Accountants for Dentists

Accountants for Dentists

Operating a dental practice is time-consuming, and it requires proper management, especially when it comes to finances.

As online accountants for dentists, we can ensure that dentists benefit from our affordable service. Our dental accountants can help to manage your finances and deal with many aspects of your business to ensure growth.

Who is a Specialist Dental Accountant?

As specialist dental accountants we understand the particular issues that dentists face such as NHS contracts, CQC, associate and other health professional contracts, superannuation.

Tax is always an issue and one of the many reasons for using a specialist dental accountant. While the same tax rules apply to everyone, there are special factors that apply to certain types of business. This is very much the case with dentists. Knowing what to claim and not claim for are particularly important if problems with HMRC are to be avoided. 

Pensions: Annual Allowance

However if approaching retirement, it is important to know what effect the pension rules could have on you. Restrictions on how much can be paid into pensions came in from April 2016.  The Annual Allowance (AA) is the amount you can pay into all pensions in a tax year is £60,000 the current maximum 2023/24.  If you exceed your AA you will be taxed on the excess of your pension annual allowance.

However, if you are a high earner and have income in excess of £200,000, the limit of £60,000 is tapered.  This could see the amount you pay into your pension reduce per year.

The rules are very complex to work out and will depend on your individual circumstances. 

Dentists in the UK can claim various expenses and deductions when filing their taxes. It's important to keep accurate records and consult with tax returns accountants  to ensure you are maximizing your deductions and complying with HMRC. Here are some common expenses and deductions that dentists in the UK may be able to claim:

Professional Fees: You can deduct the annual registration fees paid to the General Dental Council (GDC) and any professional membership fees.

Practice Expenses: Expenses related to running your dental practice, such as rent or mortgage payments for your practice premises, utilities, insurance, and maintenance costs, are generally deductible.

Staff Costs: You can deduct the salaries and wages of your dental staff, including dental nurses, receptionists, and hygienists. National Insurance contributions and pension contributions for your staff may also be deductible.

Equipment and Supplies: Expenses for dental equipment, instruments, and supplies necessary for patient care and the operation of your practice can be claimed.

Office Expenses: This category includes expenses for office supplies, stationery, software, and computer equipment used for administrative purposes.

Travel Expenses: You may be able to claim travel expenses related to your dental practice, such as mileage or public transportation costs when visiting multiple locations or attending conferences and seminars.

Training and Continuing Education: Expenses related to professional development and continuing education courses relevant to your dental practice can be deducted.

Uniforms and Protective Clothing: The cost of uniforms, scrubs, and protective clothing worn in the practice can often be claimed.

Marketing and Advertising: Expenses for advertising and marketing your dental practice, including website development and maintenance, can be deductible.

Professional Indemnity Insurance: Premiums paid for professional indemnity insurance can typically be claimed as an expense.

Bad Debts: If you are unable to recover fees for dental services provided to patients, you may be able to claim these as bad debts.

Accounting and Legal Fees: Fees paid to accountants, solicitors, or tax professionals for professional advice or services related to your dental practice are generally deductible.

Capital Allowances: You can claim capital allowances on eligible assets, such as dental chairs and machinery, as a form of tax relief.

Home Office Expenses: If you work from home and have a dedicated office space, you may be able to claim a portion of your home-related expenses, such as rent or mortgage interest, utilities, and internet costs, based on the proportion of your home used for business purposes.

Meals and Entertainment: Expenses related to meals or entertainment that are directly connected to your dental practice, such as business meetings with colleagues or suppliers, may be partially deductible.

If you're looking for more information, look no further than Tax Returns Accountants. Contact us today for a free, no-obligation quote, and let us help you with all your accountant needs!