Accounting for Dentists

Dental practices have specific accounting needs, and at Larking Gowen we have a team of specialist accountants for dentists who can help in all aspects of your private and NHS business.

As well as dealing with all accounting matters, we can help you through complex regulatory issues that would otherwise take up your valuable time.

Get in touch

How can we help you?

We can give you a free initial meeting with no obligation, and if you decide to work with us, you'll have a named partner and a named client manager who will get to know you, taking the initiative in offering advice to help you grow your business.

As well as looking after principals and associates, we offer services for dental nurses and hygienists.

Associates

For associates in a dental practice, including those who've recently joined, or those who are about to become principals, specialist accountants can help you keep your tax bill to a minimum and protect your wealth.

Larking Gowen will give you all the business and tax advice and support you need as an associate including:

• Preparing annual accounts
• Tax returns
• Advice on starting out in self-employment
• Tax planning and advice on tax liabilities
• NHS pension check
• Maximising tax relief on expenses
• Access to specialist financial advisers
• Advice on becoming a principal
• Trading structure review
• Advice on incorporation
• Specialist advice on the UK tax system for dentists who have moved from overseas

NHS Pension Schemes – Remediable Pension Saving Statements (RPSS)

Members of the NHS Pension Schemes will have received, or will be receiving, an RPSS from NHS Pensions, detailing the amended growth in the 1995/2008 and 2015 schemes between 1 April 2015 to 31 March 2022.

Action may need to be taken as a result of receiving this statement, in that members would need to inform HMRC of any changes to previously reported annual allowance tax charges, or report details of a new charge. The general deadline for reporting to HMRC is 3 months from the date of the RPSS, however, we don’t believe these to be firm deadlines, and no penalties will be levied if submissions are not made within this timeframe.

The McCloud remedy will impact anyone who transitioned to the 2015 pension scheme when it was introduced on 1 April 2015, or at a later date if you had tapered protection. As this transition was ruled to be age discriminatory, members' benefits have been amended to revert membership from the transition date through to 31 March 2022 back into the legacy (1995/2008) scheme, which has led to the pension growth figures needing to be recalculated and the remedial statements being sent to members.

If you have received a statement from NHS Pensions, please do get in touch and we can discuss next steps with you.

Relevant Insights

Brochure

Ask us!

In this brochure, we answer your questions surrounding tax, pensions or accounts.

News

Larking Gowen Partner appointed Chair of AISMA

Lizzy Lloyd, Medical Partner at Larking Gowen, has been appointed Chair of AISMA. Lizzy aims to shape AISMA’s future through new initiatives like AISMA NextGen and the AISMA Academy.