In today's rapidly changing professional world, it helps if you can work with advisers who truly understand the pressures you face.
With changes surrounding pay, personal tax and pensions as well as staffing costs and structure being key issues facing the dental sector. Maintaining a healthy and profitable dental practice requires good management and high quality on-going support from your advisers.
Our specialist healthcare team work closely with over 50 dental practices and associates, and our experts have in-depth knowledge of the sector, providing proactive accounting and financial advice.
Whether you are newly qualified, a principal, associate or limited company, we offer realistic, customised advice that will help you to build your future the way you want. Our commitment, insight and practical approach will help you to achieve more from your practice. Useful at any time, our skills are particularly valuable during periods of change such as acquisition, disposal, incorporation, or making the transition between NHS and private practice.
As part of our commitment to the dental profession, our team of experts attend specialist dental training courses to keep up to date with the latest developments and regularly sponsor local independent dentist training days and foundation dentist events.
As members of Kreston International (one of the largest worldwide networks of independent accounting firms) the Kreston UK Healthcare Group is a valuable forum to share its experiences and promote best practice to dental clients.
The healthcare team are also members of the Institute of Chartered Accountants in England and Wales (ICAEW) Healthcare Group. This is also a valuable forum to share experiences and keep up to date with latest developments.
Delivering a comprehensive tax planning service
The ever demanding tax legislation is an area that affects all dentists. Our specialist healthcare team work with their clients to ensure they are planning effectively by talking through the most appropriate business structure for their circumstance e.g. sole trader, partnership, limited company and for the 45% personal tax rate, leading to a positive result for our clients, retaining more fee income and helping protect them against potential tax pitfalls.
Ensuring cash flows smoothly
It is often difficult for dental practitioners to manage their practice’s cash flow and many are unsure about how much to draw from the practice each month. Dentists tend to operate as sole practitioners, meaning business and personal finances often become merged. To tackle the issues that stem from this, we produce detailed accounts showing all relevant income sources and cost bases, together with specific analyses of drawings and statistical information. All of this helps us to advise our dentist clients on their practices cash flow.
Precise advice at every stage of your professional life
The specific requirements of individual practices vary, depending on where the dentist is in the cycle of life. Whether a practitioner is just starting out as a vocational trainee, selling up or planning for retirement, practice profitability is a focus for all practitioners. We review the yearly practice performance and compare them through our benchmarking exercise so our experts can advise on ways to increase the profitability of your practice.
Throughout the dentist’s life cycle our Independent Financial Advisors can advise on personal financial planning issues ranging from pensions, income protection, critical illness, life assurance, savings and Wills.
Sound advice on changing regulations
The healthcare sector is facing numerous changes and the dental sector is no exception. The Government’s proposals to introduce a new dentistry contract will focus on improving quality, achieving good dental health and increasing access to NHS dentistry.
This means NHS dentists will need to become more flexible and view their practice as a business venture rather than a vocation. We can help by producing financial projections and cash flow analysis to assist you before making a major business decision.
British Dental Association (BDA)
The professional association and trade union for dentists in the UK.
The General Medical Council (GMC)
The GMC have strong and effective legal powers designed to maintain the standards the public have a right to expect of doctors.
The British Medical Association
A professional association of doctors, representing their interests and providing services for its 128,000 members.
Department of Health
Providing health and social care policy, guidance and publications for NHS and social care professionals.
The Faculty of General Dental Practice (FGDP)
Supporting primary care dental teams to improve standards of patient care.
A niche dental consultancy with a recognised specialism in Dental Recruitment.
Cornwall Independent Dental Practitioners
Making high quality post graduate education easily accessible to members.
Peninsula Schools of Medicine and Dentistry
Increasing research capacity and building upon the partnership with the NHS in the South West.
NHS Business Services Authority
A Special Health Authority and an Arms Length Body of the Department of Health which provides a range of critical central services to NHS organisations, NHS contractors, patients and the public.
Tax planning for businesses and individuals 2016: Download our brochure here.
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