Running a dental practice in the UK means dealing with unique financial challenges. With a mix of NHS payments, private income, and complex tax obligations, bookkeeping can quickly become overwhelming. That’s where Pearl Lemon Accountants comes in.
We provide specialist bookkeeping for dentists, handling everything from VAT filings to payroll. Our expertise ensures your books are accurate, your practice meets UK regulations, and you have a clear financial picture to plan for growth.
Our Bookkeeping Services Deliver Real Results
Our expert accountants use industry-leading tools like Xero, QuickBooks, and integrations to deliver results you can rely on. Our software-driven approach ensures efficiency, transparency, and accuracy.
Organized Revenue Tracking
Whether it’s Capitation Payments from the NHS or private fees, we record every transaction and reconcile payments accurately. For example, our use of Xero ensures instant bank reconciliations, giving you real-time clarity.
Improved Cash Flow Management
With QuickBooks, we track overdue invoices and ensure payments from insurers like Bupa Dental Care are received promptly.
Customized Insights
By integrating platforms like Dentally, we align financial data with practice management systems. This provides insights like revenue per chair or cash flow forecasts to help you plan effectively.
Our results-driven approach ensures your finances are managed with accuracy, so you can focus on patient care.
What We Do for UK Dental Practices
We provide end-to-end bookkeeping solutions designed specifically for dentists in the UK. From payroll to tax preparation, we’ve got every angle covered.
Creating a Chart of Accounts
We’ll structure your Chart of Accounts to capture the exact details of your operations. Categories might include:
- Lab fees for prosthetics and aligners
- Costs of dental supplies, such as composites and handpieces
- Professional development expenses for GDC-required CPD training
- Premises costs, including CQC compliance fees
This customized approach ensures all income and expenses are categorized correctly, making tax preparation seamless.
Accurate VAT Tracking and Filing
VAT can be tricky in dentistry. While treatments are generally VAT-exempt, products like retainers or toothbrushes are taxable. We handle mixed VAT scenarios with accuracy, ensuring your practice stays compliant while avoiding unnecessary tax payments.
Payroll Management
Managing payroll for dental associates, hygienists, and admin staff can be time-consuming. We handle everything:
- PAYE
- National Insurance contributions
- Auto-enrolment pension schemes
Our systems ensure employees are paid on time, with deductions calculated accurate
Monthly Reporting and Insights
Our detailed financial reports help you understand your practice’s performance at a glance. Key insights include:
- Overhead ratios to identify cost-saving opportunities
- Revenue trends by treatment type
- Expense tracking to prevent overspending
For example, if lab fees exceed industry norms, we’ll flag this and recommend adjustments to improve profitability.
How We Solve Dentals Financial Challenges
Reconciling Insurance Payments
Chasing payments from insurers like Simplyhealth can disrupt operations. We use automated reconciliation tools to track pending claims, identify discrepancies, and ensure every payment is accounted for promptly.
Identifying Tax-Saving Opportunities
From CPD courses to sterilization equipment, there are countless ways to reduce your tax liability. We meticulously review your expenses to ensure every legitimate deduction is claimed.
Cutting High Overhead Costs
High staff costs and lab fees can eat into your profits. By benchmarking your expenses against UK industry standards, we help you reduce overheads while maintaining quality care.
Managing Depreciation of Dental Equipment
Investments like CBCT scanners and dental chairs depreciate over time. We calculate this depreciation accurately, reflecting it on your balance sheet and helping you plan for replacements.
Why Choose Pearl Lemon Accountants?
Choosing the right bookkeeping partner for your dental practice can make all the difference in staying financially organized and compliant with UK regulations. We don’t just crunch numbers; we deliver solutions that align with the specific needs of UK dental practices. Here’s why dentists trust us:
In-Depth Industry Knowledge
Our team understands the financial complexities of UK dental practices. Whether it’s handling NHS contracts, managing mixed VAT, or dealing with insurance claims, we’ve got you covered.
Reliable Systems and Tools
We use industry-leading software to ensure accuracy and efficiency. By combining tools like Xero, QuickBooks, and integrations, we deliver seamless financial management customized to your practice.
Clear Reporting and Communication
We provide straightforward reports that give you a clear picture of your finances, without the jargon. Whether you need to prepare for HMRC or plan for growth, we’ll ensure you have the information you need.
Frequently Asked Questions
We manage mixed VAT scenarios, ensuring that treatments are recorded as VAT-exempt and taxable items like retainers are filed correctly. This prevents overpayment and ensures adherence with HMRC.
Yes, we work with platforms like SOE Exact and Dentally to align financial and patient data, providing a seamless workflow.
We handle all aspects of payroll, including PAYE, National Insurance, and pension contributions, ensuring your team is paid accurately and on time.
Absolutely. We maintain detailed records and provide full support during audits, ensuring you meet all HMRC requirements.
By reconciling payments quickly, tracking overdue invoices, and providing monthly cash flow forecasts, we help you manage your finances more effectively.
Simplify Your Practice’s Finances with Pearl Lemon Accountants
Your time is valuable, and managing your finances shouldn’t take away from delivering excellent dental care. Let Pearl Lemon Accountants take care of your bookkeeping, so you can focus on growing your practice.
