Accountants for dentists

Finance and tax advice for dentists in London

There are a plethora of rules and regulations that can impact a dentist’s tax liability, take-home pay and record keeping compliance. For example, the possible HMRC enforcement of IR35 regulations on dental businesses may result in practice owners having to start paying NI (National Insurance) contributions for dental associates as if they were employees. Currently, dental associates work as independent entities in a commercial arrangement with the practice owners. TaxAgility can help dentists navigate the labyrinth of tax and financial regulations with reliable finance and tax advice.

TaxAgility: accountants for London dentists

Accounting and bookkeeping requirements can vary among dental associates, general dental practitioners and consultants, which makes a one-size-fits-all package impractical. Our Accountants will customise a reliable accounting solution to your specific circumstances and offer you sound financial advice.

Our services encompass:

• Newly qualified associates: We’ll help you inform HMRC of your new self-employed status, advise you on how to have your bookkeeping compliant with HMRC regulations, and produce your accounts at the end of the year.
• General Dental Practice (GDP) including sole traders, partnerships or limited liability companies: We’ll assist with a broad spectrum of accounting tasks, such as bookkeeping, cash-flow, VAT returns, payroll and tax planning. As a gold partner of the cloud accounting software Xero, we can also train and support the implementation of Xero in your practice.
• Locums: We have been working closely with locum dentists for many years. Our expert accountants can assist you with the preparation of accounts and tax returns, locum form requirements, tax planning and expense advice, as well as giving the necessary support if you aspire to become a GDP partner.
• Consultants: Our range of services include accounts preparation and tax returns, national insurance compliance, expenses advice and any tax enquiries you may have.
• Private dental practice owners: Advising on the best structure that can maximise revenue and minimise tax obligation is usually the first step that we take. Subsequently, we help private healthcare providers with tax returns, company secretarial support, directors’ tax returns, tax planning and the full suite of accounting services from bookkeeping and cash-flow forecast to VAT returns and payroll.

Common tax and expense questions from dentists

Dental professionals often come to our London offices with queries such as: What tax rebates are available for dental practitioners? Are training costs tax deductible? What is the current market rate per UDA for associates in my area? What is the market like currently for my type of practice?

To answer your tax questions, we’ll look at a few common expenses that dental professionals can claim, including:

• Premise costs for dental practice owners, such as office rent and utilities.
• Professional dues, which are subscription fees to medical societies or associations that represent medical professionals and assist in protecting the interests of their patients. Some such groups in the UK include the GDC (General Dental Council) and BDA (British Dental Association).
• Travel expenses: There are circumstances where travel to a temporary location can be claimed for a tax rebate.
• IT costs for computers, tablets and smartphones used in the business.
• Dentistry CPD (Continued Professional Development), training courses and conferences – HMRC allows tax relief for training courses and books where they are an intrinsic part of the employment and the duties of employment.
• Medical equipment: Work expenses for personal use on the job can be claimed for tax relief. These can include facemasks and protective wear like aprons, goggles and gloves.

For further tax and financial advice, TaxAgility’s accountants for dentists are just a call away on 020 8108 0090.

Cloud accounting for dentists

HMRC has required all businesses to switch to a digital, cloud accounting platform by 2020 as part of the ‘Making Tax Digital‘ (MTD) scheme, a government initiative to make tax administration more effective, efficient and easier. Fortunately for dentists, transitioning to cloud accounting doesn’t have to feel like extracting a stubborn tooth.

TaxAgility works in close partnership with Xero, a cloud-based accounting software platform that offers dental practice owners a range of online services:

• Accounting online – See your cash flow in real-time with a simple login anytime, anywhere.
• Bank Reconciliation – Automatically import and code your bank transactions.
• Invoicing – Create and send invoices automatically and get paid online
• Dashboard – Notifies you of your bank balances, recent sales and upcoming bills

Xero also integrates well with other cloud services for dentists such as:

• Dentally – UK’s leading cloud dental software designed in collaboration with dentists to allow you to work from anywhere, streamline your practice and free up valuable time.
• Cliniko – A complete practice management system for healthcare practitioners, allowing you to manage your schedule, notes, invoices, payments and a lot more.
• Timely – This appointment software ensures that you save time, attract clients, and seamlessly sync invoices and payments with Xero.
• Better Clinics – An affordable and easy-to-use online practice management software for health and fitness professionals. You can manage scheduling, clients, invoicing, marketing and your entire team from a single secure platform.

With TaxAgility’s expertise in Xero, we can make your transition to digital tax administration straightforward and problem-free. Take advantage of the free 30-day trial. Contact us today.

Talk to TaxAgility today

Contact one of our specialist London accountants for dentists today. Give us a call on 020 8108 0090 or send us a message via our Contact Form.