Accountants for Dentists

Our accountants for dentists will like to have a productive relationship with clients. For this purpose, it is actually useful if you choose accountants for dentists who can provide a wide range of services. The services that you may require include:
Dental practice payroll solutions, Dental industry compliance advice, business and personal tax returns, assistance with NHS tenders, assisting in raising investment, budgeting advice and preparation

Businesses do not claim enough R&D tax credits. Too many business owners are unaware that they may qualify. Too many accountants miss opportunities due to a lack of understanding of their client’s businesses. By gaining better experience, an accountant can identify potential R&D tax credit claims. If you’d like to speak with an accountant who will take the time to get to know you and your business and work collaboratively with you to achieve better results, please contact us.

Buying or selling a dental practice can have significant tax implications. The purchase of a dental practice could potentially qualify for capital allowances, reducing the buyer’s taxable profits. The sale of a dental practice is likely to result in a capital gains tax liability for the seller, although reliefs may be available. It’s important to seek specialist tax advice when undertaking such transactions.

Dental practice merger and acquisition decisions can be very challenging and complicated. It might appear like a bargain but in the absence of an adequate appraisal of the proposal, you may possibly get into problems, therefore it is important you receive professional advice in this area. To assist you make the correct decision, our knowledgeable team of accountants for dentists can help you examine each possibility.

Capital expenditures, such as the purchase of dental equipment and upgrades to your surgery, are generally eligible for tax relief in the form of capital allowances. These allow you to deduct a portion of the cost of the asset from your taxable profits, reducing your tax liability. It’s important to note that the rules for capital allowances can be complex, and professional advice should be sought.

Associate dentists in the UK are usually self-employed for tax purposes. This means they must register for Self Assessment, complete a tax return each year, and pay Income Tax and National Insurance contributions on their profits. They can also deduct allowable business expenses from their income. It’s important for associate dentists to keep good records of their income and expenses for tax purposes.

If you employ a dental hygienist or therapist in your practice, you need to operate PAYE (Pay As You Earn) on their wages. This involves deducting Income Tax and National Insurance contributions from their pay and remitting these to HMRC. You must also provide a P60 at the end of the tax year and a P45 if they leave.

The tax system works similarly for NHS, private, and mixed dental practices. The key difference is in relation to VAT. Most NHS dental treatments are exempt from VAT, whereas some private dental treatments might be taxable. A mixed practice might therefore have both exempt and taxable supplies, and the VAT rules for such practices can be complex.

IR35, also known as off-payroll working rules, can apply if a dentist works for a dental practice through an intermediary, such as a personal service company. If the dentist would be considered an employee if the intermediary were not used, IR35 rules can apply, meaning the dental practice may need to deduct Income Tax and National Insurance contributions from payments to the intermediary.