow forecasts, and address any upcoming tax deadlines. Regular contact ensures that you are not surprised by tax bills and allows for proactive planning on investments, equipment purchases, and changes in HMRC legislation.
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