Accounting tips for dentists

Published on October 20, 2015 by Crawfords Accounting

Specialist dental accountants can help dentists to manage their financial affairs more effectively – giving you peace of mind that you are getting the best out of a career that can be hard work at the best of times.

Accounting for dentists can be much more complex than most general accountancy, with industry-specific issues that add to the list of personal finance questions any individual in any profession might bring with them.

By working with specialist dental accountants from the outset, you give your finances the best possible start, allowing us to advise you on structuring your accounts effectively in a way that might be plainly impossible to do retrospectively.

Accounts

Newly qualified and self-employed dentists may be able to save time and money by handling your own basic bookkeeping, then sending your compiled data in to us for your year-end accounts.

Larger practices and organisations with multiple sites will increasingly find it is sensible to have someone to handle the bookkeeping on an ongoing basis – again, because this is simply the most efficient way to do it.

Tax Planning

Be proactive about tax – it’s best to minimise your bill as you go along, rather than try to reduce it retrospectively, as any ‘creative’ bookkeeping is unlikely to stand up to scrutiny if HMRC check your records.

Remember there are taxes that might apply to you other than just income tax – for example, corporation tax if you are a company rather than an individual, and capital gains on any premises you own.

Buying a Practice

Buying a dental practice is a big step, but our dental accountants can help you to understand the financial implications of it, from the upfront costs, to the property tax on any premises, to the human aspects like staffing costs and payroll.

We are here for whatever you need, with years of experience of accounting for dentists at all stages in their careers – so let us help you too.

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Kids Allowed

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