Dentists and Dental Professionals
Managing a dental practice can be complex. Alongside providing services to patients, there are many financial and business issues to consider such as acquisitions or disposals, incorporation, practice specialisation or diversification, and moving from the NHS to private practice and vice versa.
At Alexander & Co our dedicated team of dental accountants are experienced with the dental industry and the needs of both dentists and their practices. In fact, we have been advising dental clients for five decades.
We provide accounting and tax advice to dental professionals of all types – principals, specialists, associates, and support staff. In addition to day-to-day accountancy and tax support, such as preparing tax returns and managing payroll, we offer advice on issues specific to the dental industry from practice acquisitions to business valuations.
Whatever your individual or business needs, our dental accountants will work with you to provide the best solution. Whether you are self-employed or a practice owner operating as a sole trader, in partnership or as a limited company there is never a bad time to assess your business’s financial situation and minimise business costs by taking advantage of our expert advice.
Support throughout your working life
Our expertise spans your entire dental career. We can work with dental professionals throughout their working life, from student dentists, associates, through to purchasing a practice, business disposals and into retirement. We consider ourselves advisors for life and treat all clients as individuals.
We believe in building long term relationships. Through our personal partner-led approach and close contact, we gain an intimate knowledge and understanding of clients’ businesses and their needs. This allows us to deliver real value and play a major role in helping you realise your goals.
Full service, national coverage
We provide a comprehensive tax and accountancy service to dental professionals.
We also go beyond tax and accountancy and offer a full business advisory service, including specialist dental legislation, such as NHS Compass declarations.
If you are not domiciled in the UK, or have dual residency and beginning employment here, the complexities of the UK’s tax system can be daunting. We can advise on the complexities of the tax system here in the UK, to ensure you do not fall foul of the rules.
If there is a tax treaty between the UK and another jurisdiction, we will advise on this and ensure that you are not taxed twice on the same income and claim all available reliefs. We will make sure that UK tax is paid efficiently.
NHS pension assistance
We can advise on pensions tax legislation and specifically on NHS pensions.
We can assist in calculations and submissions, advise on lifetime and annual pension limits and assist with annual declaration on Compass. Our financial advisers can also offer specialist advice on other investment options available to, should you wish to consider your options outside the NHS pension.
Specialist dental advice
We are able to provide expert advice to the dental profession including associates, consultants (including those in dental public health), dental advisors, employed dentists, expense sharing partnerships, hygienists, incorporated practices, partnerships, postgraduate dental deans and dental academics, principals and specialists, including orthodontists, endodontists, oral surgeons, and periodontists.
Some of the key issues we advise on include:
- Accountancy systems development
- Annual accounts and tax returns
- Benchmarking reports
- Budgeting and forecasting
- Business and tax planning
- Practice acquisition and due diligence
- Practice start-up
- Raising practice finance
- Retirement planning and practice sales
- Tax enquiry service and protection scheme
- Wealth preservation
Tax and accountancy services for associates
For associates looking for advice, some of the frequently used services we provide include:
Proactive tax planning
Your finance can be structured in many ways, depending upon your own personal circumstances. Should you work as a self-employed dentist or should you incorporate? The answer depends on your personal circumstances.
Our Dental experts can advise you on the tax efficiency of your current situation and advise you on working in the most tax efficient way, ensuring all available reliefs are utilised.
Our proactive service will keep this under constant review and we will keep you updated with any changes that may impact you.
Practice acquisition advice
Purchasing a practice or becoming a partner in a practice is a significant step. Our wide range of expert services will ensure you are fully represented and well advised.
We can advise you through the process, from specialist business valuations, to advising on the most tax-efficient structure for your purchase, we will be on hand every step of the way.
We also have access to a team of independent finance experts and specialist legal teams. We can manage the whole process for you.
Tax and accountancy services for practice owners
For practice owners, or those considering taking the next steps to become a practice owner or partner, we provide specialist business advice to help deliver your ambitions at every step of the way, from acquisition through to expansion, business disposal and retirement.
Some of the frequently used services for practice owners include:
Business structuring and acquisitions
We fully understand the complexities and tax implications facing a wide range of practices, including sole traders, partnerships, limited companies and corporates.
Our in-depth knowledge allows us to advise on which structure is best suited to your personal circumstances.
We can review your existing business structure and advice on its tax efficiency and recommend company changes, if required.
Proactive tax planning
We can advise on the tax efficiency of your current situation and provide expert advice on working in the most tax efficient way, ensuring all available reliefs are utilised.
We can advise on remuneration strategies and pension planning. There may be grounds for Research and Development (R&D) tax relief, which we can also advise on, undertaking all the necessary work if required.
Our proactive services will keep this under constant review and will keep you updated with any changes that may affect you.
Practice expansion or disposal
Whether you are looking at practice expansion, or the time has come to dispose of all or part of a practice, we can provide expert advice and guidance.
We can advise through the process, from specialist business valuations, to advising on the most tax-efficient structure for expansion. We also have access to a team of finance experts and specialist legal teams. We can manage the whole process for you.
Outsourced financial management, including payroll
Whether you require a payroll service, or full outsourced financial management (and everything else in between) we can assist. Alexander & Co can take care of your accounting and administrative processes and work with you to gain a full understanding of your company and its needs. As an extension to your team, we will provide the assistance that you require.
Our outsourced financial management services include the following:
- Payroll services
- Preparing management accounts and information
- Preparing tax and VAT returns to ensure you meet all regulatory requirement deadlines
- Fundraising advice
- Preparing and advising on budget forecasts
- Helping you to set up or improve IT
- Implementation of business controls
Making Tax Digital (MTD)
Understanding Making Tax Digital and how it applies to your business is crucial.
Making Tax Digital generally applies to all VAT registered businesses for their VAT obligations from April 2019 where their turnovers are in excess of the VAT threshold, which is currently £85,000.
We are experienced with a wide range of cloud-based software, including Xero, where we have achieved Xero Gold Partner Status.
Contact our dental accountants
For more information, please contact our expert accountants for dentists. Our dental accountants are based in Manchester but can advise dental professionals all over the UK. Call us on 0161 832 4841, email email@example.com or fill out the form below and one of our industry experts will be in touch shortly.