Dental Accountants
Why Do You Need a Specialist Dental Accountant?
Every industry and sector is different, and the businesses that operate in them have their own quirks. That's why it's important for accountants to be experienced in your industry before they start managing your accounts. You don't want them to be confused on the job or unfamiliar with how a dental practice's accounts should be managed. Having an accountant who understands the complexities of your dental business is essential. Many accountants, whether Chartered or not, simply don’t have the specialist knowledge to deal with issues that arise in the dental sector.
An accountant can better tailor business advice and support when they understand how a client’s business operates. Accounting is more than just numbers, it's about how a business runs day to day. That's why it helps so much for a specialist dental accountant to totally understand the business from top to bottom.
Pitfalls of not having a specialist dental accountant
- A dentist buying a mixed practice was advised to incorporate the private practice and keep the NHS contract in their own name. This could have been good advice—except the structure wasn’t set up properly. A VAT problem arose, and the dentists were excluded from the NHS Pension Scheme.
- A non-specialist accountant advised an NHS associate to incorporate without explaining the effect on their pension.
- A dentist had to pay both a clawback and an inflated tax bill in the same year because the accountant didn’t adjust the taxable profit to reflect the lower earnings.
- A dentist wanted to form a partnership with her husband. The non-specialist accountant failed to warn her that in order to be legal, both partners must be GDC registrants.
