Dentists and Orthodontists
Our current client base includes a range of individuals in the dental profession and we are well placed to offer advice in this area. We act for associates, dental and orthodontist practices handling all their accounting and taxation requirements.
If you are thinking of setting up in practice there are specialist lenders who lend to dentists and orthodontists to assist with premises ,equipment and, particularly with orthodontic start-ups, working capital.
It is important that your accounts now properly assess such items as work in progress as failure to do so could result in your accounts being incorrect. A recent publication has affected generally accepted accounting practice in the area of income recognition which may have an impact on dental accounts. HM Revenue and Customs (formerly the Inland Revenue and Customs and Excise) expect all accounts to be drawn up under GAAP and if no account is taken of debtors and work in progress in your accounts you could be at risk of an investigation.
Have you reviewed the level of your personal expenses claims in recent years to ensure that they accurately reflect business use? If not you can be sure that HM Revenue and Customs will over the next few years. Over the past few years they have been reviewing the accounts of dentists in the South and have discovered that it is a lucrative area for recovery of back taxes and it is only a matter of time before this moves Northwards. Now is the time to get these correct!
Thomas Barrie & Co can help you in areas of partnership succession and agreements, and in selecting the most appropriate method of record keeping for you. Call us on 0141 221 2257.