Clear and hassle-free advice for 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.
- Dental Principals and Practices
- Dental Associates and Self Employed DCPs
- Tax planning services for Dentists
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.
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.
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
• 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
• 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…
THE GOVERNMENT has confirmed that the upcoming Finance Bill will include changes to discovery assessments, allowing HMRC to recoup unpaid high income child benefit charges going back almost ten years.
In todays Shipleys Tax brief we look at this concerning development.
What’s the High-Income Child Benefit charge (HICBC)?
The unpopular High-Income Child Benefit Charge (“HICBC”) was introduced in 2013 and is a tax charge paid by so called “higher earners” which claws back up to 100% of any child benefit received by the earner or their partner. A high earner for this purpose is when the income of the child benefit claimant or their partner exceeds £50,000 p.a. The charge is collected via the annual self-assessment tax system and taxpayers affected by these rules are required to register for self-assessment and pay their HICBC by 31 January following the end of the tax year.
What is happening now?
Despite HMRC administering the collection of child benefit payments from high earners, it is still finding taxpayers that have not declared the benefit in previous years. In a recent case, it was found that HMRC did not have the specific legal powers to recover the HICBC even where the charge remained unpaid for a few years. The decision in Wilkes v HMRC found that HMRC did not have the power to impose the HICBC by means of “discovery assessment” (a form of enquiry into a tax return) as there was no income which ought to have been assessed. As a result, the child benefit claimant Mr Wilkes did not have to pay the tax charges.
If you can’t beat it – change the law…
As a consequence of losing the case, the government has confirmed that the upcoming Finance Bill will include changes to tax investigation powers, allowing HMRC to recoup unpaid high income child benefit charges going back almost ten years.
Once the Finance Bill is enacted, HMRC will be able to open tax investigations (“discovery assessments”) to collect any unpaid child benefit tax charges from as far back as 2013. However, the rule change will not apply to those that have already appealed against such assessments.
What does this mean?
Individuals with income over £50,000, where either they or their partner receives child benefit, could soon receive a large unexpected tax bill from several years ago.
This could have drastic consequences on unsuspecting child benefit claimants. For example, complications around relationships where parents are separated or where a relationship ends, or those who are not married are not properly accounted for. At Shipleys Tax we advocate paying the correct amount of tax, however where the collection system is flawed there are many instances where injustices will occur and individuals will be faced with large tax bills that they were genuinely unaware of, or don’t have the finances to meet the liability due to the pandemic, or the amount has been incorrectly assessed due to inherent flaws in the system.
If you are affected by any of the issues above and would like more information, or need help with tax investigations please call 0114 272 4984 or email firstname.lastname@example.org.
Please note that Shipleys Tax do not give free advice by email or telephone.
AS PART OF the UK Government’s climate change initiative to encourage drivers to ‘go electric’, the Transport Secretary, Grant Shapps, announced an extension to a £50 million Government fund to install electric charge points. The fund aims to help small business to gain access to the workplace charging scheme and provide grants to meet up to 75% of the cost of installing electric charging points at domestic premises.
Whilst we know tax advantages are available where employees opt for an electric company car (see LINK), is there a tax charge if an employer provides a charging point to enable employees to charge their own cars at work?
In today’s Shipleys Tax brief we take a summary look at whether a tax charge arises in these circumstances if you’re planning to help your employees go electric.
Workplace electric vehicle charging
A tax exemption applies to remove the charge that might potentially arise where an individual charges the battery of a vehicle that is used by the employee.
The exemption means that an employee is able to charge their own car, or one that they are driving or a passenger in, using a workplace charging free of any associated benefit in kind tax charge. There is no requirement that the electricity provided is used for business journeys; the exemption applies regardless of whether the charge powers business or private journeys.
The exemption covers:
- the cost of the electricity;
- the cost to the employer of providing the charging facilities; and
- any connected services.
However, the exemption only applies if the following conditions are met:
- the charging facility is provided at or near the employee’s place of work;
- charging must be available to all the employees generally or those at the particular workplace should they wish to use the facilities; and
- the vehicle which is charged is one in which the employee is the driver or a passenger.
Likewise, no tax charge arises if an employee uses a workplace charger to charge an electric company car. There would, in any event, be no tax charge in respect of electricity provided for business journeys. However, as electricity is not treated as a ‘fuel’ for company car purposes, the use of a workplace charging facility does not trigger the fuel benefit charge if the charge provided powers private journeys.
The tax exemption does not apply to the reimbursement or payment of an employee’s personal expenditure in respect of charging a battery in a private vehicle away from the employer’s premises, for example, at a motorway service station. Where the vehicle is used for business journeys, mileage allowances may be paid tax-free up to the approved amount.
However, no tax charge arises in respect of the provision of electricity for a company car for private mileage as electricity is not treated as a fuel for the purposes of the fuel benefit charge.
A first-year capital allowance of 100% of the expenditure is available for expenditure on electric charge-point equipment. The allowance is available for expenditure incurred before 1 April 2023 for corporation tax purposes and before 6 April 2023 for income tax purposes.
If you are affected by any of the issues above and would like more information, please call 0114 272 4984 or email email@example.com.
Please note that Shipleys Tax do not give free advice by email or telephone.
Received an automated message from HMRC saying you are under investigation? Why you should NOT reply
ITS APPROACHING that time of year when taxpayers start thinking about their self assessment returns and tax refunds. This is also the perfect time for fraudsters to target unsuspecting taxpayers and try to con them out of their hard earned money.
In today’s Shipleys Tax brief we look at the most common tactic which you should be aware of and will hopefully protect you from fraudsters.
This involves receiving an automated text or voice message or call purporting to be from HMRC saying you are under a criminal investigation. We recommend you do NOT reply – this is most likely to be a scam. HMRC will never contact you by phone without giving you an official notice in writing.
This is not a new scam but rears its ugly head every year. Often a recorded message is left, allegedly from HMRC, that starts: “This is Her Majesty’s Revenue & Customs. We have been trying to reach you to let you know that we are filing a law suit against you/you have a tax refund due.”
The recipient is then asked to phone 0XXXX XXXXXXX and press “1” to speak to the officer dealing with the case. Do not to reply to this message as they will then try to extract money from you or more likely the call will be an extortionate rate number.
Some basic things you can do to protect yourself.
Tip 1 – If the caller can’t verify their identity, you should never disclose any personal details.
Tip 2 – If they have given you “contact” details (and they should have no hesitation in doing so), call HMRC on their contact number to check if it is a genuine officer or a scam. You should never proceed without verifying this.
Tip 3 – If you receive either of these scam calls, report it on the Action Fraud website or you can call 0300 123 2040. You can forward suspicious emails claiming to be from HMRC to firstname.lastname@example.org and texts to 60599.
For more on this visit: Link
If you are under a Tax or VAT Investigation and would like a specialist to review your case for free, please call 0114 275 6292 and book an appointment with our Tax Investigations Team or email email@example.com.
Please note that Shipleys Tax do not give free advice by email or telephone.