Accountants for Dentists in Banchory

It is not a legal requirement, but it can be genuinely useful. As a self-employed associate you are responsible for registering with HMRC, reporting your income and expenses, and paying the right tax and National Insurance through Self Assessment. If you work across more than one practice, receive a mix of NHS and private income, or have expenses such as indemnity cover to account for, an accountant can help make sure the figures are recorded consistently and that nothing obvious is overlooked. Many associates also value having someone to check a tax position before they act on it, rather than afterwards.

The two income streams are usually recorded separately so that your bookkeeping and accounts show clearly where each figure comes from, which makes both your own review and any HMRC enquiries far easier to deal with. How the income is then taxed depends on your structure — for example, whether you are a self-employed associate, a partner in a practice, or a director of a limited company. We look at the whole picture and treat each source in line with your actual arrangement rather than assuming one approach fits all dentists.

Costs that are incurred wholly and exclusively for the purposes of your dental work may be allowable, which can include indemnity or professional indemnity cover, professional body and regulatory subscriptions, some continuing professional development, specialist equipment, and certain travel between practice locations. What is claimable is not automatic, and treatment can differ depending on whether you are employed, self-employed, in a partnership or operating through a company. We review what you actually spend and advise on what is likely to be allowable in your circumstances.

There is no single right answer. Sole trader status is common for associate dentists, partnerships suit some practice owners, and a limited company can be appropriate for larger practices or where profits and reinvestment plans justify it. The right structure depends on your income level, how many people are involved, how you want to take money out of the business, and your longer-term plans for the practice. We can talk through the practical differences so that any decision is made with the tax and administrative consequences in mind.

Yes. Practice payroll often covers a mix of clinical and support staff, with varying hours and pay arrangements, and keeping on top of it alongside pension duties can be time-consuming. Where a practice is registered for VAT, the treatment of different income streams and costs may need careful attention, and the position is not always straightforward. We can handle payroll processing and VAT returns where these apply, or provide support and review if you prefer to keep some of the work in-house.

For a new client, it helps to see your most recent tax return or accounts, details of your income sources — including any NHS statements and private fee records — and a summary of your main expenses and business costs. If you already use accounting software, we can usually work from that; if your records are in spreadsheets, bank statements or a mixture of formats, that is not a problem. If you are employed as well as self-employed, or have other income such as property or investments, let us know so that the whole picture is captured.

Switching is usually simpler than people expect. We would normally ask for your authorisation to contact your current accountant, request the relevant records and professional clearance, and then review the position before taking over the ongoing work. The timing matters most if a filing deadline is approaching, so it is worth raising this early. Once we have your information, we can set out how the handover would work and what we would need from you.

Fees are usually based on the work involved rather than a fixed figure applied to every dentist. The main factors are your business structure, the number of income sources, whether payroll or VAT is included, and how organised your records are. After an initial conversation about your circumstances, we can explain what the work would involve and how the fee would be structured, so there are no surprises later.