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 typically manage Self Assessment tax returns for associates and principals, handle Corporation Tax for limited company practices, and advise on VAT rules specific to dental services. They also assist with practice purchase structures, equipment finance, and claiming allowable expenses such as professional indemnity insurance and continuing education costs, ensuring full compliance with HMRC requirements.
How do I know if an accountant is properly qualified?
Look for memberships with recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications require rigorous examinations, ongoing professional development, and adherence to strict ethical guidelines. You can verify an accountant's status directly on the respective body's website or through the AccountingFirms directory, which only lists verified and regulated professionals.
Can an accountant help with HMRC investigations into my dental practice?
Yes, an experienced dental accountant can provide invaluable support during an HMRC investigation. They will handle all correspondence with HMRC, prepare the necessary documentation, and ensure your records are presented accurately. Their knowledge of dental practice finances helps them identify any potential issues early and negotiate effectively on your behalf to achieve a fair resolution.
What is the difference between an associate and a practice owner in tax terms?
Associates are typically self-employed and responsible for their own tax through Self Assessment, whilst practice owners may operate through a limited company, subject to Corporation Tax and PAYE. An accountant will advise on the most efficient structure for your situation, considering factors like income levels, expenses, and long-term goals, ensuring you meet all filing deadlines and obligations.
How often should I meet with my dental accountant?
Most dental practices benefit from at least quarterly meetings to review cash flow, tax planning, and practice performance. However, the frequency depends on your specific circumstances, such as whether you are purchasing a practice, expanding, or undergoing an HMRC review. Your accountant should be accessible for ad hoc advice and provide a clear calendar of filing deadlines.
Are VAT services included in standard accounting packages for dentists?
Many specialist dental accountants include VAT advice and return preparation within their standard service packages, given that dental services are generally exempt but certain supplies may be taxable. However, this is not universal, so you should confirm the scope of services before engaging a firm. The directory allows you to compare what different providers include in their fees.
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