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.
The need for sterile cross-contamination rooms has resulted in many dental and orthodontic practices making significant investments in their practice premises recently. It is vital that these are treated correctly in your accounts to ensure that tax relief is maximised.
Proper income recognition is vital in your accounts. These have to reflect the work done int he period, not the cash received. Orthodontists can have sizeable work in progress and this must be reflected in accounts.
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.
Remember, most dentists or orthodontists do very few business miles!
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.