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 for associates, Corporation Tax for limited companies, VAT on dental services, and capital gains tax on practice sales. They also advise on allowable expenses such as lab fees, equipment, and professional indemnity insurance, ensuring you claim every deduction you are entitled to whilst staying compliant with HMRC.
How can a specialist accountant help with my dental practice's VAT?
Dental services are generally VAT-exempt, but there are exceptions such as cosmetic treatments that may be taxable. A specialist accountant can analyse your income streams to ensure you correctly account for VAT, claim input tax on relevant purchases, and manage partial exemption calculations. This prevents costly errors and helps you plan for any VAT liabilities.
What qualifications should I look for in an accountant for my dental practice?
Look for an accountant who is a member of a recognised professional body such as ACCA, ICAEW, or AAT. These qualifications ensure the accountant has undergone rigorous training and adheres to strict ethical and professional standards. Additionally, experience with dental practices is crucial, as it means they understand the unique financial and regulatory environment of the dental sector.
Can an accountant help me with the financial side of buying or selling a dental practice?
Yes, an accountant with dental expertise can provide invaluable support during practice acquisitions or disposals. They can assist with practice valuation, tax structuring of the sale, due diligence, and negotiating the allocation of purchase price between goodwill and assets. This helps you minimise tax liabilities and ensure the transaction is financially sound.
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, cash flow, and tax planning opportunities. More frequent meetings may be beneficial during periods of significant change, such as expansion or changes in staffing. Regular contact ensures that you remain on top of your tax obligations and can make informed decisions throughout the year.
What records do I need to keep for my accountant to prepare my tax return?
You should keep detailed records of all income and expenses, including invoices, receipts, bank statements, and payroll records. For associates, this includes records of fees received and expenses incurred. For practice owners, you should also retain records of equipment purchases, vehicle expenses, and any personal drawings. Your accountant can provide a comprehensive checklist to ensure you have everything needed for an accurate tax return.
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