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 are familiar with the unique tax obligations of dental practices, including the treatment of practice goodwill, associate payments, and equipment allowances. They help with Self Assessment tax returns, Corporation Tax for limited companies, and VAT planning. They also advise on income splitting between partners and ensure that all expenses are correctly claimed, reducing your overall tax liability.
How can an ACCA or ICAEW accountant benefit my dental practice?
ACCA and ICAEW qualified accountants have undergone rigorous training and adhere to strict professional standards. They bring a depth of knowledge in tax law, financial reporting, and business strategy. For your dental practice, this means accurate accounts, proactive tax planning, and reliable advice on practice growth. Their expertise helps you avoid costly errors and ensures compliance with HMRC requirements.
What should I look for when choosing an accountant for my dental practice?
Look for an accountant who has experience working with dental professionals and understands the specific financial challenges of the sector. Check their qualifications, such as ACCA, ICAEW, or AAT membership, and ask about their experience with HMRC enquiries. It is also important to consider their communication style and whether they offer proactive advice on tax planning and practice profitability.
How often should I meet with my dental accountant?
Most dental practices benefit from meeting their accountant at least twice a year, once for tax planning and once for reviewing annual accounts. However, more frequent meetings may be useful if you are making significant changes, such as buying a practice or taking on associates. Regular contact ensures that your financial strategy remains aligned with your practice goals and any changes in tax legislation.
Can an accountant help me with VAT for my dental practice?
Yes, many dental accountants specialise in VAT for dental practices, including dealing with partial exemption and capital expenditure. They can advise on whether you should be VAT-registered, help you complete VAT returns, and ensure that you claim all eligible input tax. Their expertise helps you manage cash flow and avoid penalties for late or incorrect submissions.
What records should I keep for my dental accountant?
You should keep records of all income and expenses, including patient fees, associate payments, equipment purchases, and practice overheads. Also retain receipts for any business-related purchases, bank statements, and records of any private use of practice assets. Your accountant will need these to prepare accurate accounts and tax returns, so it is essential to maintain organised and up-to-date records.
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