Dentists and orthodontists
A specialist sector requiring specialist advice
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.
Proper income recognition is vital in your accounts. These have to reflect the work done in the 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.
With the introduction of changes to tax relief on pension contributions, we have seen a rise in dentists and orthodontists being caught out with large tax charges.
At Thomas Barrie & Co, we can help assess your pension annual allowance position before a problem arises. Call us on 0141 221 2257.