Dental Practices

When we take on an engagement, we review a practice’s accounting records to make sure that they are organised not just for year-end accounting but also as a management tool for internal reporting during the year.

In particular you need an early warning if profits are under pressure and we can help you to identify problems early on.

We review your profits and income to consider tax exposure and look at opportunities for tax planning. We look at innovative solutions for you, which might include using limited companies within your structure, particularly if your income is such that you are 45% tax payers – you can pay 19% tax instead!

  • Preparation of your annual accounts and tax returns. We aim to do this within 3 months of the year end, where possible, but we are flexible on scheduling.
  • We go through your accounts with you in detail to help you to understand how your finances compare to other dental practices and to pinpoint where you may be able to adapt and improve your profits.
  • If you are in an expense sharing structure we review the mechanics of the structure to make sure it is achieving the intended outcome and a fair allocation.
  • We provide tax forecasts as soon as draft accounts are available so that you have plenty of warning of future tax hits.
  • We look at drawings calculations and interim payouts for partners to ensure that capital and current accounts remain in line with profit and capital sharing arrangements.
  • We come to see you at least once a year to meet all the partners and the management team. This is a comprehensive meeting to look at your accounts, tax planning and to talk to you about recent developments in your practice and in the national arena. In expense sharing practices we look at accounts individually with dentist principals so that everyone has a very personal service.
  • At your request we can meet you more regularly. This is usually when there is something specific going on, such as a new venture, or when partners are leaving or joining the practice. We can help you to manage such changes painlessly!
  • We advise on all aspects of the NHS pension scheme and how it works for dentist principals and your staff. We look at tax issues associated with the annual allowance tax charge and lifetime allowance. We work with sector specific IFAs where applicable.
  • We offer a bookkeeping service which can be a very cost effective option for you.
  • We also offer access to a payroll bureau service as a long or short term solution.

We can install accounting software and train your team to use this to give you a comprehensive internal accounting system, with useful management reports to look at throughout the year. This will become more important when HMRC roll out their Making Tax Digital programme from 2019.

Require more information?

If you would like more information or would like to speak to us direct then call us on 01743 257300 or fax 01743 257309. If you would prefer, ask us a question online.