Principal dentists

As specialist dental accountants, our services for dental practice owners cover a wide range of support which can be tailored to suit your needs.

Annual accounts and tax returns

We will prepare the annual accounts for the practice on a timely basis to ensure that your tax liabilities are not a last-minute shock.

In preparing the accounts we’ll ensure that all relevant expenses and allowances are claimed for in order to minimise you tax bill.

There are varying requirements for annual accounts depending on your business structure. You may trade as:

  • Sole Trader
  • Expense sharing partnership
  • True Partnership
  • Limited company
  • Limited Liability Partnership

For any of the above setups, we’ll handle the compliance work and prepare both the accounts and tax returns and make the necessary submissions to HM Revenue & Customs and Companies House.

Tax Planning

With UHY being a UK top 20 firm, you’ll have a huge amount of expertise at your disposal including both Chartered Accountants and Chartered Tax Advisors all with several years of experience.

In order to maximise tax efficiencies, we’ll get to know you, understand what your long-term goals are in order to help you achieve them.

We’ll look at the structure of the business to ensure it is tax efficient now and also to help you minimise your tax liabilities in the event that you decide to sell your practice. 

Incorporation is an option for practice owners. Although it may not always be the correct route to take, it can be beneficial to you from both a tax and security point of view.

We can advise on the advantage and disadvantages and guide you through the process.

Many dentists will also be affected by the Annual Allowance Pension Tax Charge. We can offer assistance in this area if you are affected.

Management accounts

Management accounts are an extremely useful tool when running a business. They give you up to date information on what you need to know:

  • Profit to date
  • Cashflow insight
  • Projected tax liabilities

They don’t have to be massively detailed to give you the above information but you can go further with them and use them to produce detail on specific KPIs such as:

  • Surgery utilisation
  • Associate profitability
  • Profits per practice (if you own more than one practice).

Banks and other lenders may require you to provide management accounts as part of the funding agreement. They may want to see quarterly/monthly management accounts to demonstrate that the business can keep up the repayments.

We can tailor this service to suit your particular needs.

Bookkeeping

UHY are certified Xero Platinum Partners and this is our preferred software of choice.

We can handle all of your bookkeeping remotely. This requires you to send us certain pieces of information each month.

Alternatively, we can train your own staff how to use the system.

Making Tax Digital is on its way! Soon it will be a requirement for you transmit quarterly figures to HMRC directly from bookkeeping software. Therefore, it is very important that you start using software to maintain your books if you are not doing so already. There are different staging dates depending on the structure of your business.

Payroll

Please visit our payroll pages for details on how our Bureau can help your practice.

The next step

If you would to discuss the services we can provide for your business in more detail, please contact our specialist Dave McIver, call 01244 505 930 or use our generic email dentists@uhy-chester.com.

Let's talk! Send an enquiry to your local UHY expert.