
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 handle a range of tax issues including Self Assessment tax returns for associates and principals, Corporation Tax for limited companies, VAT on dental services, and capital allowances on equipment and property. They also advise on the tax treatment of practice goodwill and profit extraction strategies, ensuring full compliance with HMRC requirements.
How can an ACCA or ICAEW accountant benefit my dental practice?
An ACCA or ICAEW qualified accountant brings rigorous training and ethical standards, ensuring your practice's finances are managed accurately. They stay updated on tax legislation and provide strategic advice on reducing tax liabilities, improving cash flow, and planning for growth. Their expertise helps you avoid costly errors and penalties, giving you peace of mind.
Why is it important to choose an accountant who specialises in dentistry?
Dentists have unique financial circumstances, including mixed income from NHS and private work, associate agreements, and practice ownership. A specialist accountant understands these complexities and can offer tailored advice on expense claims, VAT, and profit allocation. This ensures you maximise your income legally and avoid common pitfalls, making your practice more efficient.
What should I look for when comparing accountants for my dental practice?
When comparing accountants, look for recognised qualifications such as ACCA, ICAEW, or AAT, and experience with dental practices. Check their familiarity with HMRC regulations, their approach to tax planning, and whether they offer proactive advice. Reading client testimonials and comparing fee structures will also help you choose a professional who fits your needs.
How often should I meet with my accountant to review my practice finances?
It is advisable to meet with your accountant at least quarterly to review your practice's financial performance, tax position, and cash flow. Regular meetings allow for proactive tax planning, timely adjustments to your tax returns, and early identification of any issues. This ensures you remain compliant with HMRC and can make informed business decisions throughout the year.
Can an accountant help me with VAT on my dental services?
Yes, an accountant can help you determine your VAT status, as many dental services are exempt, but certain supplies like cosmetic treatments may be taxable. They will guide you on VAT registration, completing VAT returns, and claiming input tax on eligible purchases. This ensures you comply with HMRC regulations and avoid overpaying or underpaying VAT.
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