As specialist UK dental accountants, we provide from bookkeeping to management accounts and payroll management that also includes:
Whichever stage you are at in your dental career, we are here to help you!
Request a Calldns has worked with thousands of clients for over 18+ years and has a wonderful reputation for catering to the specific business category in the UK. A good understanding of specific tax and financial requirements for dentists and dental practice makes dns extraordinary apart from others.
However, if you are a professional dentist or starting a practice, we, as an expert, can anticipate your accounting needs with our dental accounting services.
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The simple answer is yes. Here at dns accountants, we can advise you on incorporating your business.
There are potential benefits of being incorporated including tax benefits but there may be other potential disadvantages or pitfalls you need to consider. You need to consider compliance, tax, legal and accounting pitfalls before you incorporate a business. The benefits of incorporation for dental business.
There are a number of benefits. These include:
a. Tax - You will pay less tax than a partnership or sole trader, as the corporation tax rate for limited companies is between 19-25%. However, you will need to consider other taxes as well, so it's worth talking to a specialist tax adviser.
b. Paying yourself - There are advantages with a limited company to pay yourself via salary and dividends that can be more tax efficient. However, over recent years the tax advantages of this have decreased a little as the government has raised dividend tax rates. Again speak to a specialist accountant for dental for advice.
c. Personal liability - Shareholders of a limited company have limited or no personal liability other than an obligation to pay any unpaid amounts due on their shares. In a partnership or as a sole trader you are personally liable for any debts or negligence or debts. This personal liability can put your own assets at risk when trading as a sole trader or partnership.
The disadvantages of incorporation :
d. A limited company must file accounts with Companies House and complete Corporation Tax returns, so there is added compliance work and cost with a limited company.
e. Statutory registers of shareholders, regular board meetings and filing of confirmation statements also need to be undertaken, again adding to the compliance burden of a limited company.
f. Profit sharing may be harder with a limited company, than with a partnership. Seek specialist accountants advice before making any decisions to incorporate as your business specific circumstances will need to be considered.
Seek specialist accountants advice before making any decisions to incorporate as your business specific circumstances will need to be considered.
Dentists' finances can be complex. For example, Dentists may need help with self-assessment tax returns, tax charges, tax planning, amongst other things. Ensuring you have the very best specialist accountants is important and someone who understands your individual requirements. If you have a current accountant but are interested in considering switching accountants, then it is easy to change accountants and dns can help with the process.
Here at dns accountants, we offer fixed priced packages and can also discuss any additional services you require and provide a fixed fee quote for additional services, so there are no nasty surprises.
Dental accounting is different as your advisors will need to understand the rules and regulations of the business type. As a dentist, you want to ensure you are getting the best specialist advice, both for your company and your personal financial position.
The risks of using a generalist accountant and not a true specialist for your financial needs is that they won't understand the complexities of tax and compliance. For example, they won't understand the tax code errors by payroll, private income.
Here at dns accountants, we have a strong team of accountants and tax advisers that look after our clients. Our specialist accountants offer services to professionals, experts and freelancers etc. Our specialists can help with all your accounting and taxation needs and your specific requirements. To get independent specialist advice or a quote book a call with our team.
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