Dental Practices
Dental Practices
As a specialist firm of medical accountants we can benefit clients who are Dentists:
- We are experienced at working with Dentists (principals and associates) and can help you with business decisions which will directly affect your income. As taxation specialists we can help keep your personal and practice tax bills to a minimum.
- We can advise you on the best way top structure your practice, whether as a sole trader, partnership or LLP
- We can advise you on what business expenses you can claim and as a result reduce your tax bill
- We can advise you on pension planning and superannuation.
Our Strengths
- We are experienced. We would not expect to come across a problem which we have not seen several times before. This enables us to deal with your problems effectively and quickly.
- We are specialists. We understand your business sector. We can help you with business decisions which will directly affect partner’s income.
- We give a personal service. We are on call 24/7.
- We are taxation specialists. This will help keep your personal and practice tax bills to a minimum.
- We are open and transparent about our costs. Costs are agreed in advance and are fixed.
- We must be doing something right as we have never lost a dental practice as a client and we continue to grow.
Annual Services
- Preparing Tax Returns
- Agreeing tax refunds with HMRC
- Submitting expense claims for professional fees and subscriptions
- Unlimited telephone support
Our charges are important to clients and we therefore quote a competitive fixed fee for our recurrent services.
Adhoc Services
- Buy to Let tax advice
- Capital Gains Tax advice
- Inheritance Tax planning
- Residence
Fees for adhoc services would be agreed prior to the work being carried out.
Allowable Expenses
The tax rules governing personal expenses for salaried doctors are strict and are by no means as generous as the expense rules enjoyed by self employed consultants and GP principals. The rules state that an expense must be incurred ‘wholly, necessarily and exclusively’ in the performance of the duties of a doctor’s employment.
Professional Subscriptions
e.g. – MDU, MPS, BMA, GMS, RCGP
These costs are always allowed by the Inland Revenue. However, please note that in circumstances where a hospital pays or reimburses these costs on behalf of the doctor, the doctor will receive no tax relief on the cost.
Motor Expenses
As an employee, hospital doctors must claim motor expenses using the fixed profit car scheme. This permits a claim of 45p per business mile for the first 10,000 miles then 25p for each additional mile. It is not necessary to keep receipts for expenditure, but you must be able to support the number of business miles claimed. Please note that regular commuting is not treated as business travel.
Medical Equipment
Medical equipment purchased by the doctor are deductible as an expense of their employment provided the expense is incurred ‘wholly, necessarily and exclusively’ in the performance of the duties of their employment. A doctor may consider that any medical equipment is purchased for this purpose.
Course Fees
A fee which will allow a doctor to gain an additional qualification or which will allow the doctor to be able to work in a new specialist area may be considered to be ‘capital’ in nature by the Revenue and therefore not deductible for income tax.
However, provided that the fees are considered to be incurred ‘wholly, necessarily and exclusively’ in the performance of the duties of an employment, the fees will be deductible for tax.
