
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 reliefs can a dental accountant help me claim?
A specialist dental accountant can help you claim capital allowances on equipment like dental chairs and X-ray machines, as well as research and development tax credits for innovative treatments. They also ensure you claim all allowable expenses, such as professional indemnity insurance, laboratory fees, and continuing education costs, which reduces your overall tax bill.
How often should I meet with my accountant for my dental practice?
It is advisable to meet with your accountant at least twice a year, but many dental practices benefit from quarterly reviews. These meetings help you plan for tax payments, review cash flow, and discuss any changes in your practice structure. Regular contact ensures you are always prepared for HMRC deadlines and can make informed financial decisions throughout the year.
What is the difference between an ACCA and ICAEW qualified accountant?
Both ACCA and ICAEW are prestigious professional bodies, but they have different focuses. ACCA accountants often have a broader international perspective, whilst ICAEW accountants are known for their strong business and finance expertise. Both qualifications require rigorous exams and ongoing professional development, so you can trust either type of accountant to provide high-quality advice for your dental practice.
Can an accountant help me with VAT returns for my dental practice?
Yes, a specialist dental accountant can assist you with VAT returns, ensuring you correctly account for VAT on private treatments and dental products. They will help you decide whether to use the Flat Rate Scheme or standard VAT accounting, and they will ensure you claim any input VAT on business purchases, saving you money and keeping you compliant with HMRC.
How do I know if my accountant is regulated by a professional body?
You can check your accountant's credentials by asking for their membership number and verifying it on the official website of the relevant body, such as ACCA, ICAEW, or AAT. All regulated accountants must adhere to strict ethical and professional standards, and they are required to hold professional indemnity insurance. AccountingFirms only lists accountants who are fully regulated, giving you extra peace of mind.
What should I look for when choosing an accountant for my dental practice?
Look for an accountant who has experience working with dental practices, as they will understand the unique financial challenges you face. Check their qualifications, read client testimonials, and ask about their fee structure. It is also important to find someone who is approachable and proactive, so they can offer strategic advice beyond just preparing your tax return.
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