Accountants for Dentists

Accountants for Dentists

Your practice may be running efficiently and cost-effectively, but in today’s fast-moving world, you cannot afford to stand still.

The leaders of dental practices need to have the best possible understanding of their operations, to inform decision-making for the short and longer-term, and access to expert advice to help them plan for significant changes, such as transferring to a more appropriate business structure or investing in expansion or development.

At Haslers accountants and business advisers in East London and Essex, we can provide comprehensive support on practice development issues.

We will help you to step back from the clinical aspects of your practice and look at the other financial and non-financial matters underpin its operation, drawing on our experience of working with a wide range of medical enterprises to identify opportunities to increase efficiency and ultimately improve profitability.

For example, we can advise on tax-efficient business structures for dental practices, including the advantages and disadvantages of limited liability partnerships (LLPs) or a company structure.

We can also advise on related issues, such as assessing on whether taking on new profit-sharing partners or salaried dentists is right for your practice and on partnership agreements.

Our understanding of practice funding and financial issues enables us to look at expenditure, identify areas where your practice is under-performing and suggest solutions to improve financial efficiency and profitability.

Our expertise in corporate finance work means we are also ideally placed to advise on raising money for expansion and development and on practice acquisitions and sales and related issues, including valuations and goodwill.

To find out more about Haslers’ East London and Essex-based accountancy, tax and business advisory services for dentists, or to arrange a free financial health check, please contact us.

Accountants for Dentists

The efficient financial operation of a dental practice enables dentists to focus on giving the best possible service to their patients.

With an ever-increasing need for practice leaders to take a business-minded approach to practice management, Haslers chartered accountants and business advisers in East London and Essex can provide comprehensive support in this area, enhanced by our understanding of the healthcare sector.

Our practice management support services include:

• accounting: quick, accurate year end accounts, designed to support forward planning and tax efficiency
• bookkeeping: advising on systems or offering a full bookkeeping service
• budget forecasting: managing practice resources to maximise cash flow and profitability and to calculate appropriate levels of drawings
• management accounts: interpreting your financial data to provide key information for decision-making and forward planning
• practice premises: advising on rent costs and notional rent and tax allowances.

To find out more about Haslers’ East London and Essex-based chartered accountancy, tax and business advisory services for dentists, or to arrange a free financial health check, please contact us.

Accountants for Dentists

As a dentist, your working life is devoted to helping other people. Your retirement will be an opportunity to spend time doing the things that you enjoy so it makes sense to plan ahead to give yourself financial security in later life.

If you are just starting out in your professional career, retirement may seem a long way off but the reality is that it is never too soon to start your retirement planning.

Alongside your occupational pension arrangements, it makes sense to invest for your future with your own personal pension savings.

Our In-house Independent Financial Adviser (IFA) colleagues can help put in place  bespoke pension arrangements, then review these on a regular basis to take into account any changes in your circumstances and ensure your current provision is on track to reach your financial objectives.

We draw on our expert understanding of historic and existing NHS pension schemes. We can advise on issues such as the lifetime pensions allowance and annual allowance and the greater flexibility in accessing NHS final salary and AVC schemes to assist you in making informed decisions about the best way forward.

However you plan to spend your retirement, maximising your income is a key priority so in creating a balanced retirement fund, our IFAs can also provide advice on ISAs and other savings and a wide range of other investment options.

To find out more about Haslers’ East London and Essex-based chartered accountancy, tax and business advisory services for dentists, or to arrange a free financial health check, please contact us.

Accountants for Dentists

When you are running a dental practice, your patients are your priority. When you’re also dealing with day-to-day business issues and working within strict regulatory and reporting regimes, it can be hard finding time to think about the future.

After you have worked hard to build and grow your practice over a number of years, you also want to make sure it continues to move forward when partners leave or retire.

At Haslers chartered accountants and business advisers in East London and Essex, we believe it is never too soon for dentists to put in place succession planning arrangements to achieve continuity in the practice’s operations and smooth transitions of leadership.

Our specialists will help you focus on key questions, including the financial impact on the practice of equity partner retirements and the future structure of the practice.

For example, while a salaried role may suit some dentists starting out in their career, for many others a practice partnership – with the opportunities this brings to contribute to decision-making, shape patient services and achieve greater security – is the preferred career choice. For the practice, bringing on board new partners can also help to contribute to continuity of care and strengthen its leadership.

For smaller practices, the impact of a partner retirement can be particularly significant and reinforces the need for succession planning. In these circumstances, a merger with a neighbouring practice or a sale to a private specialist company may be the preferred choice.

At Haslers, we have comprehensive experience in practice transactions of this kind and can provide expert support at every stage, including advising on due diligence issues and raising finance.

To find out more about Haslers’ East London and Essex-based chartered accountancy, tax and business advisory services for dentists, or to arrange a free financial health check, please contact us.

Accountants for Dentists

Whether you are a locum, a salaried dentist or a profit-sharing partner, professional commitments can make it difficult to stay on top of tax and other financial issues. That’s where Haslers can help.

Keeping your tax affairs in order is crucial for HM Revenue & Customs (HMRC) compliance. It also ensures that you maximise both your own personal tax efficiency, including in relation to NHS and private work, and for your practice.

Haslers chartered accountants and business advisers in East London and Essex can provide full support on all aspects of tax compliance, to ensure personal and corporate tax returns are filed and payments made on time.

Alongside our compliance services, we can also assist with comprehensive tax planning advice, for both practices and at a personal level.

For example, if you are investing in equipment for your practice or extending your premises, we can advise on the Annual Investment Allowance that currently provides 100 per cent relief on up to £200,000 of qualifying expenditure.

The allowances cover plant and machinery – including items such as dental equipment, computers and office furniture – and certain fixtures and integral features in buildings, such as electrical systems, water systems and lifts.

We can also advise on issues such as capital gains tax on practice sales and tax-efficient remuneration appropriate for your business structure and have particular expertise in VAT, both to maximise VAT efficiency on an ongoing basis and for specific projects.

In personal tax matters, we can assist with issues including accounting for different sources such as salaried work and income arising from private patients and expenses.

We can also advise on pensions, including the tax implications of the annual and lifetime allowance, and in longer term planning to maximise inheritance tax efficiency.

To find out more about Haslers’ East London and Essex-based chartered accountancy, tax and business advisory services for dentists, or to arrange a free financial health check, please contact us.