
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 are skilled in managing the unique tax issues of the dental profession, including income from NHS and private work, practice expenses, and capital allowances on equipment. They also assist with Self Assessment tax returns, VAT planning, and Corporation Tax for limited companies. Their expertise ensures you claim all allowable deductions and remain compliant with HMRC regulations.
How can an accountant help with my dental practice's VAT?
An accountant can help you decide whether to register for VAT voluntarily, manage your VAT returns, and ensure you are using the correct scheme, such as the flat rate scheme if applicable. They will also advise on VAT recovery for purchases, including equipment and refurbishments, helping you to minimise your VAT liability and maintain accurate records for HMRC inspections.
What qualifications should I look for in a dental accountant?
Look for an accountant who is a member of a recognised professional body such as ACCA, ICAEW, or AAT. These qualifications guarantee a high level of training, ethical standards, and continuing professional development. Additionally, check that the accountant has specific experience with dental practices, as this ensures they understand the financial complexities of the profession.
Why is it important to have an accountant who understands the dental sector?
The dental sector has unique financial structures, including associate agreements, practice purchase valuations, and mixed NHS/private income. An accountant who understands these nuances can provide tailored advice on profit sharing, tax-efficient drawings, and business structuring. This specialised knowledge helps you maximise profitability and avoid costly mistakes that a general accountant might miss.
How often should I meet with my accountant?
It is advisable to meet with your accountant at least quarterly to review your financial performance, discuss tax planning opportunities, and ensure your records are up to date. More frequent meetings may be beneficial during periods of significant change, such as buying a practice or taking on associates. Regular communication helps you stay ahead of tax deadlines and make informed business decisions.
Can an accountant help me with HMRC investigations?
Yes, an experienced accountant can provide invaluable support during an HMRC investigation. They will handle all correspondence with HMRC on your behalf, prepare the necessary documentation, and ensure your tax returns are accurate and compliant. Having a professional who understands the investigation process can reduce stress and help resolve the matter efficiently, protecting your financial interests.
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