
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 specialise in the unique tax affairs of dental practices. They manage the correct classification of associates versus employees, which is a common area of HMRC scrutiny. They also handle capital allowances for expensive dental equipment, ensure accurate VAT treatment for private and NHS work, and prepare your annual Self Assessment tax return to minimise your liabilities legally.
Why is it important to choose an ACCA or ICAEW qualified accountant?
Choosing an accountant who is certified by a recognised body like ACCA or ICAEW provides assurance of their professional competence and ethical standards. These qualifications require rigorous training and ongoing continuing professional development. This ensures that the advice you receive is current, accurate, and compliant with the latest financial regulations, protecting your practice from potential penalties.
How can an accountant help with my dental practice's cash flow?
A specialist accountant will analyse your practice's income and expenditure to identify trends and potential bottlenecks. They can help you implement effective bookkeeping systems, manage your payment schedules for suppliers, and plan for significant tax payments. By providing regular financial reports and forecasts, they enable you to make informed decisions that maintain a healthy and predictable cash flow.
What is the difference between an associate and a self-employed contractor for tax purposes?
The distinction between an associate and a self-employed contractor is critical for tax purposes. An incorrect classification can lead to significant HMRC penalties for unpaid National Insurance and tax. An accountant will review your working practices, contracts, and level of control to determine the correct status. They will ensure your practice is structured correctly to avoid costly legal disputes and retrospective tax bills.
Can you assist with VAT planning for a mixed NHS and private practice?
Yes, VAT planning is a core service for dental accountants. Most NHS dental services are exempt from VAT, whilst many private treatments are also exempt, but some items like certain laboratory fees may incur VAT. An accountant will help you manage your partial exemption calculations, ensure you are not over-claiming input tax, and structure your pricing to remain competitive whilst staying fully compliant with HMRC rules.
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 performance and tax position. These regular meetings allow for proactive tax planning rather than reactive compliance. Your accountant can provide up-to-date management accounts, discuss potential investments or acquisitions, and adjust your tax payment on account if your profits have changed, helping you avoid overpaying or underpaying HMRC.
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