Welcome to Audtax, specialist dental accountants
At Audtax, we excel in accounting for the dental profession and count many London-based dental corporates and sole practitioners among our valued clients.
We can help your dental practice to thrive financially, as well as offer our expert advice on self-assessment and personal wealth management. Many of our clients consider us the best accountancy firm they have worked with, which is evident in our reviews.
If you have a dental career, Audtax can help take the complication and effort out of accounting. Please get in touch to find out more about our great service and dental accountancy services.
How can an accountant benefit a dentist?
Specialist dental accountants can help with financial planning and budgeting to help maximise profits, reduce costs and manage cash flow. Audtax can also provide advice on tax obligations and help you set up robust systems for tracking income and expenses.
At Audtax, we understand the needs of dentists and can give proactive advice on issues such as NHS pensions, VAT and Corporation Tax returns, whether you are a dental corporate owner (i.e. a limited company dentist), sole practitioner or NHS employee.
Audtax accounting services for dental professionals
As specialist accountants for the dental sector, we can offer a full range of accounting services to help you and your dental practice achieve financial success.
Tax is complex, and it’s easy to miss out on valuable tax savings. We have an in-depth knowledge of UK tax law and can provide valuable advice and services to our dental clients, including Corporation Tax, VAT returns and personal tax.
We can take care of compiling your annual accounts and liaise with Companies House and HMRC on your behalf to ensure your compliance and save you valuable time to focus on running your practice.
When it comes to purchasing and disposing of dental assets and practice sales, we have extensive experience in helping dental clients to maximise tax efficiencies. We will help you to make the most of your capital allowances and retain as much profit as possible.
As your dedicated accountant, we can also advise on the most tax-efficient business structure for your personal circumstances, whether that is as a self-employed dentist or a dental corporate (i.e. limited company). Audtax is an expert in company formations and can help you navigate the pros and cons of establishing your own practice.
As a busy dental practice owner, it is essential to keep your cash flowing to pay salaries and purchase tools and equipment. The only way to keep a track of your income and expenditure and maintain control of your dental accounts is through disciplined bookkeeping.
To ensure you don’t suffer from negative cash flow, Audtax uses the latest cloud accounting software, such as Xero and Quickbooks. These remarkable accounting tools can transform the way you manage your finances, giving you live access to your accounts anywhere, any time and on any device.
Management accounting and advisory
Some practice owners consider accounting an annual chore, but successful practice owners understand that it is part of an informed business strategy. Monthly or quarterly management accounts can help track your practice performance and provide clarity to make more profitable and sustainable business decisions.
The experienced team at Audtax go beyond routine accountancy and can provide valuable advice to boost your business performance. With regular reporting and our sharp commentary on how your practice compares, we can help you to spot potential financial issues, as well as opportunities for cost saving and business growth.
FAQs about dental accountants
By partnering with a specialist dental accountant, dentists can be more confident that their business is running smoothly, and they can make sound financial decisions with peace of mind. Here are some frequently asked questions:
What can a dentist claim on tax?
A dental business incurs many business expenses that can be claimed back for tax purposes. As a dental accountancy specialist, we can help you to identify allowable expenses, including equipment, rent, marketing, insurance, wages and benefits, travel expenses, courses, professional fees, depreciation on equipment and professional subscriptions.
Do you work with dental practices too?
Absolutely. We can help any individual or business in the dental industry, including self-employed dentists, dental corporates, practice owners, dental associates, hygienists and dental nurses.
As the owner of a dental corporate, we can manage your business finances, ensure your compliance with tax law and measure your financial performance to help you to make valuable strategic decisions.
For self-employed dentists, we can guide you on self-assessment and help make the most of tax savings to boost your income and pension.
Are dentists employed or self-employed?
Practice owners may be NHS contract holders, but the vast majority are self-employed. Self-employment means that they are responsible for their personal tax liability, whereas those employed directly in the NHS system and private practice employees have tax deducted at source through the PAYE system.
Can dentists register for VAT?
The majority of dental services provided are exempt from VAT, so dental practices are not required to register. However, dental practices can reclaim VAT on goods and services, but only on non-exempt supplies, such as those related to non-medical cosmetic procedures. There are various rules and regulations to be aware of, which is why it is wise to consult a professional accountancy firm such as Audtax.