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Accountants For Dentists

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Our team of dental accountants are experienced and knowledgable when it comes to accountancy services for dentists.

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We are excellent at solving financial issues & solving problems which means you can focus your time & energy on your practice.

What Our Specialist Dental Accountants Can Do for Your Dental Practice

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As certified accountants for dentists who have many years’ worth of experience, we offer a wide range of accounting services designed specifically for dentists and those involved in the dental sector. These include

IR35 for Dentists

Tax Bite can help review contracts, determine your employment status and provide help with processing your accounts and tax so you benefit from tax reliefs where possible.

HMRC recently noted changes with regards to the paragraph in the guidance they provide that highlights the BDA and DPA standard associates agreement.

As you may or may not have known already, associate dental professionals in the past have a concession that allowed them to be treated as self-employed individuals when it came to tax purposes. That meant associates were allowed to process income as trading income for tax purposes, rather than employment income.

As of April 2023, though, dental practices need to start using the Check Employment Status for Tax or CEST test to figure out the tax status for all associate dentists contracted with the.

If any dental practice has been discovered to be treating associates as if they were self-employed, when they are employees, they will have an additional tax liability.

This means, from the point of view of dental professionals, you need to identify your employment status, whether you are an employee of your practice or self-employed, and work in line with those details.

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Are You an Employee or Self-Employed?

How you perform your role within the practice you are employed by is factored into whether you are considered an employee or sole trader.

Dental associates that are self-employed and acting as a limited company or sole traders process their financial accounts and tax.

Some things to consider that distinguish employed from self-employed dental practitioners include:

  • Dental associates that are self-employed have clinical independence and can choose their preferred procedures, plans and treatments
  • Dental associates that are self-employed have input when it comes to the hours they choose to work
  • Dental associates that are self-employed must provide appropriate locum dentists in their place if they can’t work
  • Dental associates that are self-employed have the freedom to set their fees and pricing structure and offer additional work privately
  • Dental associates that are self-employed do not get holiday pay
  • Dental associates that are self-employed must have professional indemnity insurance cover
  • Dental associates that are self-employed need to pay for the maintenance of equipment with their own money.

If you need any advice or assistance with determining how IR35 rule changes will affect you, Tax Bite can perform a special IR35 review of your dental practice and its contracts to identify the employment and tax status of you and the other associates. We will thoroughly review contracts, identify employment status and then process tax and accounts to ensure you get the tax reductions you are due.

If you would like to find out more about our IR35 service, speak to one of the Tax Bite team today by using the contact details found on this page or our contact us page.

If you are dentist or a doctor looking for a qualified accountant then make sure to get in touch with our team today.

Tax and Accounts for Start-Ups

If you are just starting a dental practice, you need to organise your tax and accounts correctly.

At Tax Bite we have a specialist team of specialist dental accountants who can help to set up accounts, manage finances and organise taxes.

For more information about how we can help start-up dental businesses with tax and accounts, please contact one of the Tax Bite teams today.

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Pensions and Payroll

Are you looking to make your pension, payroll and other important financial aspects of your practice digital? Tax Bite can help. When you choose to go digital and make your finances more automated, you can save not just money, but time and resources, while ensuring that all your practice-critical data and documents are secure, safe and continually updated.

That means you can say goodbye to piles and piles of paperwork, which is passed back and form between associates and other members of your team.

For more information about our pension and payroll related services, please speak to one of our team today.

Making Tax Digital for Dental Associates and Dentists

You may have heard of Making Tax Digital already – it’s the special initiative set up by the government to make it much easier for businesses and individuals to make sure their tax is correct and keep their financial affairs in order.

The aim is to move as much of the country’s tax infrastructure to the digital sphere as possible. The hope is that this will make the tax system run by HMRC easier to use, more effective and more tax efficient for businesses.

This involves switching from paper records for tax and financial accounts to digital records.

As well as providing qualified and professional assistance, guidance and advice for Making Tax Digital, we can also help you understand the implications it will have on your work as a dentist or dental practice.

If you would like more information about our Making Tax Digital for Dentists services, please speak to one of our friendly and professional team by giving us a call.

Dental Pricing Reviews

A crucial aspect of running a practice is setting the right prices. While it’s important to ensure you are appropriately compensated for your skills, hard work and time, you need to make sure you are not charging too much and providing poor value to your patients.

In our extensive experience, we have seen many dental practices and dental associates base their pricing structure on the competition and often the prices they are charging are not enough to cover their basic overheads.

At Tax Bite, we can help to ensure that doesn’t happen by taking a thorough and analytical approach to determining pricing for dental services your practice offers, to make sure your fees are profitable and effective.

For more information about our pricing review service, please contact one of the TaxBite team today.

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Dental Practice Acquisitions and Mergers

It can be a confusing, intimidating and stressful experience trying to make the right decisions about dental practice acquisitions and mergers. Although they could seem like good deals, if you do not conduct a proper assessment of any propositions with the help of financial experts, you could be heading for trouble. That’s why we urge you to speak to one of our team here at Tax Bite if you are in the position where there is talk of mergers or acquisitions of your business.

Our team of experienced and specialist dental accountants can assist you by assessing each opportunity you are interested in, whether you are selling or buying a dental practice. We can help by:

  • Conducting a thorough review of propositions
  • Analysing the current structure and services of the business/practice
  • Designing a suitable implementation plan
  • Identifying potential abnormalities, difficulties and challenges in the proposed deal
  • Constructing an effective and robust plan for assisting you in selling or buying a business

Accurate Valuations

If you are looking to buy or sell any dental practice, you need help from an experienced and expert team when it comes to valuations.

We can provide that help here at Tax Bite. We will conduct assessments that identify the real market value for any business you are interested in buying or selling. We use a variety of insightful valuation techniques such as net assets, turnover percentage, and net cash flow calculations along with EBITDA multiples. We are perfectly equipped in our capacity as an experienced team of dental accountants to provide you with the accurate valuations you need to make the right decisions.

If you would like to find out more about our dental practice acquisitions and mergers services and how we can help you, please contact one of the Tax Bite team today.

Dental Financial Due Diligence

We understand and appreciate that all practices have the same financial management systems. Therefore, when it comes to financial due diligence, we will take a realistic, but comprehensive approach. Thanks to our experience and expertise, we know all about running dental practices and the kind of challenges and problems you can face. That means we know the areas where problems often are and know the most effective questions to ask.

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The Checklist

Whether you are an organisation or an individual considering a proposed deal, then you must conduct a comprehensive check of all assumptions you are making about the deal. When you use financial due diligence, you can give your buyers peace of mind, by analysing and validating all strategic, operational, commercial and financial assumptions made.

We can use past trading performances to create a more coherent view of the practice and make sure there are no potential downsides related to any transactions.

Financial due diligence for any acquisition deal of practices involves the key components of investigating, verifying and understanding:

  • Target dental practice financial affairs, including all valuations
  • The dental practice’s market
  • The business’ commercial sustainability
  • The operational structure of the practice, including all internal systems and processes
  • All synergistic opportunities and savings that arise from the acquisition
  • Sensible deal structure

When you conduct financial due diligence, it can provide the right framework for creating a strategic plan that is realistic for your newly acquired dental business by identifying and reporting on integral strengths and weaknesses, in addition to highlighting potential chances for new expansion and growth or exploitation of other markets.

If you would like more information about the financial due diligence services we conduct, please contact our team here at Tax Bite.

Tax Planning for Dentists

At Tax Bite, we have comprehensive experience in providing a wide variety of tax planning services for dentists and their practices.

From the most basic tax planning to more complicated tax investigations, if you are looking for a dental accountancy firm, you need one that is not only knowledgeable about tax laws but the dental industry too.

Tax Planning for Dental Practices

Tax Bite has many years’ worth of experience in helping with the process of incorporating dental practices. Partnerships, sole traders and expense sharing arrangements can be incorporated. It is important, not only that it is done, but that it is done correctly the first time.

Dental Practice Incorporation

It was from 31st July 2006 onwards that new legal reforms were put in place that made it possible for dental practices to become incorporated and start to trade as limited companies. Most company directors need to be registered with the General Denal Council as dental care professionals or dentists.

Potential Incorporation Tax Savings

There are advantages and disadvantages to incorporating your dental practice, which is why you should not make the decision lightly.

Although there are several tax reliefs, they are not always available. Even when they are, they are often offset by start-up costs, professional fees and additional bureaucracy.

For those with a higher tax rate particularly, there could be significant tax savings for dental practices.

Dental Associates

Associates are allowed to practice through an incorporated limited company by the General Dental Council. They are not, however, allowed to gain benefit from goodwill when the limited company is established and HMRC could potentially some appropriate penal tax rules to take any possible tax savings from limited companies.

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That is why dental associates need to consider the risks very carefully before they trade as limited companies. You also need to think about your pension arrangements, as the new rules mean the NHS will not pay associates who have incorporated pensions.

What You Need to Do Next

Dental associate incorporation is not the best option for everyone, which is why you should look to working with Tax Bite to assess whether it is right for you or not. For more information about our services, please contact us today.

NHS Dental Tenders

The process of trying to secure dental tenders through the NHS can be complicated and intimidating. It requires the investment of time and money, experience and patience to make sure you stand the best chance of your bid being successful.

Over the years, we have worked with dental professionals and practices, preparing NHS tender submissions for orthodontic, general dental and specialist dental services for current and new services.

When they are commissioning NHS services for large geographical areas, a qualified NHS England commissioner will invite initial expressions of interest. PQQs, otherwise known as pre-Qualifying Questionnaires are used to demonstrate how interested contractors will provide quality services that represent great value for money.

Check out our accountants for contractors.

Additionally, you are expected to be able to demonstrate in your NHS tender submission how you will deliver the orthodontic, general dental and specialist dental services concerning the approved national policy documents outlined by NHS England and best practices.

When you seek out the help of Tax Bite, you get the benefit of our collective experience and a fast turnaround as well as a very customised and tailored approach. The same kind of support we have provided many other dental practices in the UK in the past.

If you would like more information about our NHS Dental Tender submission services, please don’t hesitate to contact us here at Tax Bite.

Research & Development Tax Relief

Do you currently invest in R&D projects or are you thinking about doing it? You could be entitled to tax relief, and we can help you with that here at Tax Bite.

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What Are R&D Tax Credits?

R&D Tax Credits are a type of tax relief that is offered by the government to foster investment in new science and technology in various industries. These tax credits are made available for businesses that are invested in advancing R&D in their specific field.

To qualify for these, the project needs to advance the technology and science of the company’s industry, about your business, dentistry.

The project must meet the following criteria:

  • Be looking for advancements in science and technology
  • It has had to overcome uncertainties
  • Have tried to overcome these uncertainties
  • Can’t be easily figured out by a professional within your field

R&D Projects for Dentists

What are the most common research and development projects for dentists that qualify for tax relief?

  • Projects that have the aim of improving clinical success rates and results
  • New bonding processing and materials
  • Researching different kinds of bone grafting techniques
  • 34 printing technological advancements
  • Decontamination trials

If you are interested in taking advantage of our R&D Tax Relief services, please get in contact with one of our team of dental accountants here at Tax Bite today.

Other Medical Industries

Here are a list medical industries that we help with:

Get Started

At Tax Bite, we know how difficult it is to work in the modern dental industry. Whether you are just starting your career, are looking to buy a practice or incorporate an existing one, our team of esteemed chartered accountants can help you.

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We can deal with tax, bookkeeping and anything else you may require. Contact our team for further information.

Accountants For Dentists