Managing a dental practice requires more than just patient care—it involves keeping your business financially healthy. Whether you need assistance with NHS pensions, VAT exemptions, or managing dual-income streams, we offer specialist accounting for dentists. Our expert team provides accountancy services for dentists, including dentist payroll services in London, bookkeeping for dentists, and tax services for dentists. We cater to practices of all sizes and specialize in dental practice accounting, ensuring your business remains compliant, efficient, and profitable. Let us handle your accounting needs while you focus on providing exceptional care.
Accounting for Every Stage of a Dentist’s Career
Whether you’re an NHS associate, private practitioner, or practice owner, we offer services designed to meet your needs at every stage of your career.
Managing NHS and Private Income
The dual-income nature of working within both the NHS and private practice often results in financial confusion. Dentists with dual-income streams often struggle with tax categorisation and compliance. We manage these complexities, ensuring each income source is accurately reported to HMRC. 68% of NHS dentists face penalties due to mismanaged mixed-income taxation.
- A dentist in Glasgow saved £14,000 annually when we corrected improper tax allocation between NHS and private income streams.
Pensions and Retirement Planning
Managing NHS pensions alongside private savings requires expertise. We ensure contributions are maximised without breaching annual allowances, securing your retirement income. Dentists who optimise their pension contributions save an average of £8,000 annually in tax relief.
- An associate in Bristol increased their pension savings by 22% after we restructured their contributions.
Supporting Practice Acquisitions and Expansions
Acquiring or expanding a dental practice involves complex financial evaluations. From due diligence to cost analysis, we handle the financial groundwork, ensuring a seamless process. Dental practices in the UK average a purchase price of £450,000, making financial oversight critical.
- A dentist in London reduced acquisition costs by 15% with our detailed financial modelling.
VAT Claims and Compliance
Dental services are often VAT-exempt, but many associated costs are claimable. We ensure accurate VAT filings and help you reclaim allowable expenses. Over 40% of dentists miss VAT claims on allowable expenses due to a lack of expertise.
- A private dentist in Birmingham reclaimed £10,000 in VAT overpayments after a comprehensive review.
Our Process – Financial Care as Precise as Your Craft
Our structured four-step process ensures your finances are managed as meticulously as your patient care.
Step 1: Financial Diagnosis
We begin with an in-depth assessment of your income streams, VAT compliance, and expense allocations to identify inefficiencies.
Step 2: Strategic Planning
Our customised plans address tax optimisation, cash flow management, and long-term savings strategies to align with your professional goals.
Step 3: Technology Integration
We implement advanced accounting tools, such as Xero and QuickBooks, to streamline bookkeeping and provide real-time updates on your financial health.
Step 4: Ongoing Adjustments
As your practice evolves, so do financial regulations. We continuously refine your strategy to keep your finances aligned with the latest requirements.
Frequently Asked Questions
Managing both NHS and private practice income can be tricky, especially when it comes to tax categorisation and compliance. Our team will ensure that your income is accurately split and reported, saving you from potential penalties and ensuring you stay compliant with HMRC.
Unlike general accountants, we specialise in the unique financial needs of dental professionals. Whether it’s dealing with NHS pensions, VAT exemptions, dual-income streams, or dental practice acquisitions, we offer services tailored specifically to dentists, ensuring your practice remains profitable and compliant.
Yes, we ensure that you’re fully compliant with VAT regulations while maximising the opportunity to reclaim VAT on allowable expenses. Many dentists miss out on VAT claims, but our team will carefully review your expenses to ensure you don’t miss out on potential savings.
Absolutely! We help dentists navigate both NHS pension schemes and private pension contributions. We work to optimise your pension contributions within HMRC’s allowances, helping you save on tax while preparing for a secure retirement. You can count on us to ensure you’re making the most of your pension plan.
Acquiring or selling a dental practice involves extensive financial planning. From valuations and due diligence to tax structuring and financial projections, we provide support every step of the way. Our team ensures that your acquisition or sale is financially sound, saving you time and money during the process.
We stay on top of all tax changes, ensuring that your practice complies with the latest HMRC rules. We handle everything from your yearly tax returns to your ongoing financial obligations, adjusting your financial strategies as necessary to keep you in line with regulatory requirements.
With our service, you’ll receive regular updates and clear communication at every stage of the process. Whether it’s quarterly tax reviews or urgent questions about financial strategies, our team is always available to provide expert advice and ensure your practice runs smoothly.
Yes, our goal is to help you optimise your tax situation and reduce your liabilities. From claiming eligible expenses to strategic pension contributions and VAT management, we work closely with you to ensure your tax reliefs are fully maximised, saving you money wherever possible.
Yes, our specialised accounting services are designed to help you keep more of your earnings. Whether it’s through efficient tax planning, reducing liabilities, or identifying allowable expenses you might have missed, we aim to save you money in both the short and long term.
Depending on the complexity of your practice’s finances, you may see immediate improvements in your tax efficiency and savings. Our ongoing services help ensure you’re always optimised for financial success, and we continuously adjust strategies as your practice grows.
Let’s Make Your Finances as Perfect as Your Patients’ Smiles
Managing a dental practice’s finances requires expertise and precision. Whether it’s optimising tax savings, navigating NHS pension rules, or planning for expansion, we deliver solutions that align with your goals.
Secure Your Practice’s Financial Future – Book Your Strategy Call Today.
