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Finding an accountant who understands the challenges faced by your dental practice may be essential for your financial success.
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As a dentist, you run a business as well as a practice - and your business works in a lucrative, but highly competitive sector.
To stay competitive - and profitable - you need to find answers to every aspect of money management, from navigating the tax minefield to financial planning.
Finding an accountant who understands your dental practice is vital for its success.
The Rangewell Dentists Services Directory
At Rangewell, as part of our commitment to supporting UK dentists with dental practice finance, we have put together a directory of people with the skills you need - and made it free for you to use. So, if you need professional support, call us for details of the professionals who can help.
- Sales and acquisition agents
- Equipment suppliers
- Legal Services
- Media services
Why you need a specialised accountant for your dental practice
The accountancy profession includes many highly skilled professionals. You may know of several working close to your own location, and you probably have an accountant to help you manage your finances.
However, a general accountant cannot have expertise across every type of business. The financial, legislative and practical demands facing your dental business are unique to the sector and require specialist answers.
Finding an accountant who is familiar with the dental profession can be crucial in order to maximise your profits.
By minimising your tax liabilities and providing expert support on all aspects of finance, from credit management to external funding, an accountant with a dental specialisation can help you put your business on a sound financial footing.
Business Start-Ups and Company Formation
Setting up any business demands support from qualified professionals. The need is even greater when that business is a dental practice.
An accountant who understands the sector can be invaluable for everything, including:
- Creating a detailed business plan based on need realistic and up-to-date knowledge of the real figures involved and the factors that will influence your profitability
- Forecasting the income and the costs of running the practice in the crucial first months and years
- Securing the funding to put that plan into practice
An accountant with expertise in the sector will be able to provide long- and short-term forecasts with profit and loss, balance sheet and cash flow forecasts based on current experience and benchmarking - greatly increasing your chances of receiving the funding you need.
Having an accountant who understands your dental practice can cut your administrative workload, letting you focus on the clinical aspects of your work.
The basics - book-keeping and VAT returns - may seem routine, but can also provide the basis for substantial tax savings if you can call on expert support.
The VAT system can be confusing and an accountant with expertise in the sector can identify those allowances and entitlements that might otherwise go unnoticed, but which are entirely approved by HMRC.
Their skills can also it can mean reducing your corporation tax liabilities and improving your cashflow.
Administering your payroll can be a time-consuming process, made all the more stressful by the increasing complexity of employment legislation and the penalties for getting things wrong.
After all, you are a dentist and not a tax expert - and yet PAYE, National Insurance, Statutory Sick Pay, Statutory Maternity and Paternity Pay, and Automatic Enrollment into a staff pension scheme are all part of your responsibilities as an employer.
Outsourcing your payroll to an expert accountancy business could reduce your workload, and ensure that you steer clear of issues with payroll itself, your annual returns and your planning - and give you more time to concentrate on dentistry.
Year-End Accounts and Corporation Tax
It is, of course, your responsibility to calculate out how much you owe HMRC by filing a Company Tax Return.
If you are not familiar with the various tax allowances you are entitled to, this responsibility could leave you paying substantially more tax than you should.
An accountant with an understanding of the sector could provide full and up-to-date knowledge of the practices and allowances that are accepted to HMRC.
This means that, in addition to simply providing an optimised return, an experienced accountant will be able to advise you on the most tax-efficient approach for almost every business decision you make.
As well as ensuring your business and your bookkeeping is compliant with the various requirements of HMRC, an accountant with relevant sector experience will also be able to produce audited accounts.
These will have several benefits to your business, as well as ensuring that you meet your statutory obligations. In particular, they can help your accountant work with you to identify any potential problems before they become serious, and a threat to your business.
Developing and extending your dental practice may demand an accountant with relevant sector skills to provide advice on the tax-efficient implementation of business strategies, and support restructuring, mergers and acquisitions.
This can include developing expense budgeting models that can be used for comparison against actual results and making full use of measures such as capital allowances.
Selling your dental practice
The time will come when you are ready to pass your dental practice on.
An accountant with an understanding of the industry and the challenges involved can be essential to get you the best price. They can provide accurate valuations and forecasts, helping present your business in its best possible light, and ensuring that a fair and appropriate agreement can be negotiated with a potential purchaser.
Finding the specialist accountant you need
At Rangewell, we work with dentists across the UK to help them find the funding they need.
This means that we work closely with many professionals serving the sector - including accountants. We are always happy to share our knowledge, and if you feel that your business could benefit from the support of an accountant with experience in the profession, please call us on 020 3318 2613.
We can introduce you to accountants who can provide the expertise you need.
Joining the Rangewell Dental Services Directory
Are you an accountant with expertise in the dental profession? Please contact us to discuss being included in our database. There is no charge.
Call us now on our dental support line 020 3318 2613.
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