Tax Returns for Dental Practice – Are Your Accounts Squeaky Clean?

05/03/2022 - 6 minutes read

Tax returns for dental practices is one of our popular services. If you run your own dental practice then you are considered to be self-employed and therefore have to complete annual tax returns forms for the previous tax year.

We offer a wide array of accounting and tax services. Our staff is comprised of business professionals who have through first-hand knowledge, understand the challenges you face in operating your business.

Tax Returns for Dental Practice - Are Your Accounts Squeaky Clean?

Tax Returns for Dental Practice – Are Your Accounts Squeaky Clean?

Working with dental surgeons over the years has equipped us with the ability to reduce tax liabilities, to assist with practice purchases, to value the dental equipment in a surgery, to prepare tax returns for a dental practice for both its principles and associates and to assist with the day to day running of a dental practice.

The deadline for the most recent tax year passed at the end of January, but it is worth planning ahead to make sure that you are prepared for the next tax return deadlines to ensure that you don’t incur any late penalties.

As a dentist, you are obviously busy, especially if you do run your own practice, but it is important that you keep your finances in order throughout the year to ensure that the tax return process runs as smoothly as possible when the deadline comes around. This means keeping receipts and keeping a record of your income and expenditure and any claimable expenses. Hiring a bookkeeper to carry out this task for you is a good way of ensuring that accurate and well-organised records are kept all year round. This way, you know that your finances are being looked after while you can focus more of your attention on the efficient running of your practice.

If you are a dentist or a principal or associate dentist and you are looking for an accountant who is capable of saving you money and providing you with a professional accountancy service including preparing the tax returns for a dental practice, then you’ve come to the right place, here just some of what we can do for you.

  • – We are experienced at working with dentists (principals and associates) and can help you with business decisions that will directly affect your income. As taxation specialists, we can help keep your personal and practice tax bills to a minimum.
  • – We can advise you on what business expenses you can claim and as a result reduce your tax bill.
  • – We can advise you on pension planning and superannuation.
  • – We offer a bespoke service and you can expect to have the same member of staff dealing with your practice and taxation affairs each year.
  • – We offer competitive fixed rates for recurrent services and any fees for ad hoc services will always be agreed upon in advance with clients.
  • – We have never lost a dentist practice as a client since we started and are continuing to grow year on year.

Accounting outsourcing & tax returns for dental practices

Whether you require a payroll service or full outsourced financial management (and everything else in between) we can assist. MCL Accountants can take care of your accounting and administrative processes and work with you to gain a full understanding of your company and its needs. As an extension to your team, we will provide the assistance that you require proving specialist accounting outsourcing for dental practices in the UK.

Our specialised accounting outsourcing for dental practices include the following services:

– Payroll services
– Preparing management accounts and information
– Preparing
tax returns for dental practice to ensure you meet all regulatory requirement deadlines
– Fundraising advice
– Preparing and advising on budget forecasts
– Helping you to set up or improve IT

Proactive tax planning

Your finance can be structured in many ways, depending upon your own personal circumstances. Should you work as a self-employed dentist or should you incorporate? The answer depends on your personal circumstances.

Our dental experts can advise you on the tax efficiency of your current situation and advise you on working in the most tax-efficient way, ensuring all available reliefs are utilised.

Our proactive service will keep this under constant review and we will keep you updated with any changes that may impact you.

How can MCL Accountants help?

Contact MCL Accountants on 01702 593 029 if you have any queries on Tax returns for Dental Practice or if you need any assistance with the UDA clawback calculations as a result of reduced performance levels as set out by BDA and NHS during the coronavirus lockdown period.