Clear and hassle-free advice for dentists

Dentists

Clear and hassle-free advice for dentists.

Shipleys have been using their specialist knowledge in the Dental field for over 11 years.

We act for Dental clients of all sizes ranging from associates and single-handed practices to larger partnerships and corporates, as well as dental practice linked health clinics, hygienists and consultants and specialists (including orthodontists, endodontists, oral surgeons, and periodontists).

The health industry has seen a surge in growth in recent years, achieved against a back drop of challenges from fundamental reforms to the NHS. Dental practices need to be proactive in providing more of the advanced and enhanced services on top of the essential services to ensure a successful business.

Sections


Dental Principals and Practices

At Shipleys Tax we understand the specific needs of dental practices and the partners involved. Wholesale reforms to the NHS mean dental practices need to re-position themselves in the new system and be able to devote maximum time to administration of patient care. That is where our team can help by providing specialist knowledge on your accounting and tax matters leaving you to concentrate on the patients.

Why do you need a specialist dental accountant?

• Knowledge of NHS general practice and the expert advice we provide can be instrumental
• Understanding how practices are funded by NHS England (formerly PCTs)
• Be familiar with the GDS/PDS provider contracts, the dental contract reforms and the impact of the NHS pension scheme
• Be up to speed on UDA values in practice and the developing primary care dental market.
• Deal competently and promptly with all taxation matters and with dentists’ superannuation.

Why us?

We aim to do more than produce the annual accounts and handle the principals’ tax affairs.

Personal service – you will deal with one particular partner and their same support team and not be passed around

Timely – the annual accounts will be prepared to agreed time scales and we will visit the practice to discuss

Prompt – we will deal promptly with routine queries, telephone calls and emails and advise on bookkeeping, cash flow and monitoring partners’ drawings without making additional charges.

Tax planning – we will discuss ways to minimise your overall tax liability and spot opportunities.

We have nationwide coverage and are happy to come and visit you.

Cost

What out basic annual fee covers

• Annual accounts preparation.
• Meeting Principals to discuss draft accounts
• Partnership tax return and tax computation
• Advising on projected profits and tax liability
• Partners’ personal tax returns
• Ad hoc email and telephone queries
• Opportunities for tax planning for both business and personal affairs

We also advise on:

• Setting up a limited company for non-NHS or associate income
• Setting up a limited company and transferring the business tax efficiently
• Handling HM Revenue & Customs’ investigation into the practice
• Payroll
• NHS superannuation issues
• Specific tax planning strategies for reducing IHT, CGT and Stamp Duty


Dental Associates and Self Employed Dental Care Professionals (DCPs)

We have acted for Dental associates and Hygienists for many years and understand the needs of the dental profession.

What does the service include?

• How to register with HMRC
• How to set up and advising on Employed vs Self employed status and NIC implications
• Proactive advice on tax allowable business expenses, professional subscriptions
• Advice on employing a spouse
• Preparation of annual Accounts and tax returns for HMRC
• Advice on NHS superannuation issues
• Help with Student Loan deductions
• Ad hoc telephone and email advice

As well as providing accounting and income tax advice we can also advise on the following areas:

• Incorporation of your business via a limited company
• Impact on superannuation on incorporation
• Assist with raising finance from banks
• Dentists from overseas
• Inheritance tax planning
• Property tax planning

After a few years as an associate, many dentists look to acquire a practice of their own; we will handhold you through the whole process including:

• Most tax beneficial way to set up a practice of your own
• Reviewing target practice accounts and advising on matters that require further investigation or explanation
• Introducing clients to solicitors who experienced in dealing with the purchase of dental practices
• Introducing clients to banks who have specialist healthcare managers who understand the dental market and who can provide loans for practice purchases
• Advising on redundancy/staff issues on acquisition and payroll arrangements
• Advising about record keeping systems
• Advising about tax planning to ensure that the deal is done in the most tax efficient way

Why us?

• Save you money – proactive services ensuring you are aware of tax savings
• Knowledge you can rely on – we have a wealth of tax expertise in the healthcare sector
• Planning – ensuring you are aware of tax liabilities and payment dates enabling you to plan your cashflow
• Peace of mind – we have many years of experience in dealing with the tax affairs of medical and hospital consultants
• Help you minimising risk of HMRC enquiry
• We have nationwide coverage and act for Dentist clients based throughout the UK.

Our basic fees are £395 + VAT for associates


Tax planning for Dentists

Tax law never stands still and goal posts are always moving. It is crucial that you have the right adviser to guide you through the maze and help reduce your tax bill through legitimate and transparent means.

Shipleys Tax has a number of specialist tax advisers with wealth of experience in the medical sector who can talk to you about the many tax saving opportunities.
We always say the best tax planning is done before a major event in the business so seek advice early on in the lifecycle of a transaction. Some areas to consider:

• Buying or Selling a dental practice – huge tax saving opportunities both personal and corporation tax
• Health clinic linked dental practices – most tax efficient trading structures
• Reduce inheritance tax on death
• Reduce stamp duty land tax on buying
• Offshore tax planning advice for certain businesses
• Provide property development strategies
• Use of EIS/SEIS and corporate venture vehicles
• Use of LLPs and corporate partnerships
• Asset protection and preservation of wealth
• Estate planning and succession

Latest news & blogs…

Tax advantages of using a property LLP

Dentists Shipleys Tax Advisors

IF YOU JOINTLY own property with family, an LLP might be the most tax-efficient way to run your property business, especially if you have a differing income split. In today’s short article Shipleys Tax explains some of the basic tax advantages in using an LLP.

What is an LLP?

A limited liability partnership (LLP) can be used for a property business and offers some advantages over unincorporated businesses and limited liability companies. A property LLP is something of a halfway house, providing the comfort of limited liability with the flexibility as to how profits are shared.

The use of a property LLP can be particularly useful in a family tax planning situation where the individuals each hold property in their own name, but a different income split would be beneficial from a tax perspective.

Setting up a property LLP

Like a company, a property LLP must be registered at Companies House.

An LLP can hold property in its own right. The LLP can acquire property or the partners can transfer property that they already own into the LLP.

The use of a property LLP can be particularly useful in a family tax planning situation where the individuals each hold property in their own name, but a different income split would be beneficial from a tax perspective.

Transferring property into the LLP can be advantageous from a tax perspective. The property is held on trust in the LLP, but the underlying legal ownership is unchanged, meaning there is no SDLT to pay. Where a member transfers property into the LLP, the value of that property at the time of transfer forms the opening balance on their equity account.

Flexibility to share profits and losses

One of the key benefits of the LLP is the flexibility to share profits and losses. This provides the potential for a tax efficient distribution.

Where a property is sold realising a gain, the individual partners pay capital gains tax on their share of the gain.

The default position is to share profits and losses in accordance with the ratios on the members’ capital accounts. However, the ability to pay salaries in a different ratio provides flexibility to tailor the distribution in a tax efficient manner. Providing or withdrawing capital will also change the default profit sharing ratio.

Tax position

From a tax perspective, an LLP is transparent for tax purposes.

This means that the individual partners are treated as being self-employed and must pay income tax on their share of the profits, and also Class 2 and Class 4 National Insurance contributions where relevant.

Where a property is sold realising a gain, the individual partners pay capital gains tax on their share of the gain.

Each individual partner must return their income from the LLP on their personal tax return. The LLP must file a partnership return.

It is important that the LLP is carried on with a view to making a profit as anti-avoidance rules may apply which have the effect of switching the tax transparency off.

If you are affected by any of the issues above or would like more information, please call 0114 272 4984 or email info@shipleystax.com.

Please note that Shipleys Tax do not give free advice by email or telephone.

Grants for businesses affected by COVID-19

Dentists Shipleys Tax Advisors

MANY BUSINESSES have been forced to close as a result of the national and local restrictions introduced to slow the spread of Coronavirus. Where this is the case, the business may be eligible for a grant from their local authority. In today’s Shipleys Tax note we look at some options currently available for struggling businesses.

The following grant support is available to businesses in England during the second national lockdown. Grants to businesses in Wales, Scotland and Northern Ireland are subject to devolved rules.

Businesses closed due to national retractions

Business that were previously open as usual, but which were required to close between 5 November 2020 and 2 December 2020 as a result of the second national lockdown in England may be eligible for a grant from their local council for the 28-day period for which the national lockdown applies.

A business may qualify for a grant if it meets the following conditions:

  • it is based in England;
  • it occupies premises in respect of which it pays business rates;
  • it has been required to close between 5 November 2020 and 2 December 2020 as a result of the national lockdown; and
  • it has been unable to provide its usual in-person service from those premises as a result.

Businesses that qualify may include non-essential shops, leisure and hospitality venues and sports centres.

Business that normally operate as an in-person venue but which have had to modify their services as a result of the lockdown also qualify. An example here would be a restaurant that is not allowed to provide eat-in dining but which stays open for takeaways.

Businesses are only entitled to claim one grant for each non-domestic property.

Amount of the grant

The amount of the grant is based on the rateable value of the business premises on the first day of the second national lockdown.

Where the rateable value of the business premises is £15,000 or less, the business will receive a grant of £1,334 for each 28-day period for which the restrictions apply.

Where the rateable value of the business premises is between £15,000 and £51,000, the business will receive a grant of £2,000 for each 28-day period for which the restrictions apply.

Where the rateable value of the business premises is £51,000 or above, the business will receive a grant for each 28-day period for which the restrictions apply.

Applications should be made to the local council following the application procedure on the relevant council’s website.

Excluded businesses

A business is not eligible for a grant if it can continue to operate during the restrictions because the business does not depend on providing in-person services from their premises. Businesses that would fall into this category would include accountants and solicitors.

Businesses that are not required to close, but which choose to, are also ineligible for a grant.

A business which has exceeded the permitted state aid limit – set at €200,000 over a three-year period – is not eligible for further funding but may qualify for help under temporary Covid-19 measures.

Local restrictions

Where local restrictions are in force, businesses may qualify for separate grants if they are either forced to close or, where they can remain open, their business is severely impacted as a result of those restrictions. Details of the grants available where local restrictions apply can be found on the Gov.uk website.

If you are affected by any of the issues above and would like more information, please call 0114 272 4984 or email info@shipleystax.com.

Please note that Shipleys Tax do not give free advice by email or telephone.

Dubai changes company ownership laws

Dentists Shipleys Tax Advisors

IN A BID to attract wider investment and boost the gulf economies, UAE members have opted to remove one of the main barriers to trade – the requirement for a local sponsor.

Understandably, the changes to ownership laws being introduced across the UAE have received a warm welcome from the business community, who believe it will further facilitate doing business in the country and attract foreign investment.

In today’s Shipleys Tax we look at what’s changed and how it impacts on those looking to trade in the Gulf.

What are the reforms?

The reforms to companies’ law are broadly wide-ranging, but it is the removal of the requirement for a local sponsor for companies that operate onshore that is seen as the biggest potential incentive for investment flows into the country.

For companies that currently have sponsors it will reduce their operating costs and create a more competitive environment, it will further boost the number of onshore companies opening up.

This is part of a giant step forward along a path that the UAE has been undertaking for a number of years, but it is anticipated that this level of rapid change will have a significant impact.

It makes the UAE a much more attractive as a destination for foreign investment.

The removal of the requirement for a local sponsor will give entrepreneurs a greater sense of control over their own business and remove barriers to trade, aligning the economies with that of the UK and others.

It is also likely to provide an overall demand boost for commercial property, which has witnessed a few difficult years since the decline in oil prices which began in 2014.

The changes are part of a package of legislative reforms aimed at ensuring the UAE retains its position as the leading hub for regional and international business.

If you are affected by any of the issues above and would like more information, please call 0114 272 4984 or email info@shipleystax.com.

Please note that Shipleys Tax do not give free advice by email or telephone.

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  • info@shipleystax.com
  • 0114 272 4984
  • Wharf House, Victoria Quays,
    Wharf Street Sheffield,
    S2 5SY

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Want to know how Shipleys can help you with practical tax planning through innovative ideas? Let’s talk. Call or email us directly and a member of our team will be in touch within 48 hours.

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