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 specialist accountant identify for my dental practice?
A specialist accountant will identify reliefs such as capital allowances for dental chairs, x-ray machines, and other essential equipment. They also ensure you claim for professional indemnity insurance and course fees. Properly managing these deductions reduces your taxable profit, and they will ensure you claim everything you are entitled to on your Self Assessment tax return.
How can an ACCA or ICAEW accountant help with my practice's VAT obligations?
An ACCA or ICAEW qualified accountant ensures your practice is correctly VAT-registered if your taxable turnover exceeds the threshold. They will manage your VAT returns, advise on the Flat Rate Scheme if suitable, and ensure you correctly separate exempt and taxable supplies. Their expertise minimises errors and ensures full compliance with HMRC regulations.
Why is it beneficial to choose an accountant who specialises in the dental sector?
Dental accountants understand the specific financial structure of practices, including the mix of NHS and private income. They are familiar with associate agreements, practice valuations, and the tax treatment of goodwill. This sector-specific knowledge allows them to offer tailored advice that a general practitioner might miss, ensuring your financial planning is both effective and compliant.
What should I look for when browsing local firms for a dentist accountant?
When browsing local firms, look for recognised qualifications from bodies such as AAT, ACCA, or ICAEW. Check their experience with dental practices and ask about their fee structure. It is also wise to consider whether they offer proactive advice on Corporation Tax and business planning. A good firm will provide a clear initial consultation to discuss your needs.
How does a professional manage my Corporation Tax and Self Assessment efficiently?
They will prepare your annual accounts and calculate your Corporation Tax liability accurately, ensuring you meet all filing deadlines. For your personal Self Assessment, they will include your practice income, dividends, and other earnings. They use specialist software to submit returns electronically to HMRC and will advise on payment on account to help you manage your cash flow.
Can a specialist accountant assist with financial planning for a new dental practice?
Yes, they can assist with creating a comprehensive business plan, projecting cash flow, and advising on the best legal structure for your new venture. They will help you register with HMRC and set up appropriate accounting systems from day one. This foundational support is crucial for ensuring your new practice is financially sound and compliant from the outset.
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