Specialist Dental Accounting and Tax

Tax and Accounting Services for Dentists

Whether you are an associate, sole trader, partner or practice through an established company in each case there will be tax and accounting strategies that could help you spend more time with your patients, mitigate the taxes you pay and retain more of your fee income.

Your requirements will also depend on where you are in the practice cycle, for example, just starting out, thinking about transferring your practice to a company to save tax or preparing to sell.

To reduce your tax bills you will need a strategy that is compatible with your practice objectives and this might include any number of the following tax opportunities:

• Income splitting to use your spouse or civil partner’s basic rate tax band and/or their personal income tax allowance.
• Fragmenting gains to double the available capital gains tax exemption.
• Industry standards for the accounting policies followed to prepare these statutory accounts.
• Incorporation to avoid higher rate income tax or wash surplus income so it is taxed at lower capital tax rates.
• Tax efficient remuneration, pension and investment planning.
• Avoiding the 50% income tax rate.
• Property ownership planning.
• Estate planning to mitigate your family’s exposure to inheritance tax.
• Maximising tax deductions and capital allowances on practice expenditure.
• Tax planning associated with practice succession, partnership changes, buying or selling a practice.
• Personal financial planning- our associates give specialist independent advice to dentists.

Within every tax strategy there will be a number of choices available but whatever you decide it must meet your needs and not expose you to unnecessary tax risks.

The keystone to business and tax planning is assessing your current position and forecasting the future practice performance. This may be achieved through good management and accounting information. Accordingly, our accounting services are comprehensive:

• Accounting and bookkeeping
• Preparation of monthly or quarterly management accounts
• Practice profitability advice
• Financial budgeting and planning
• Accounting software guidance including installation, set up and training on Sage
• Assistance with obtaining or restructuring finance
• Valuing your practice

For every practice there is always the inherent business risk of a tax enquiry or investigation by HMRC but we can help with that too having first hand experience of such matters in a numbers of cases involving dental practitioners at all levels, whether that involves local tax office compliance enquiries or a civil tax investigation by H M Revenue & Customs.

Not only do we have the tax investigation experience to protect you if you are involved in a tax enquiry we can also actively manage the risks of a tax enquiry before it happens and provide tax compliance services to make sure your tax affairs are up to date, these services include:

• Reviewing your systems and recommending improvements
• Assessing the tax status risk of self employed workers in your practice.
• Providing a payroll service
• Preparation of self assessment, partnership and corporation tax returns

So whether you are self employed, in partnership, an LLP or a Company we have all the tax and accounting services to meet the individual needs of your practice. We would more than welcome the opportunity to meet without obligation and discuss how we can help you make the right decisions to improve practice profitability, maximise and protect your personal wealth.