Specialist Dental Accountants, Yorkshire UK

Need Some Help ?

NEW ASSOCIATES

For a low monthly fee we can offer you a full accountancy and taxation package tailored to your needs. Whether you prefer to complete your book keeping using our tailored easy to use excel package (custom designed for dentists), or prefer more traditional methods, we can accommodate you.

As part of the service, we will be happy to discuss other areas of taxation with you and suggest innovative tax planning strategies which can help reduce your over all tax liability.

VOCATIONAL DENTISTS

If you are a VT, you will be employed rather than self employed which means you will fall under the PAYE scheme. Once you become an associate however, Sigma can help you enjoy the significant tax benefits of being self employed.

Please get in touch with our dental team. We will be able to assist you on certain items you can obtain tax relief for at this stage, and send you a pack which will give you an insight into being a self employed associate.

Dental Practice Ltd

INCORPORATION

As you may be aware, there is a possibility that dentists will be able to incorporate their practices very shortly. This is a very important decision for principals to make and should only be done under the guidance of a taxation expert who specializes in incorporating businesses. The following taxes need to be considered carefully before incorporating: Capital gains tax, NIC, Corporation tax, Income tax, Stamp duty land tax & VAT (if your building has had the VAT exemption waived). There are various elections under the Capital gains taxes act 1992 which can eliminate some of the tax liabilities upon incorporation. Deciding which elections to utilize will depend on your current and future business objectives. Please contact the dental team at Sigma to discuss further. It is very important that you seek professional advice from a firm of specialist dental accountants who have detailed knowledge of your business.

Please note:

Your Option For Change !

Sigma dental accountants are the perfect option for dentists. For years our partners have acted as auditors and business advisors for numerous PCT’s around the country. As a result we speak your language and can “bridge the gap” between you the dentists and the impact of key decisions made by the PCT’s and the department of health.

What makes Sigma unique to dentists is that we are a specialist firm of taxation advisors. As well as being a firm of Chartered Accountants, we are also members of the Institute of Chartered Accountants in England & Wales Tax faculty (http://www.icaew.co.uk/taxfac), and we have helped some of the wealthiest individuals in the UK save tax. Dentistry is very financially rewarding and Sigma gives dentists the opportunity to maximize this reward by optimizing tax savings.

As specialist dental accountants, we ensure that dentists capture all costs for tax purposes (eg: the cost of your loupes and uniform etc). However, there will be other areas of your tax return which have nothing to do with dentistry (eg: buying and selling of investment properties- Capital gains tax and potentially tax on schedule A income from rents received). This is where Sigma excels from other specialist dental accountants. We are able to offer dentists taxation advice which is second to none in ALL areas and not just those which specifically relate to dentistry.

The new NHS contract

PRINCIPLES

As dentists you will be aware that the final implementation date of the new contract has been delayed until April 2006. Despite this however, the department of health has set a target that 25% of all dental practices must either be working on a PDS (Personal dental service) contract or must have submitted an application to the department by 30th April 2005.

Sigma's dental accountants can help with your move to the PDS contract. We regularly liaise with dental advisors for a number of PCT’s and thus we are ideally placed to explain the implication of PDS to our dentists.

Sigma dental accountants are happy to assist dentists in their negotiations with the PCT, and our aim is to ensure that our dentists obtain the very best financial offer from the PCT. It should be noted that this service is offered free of charge to our dentists as it is a compulsory measure.

ASSOCIATES
Do not despair, Sigma has not forgotten that you matter as well! We take an active role in ensuring that dental associates get a good and fair deal from their principals once the practices have gone PDS and we are happy to assist with your negotiations. The majority of our associates are extremely happy with the new arrangements and are enjoying numerous benefits over the old GDS system.

New to UK Dentistry ?

JUST LANDED?
Last July, the secretary of state announced plans to increase the dentist work force by introducing 1,000 new dentists (foreign dentists and returners). Sigma dental accountants already acts for a number of dentists who have come to the UK to work from abroad. We are fully aware of the obstacles that you may face from a taxation and employment point of view. If you are a dentist who has recently arrived in the UK, or is planning to, Please get in touch for further information.

The content of this page is for information purposes only and detail within it has been simplified. It has been based on tax legislation in operation at the time of publication, which may subsequently have changed. Whilst every care has been taken in its production, Sigma specialist dental accountants cannot accept responsibility for any action undertaken or refrained from as a consequence of this material. Specialist advice should be sought from a Chartered Accountant/Chartered Tax Advisor in relation to an individual’s financial matters.