Dental Seminar & Networking

Presentation byPeter Brassington & Philip Waine

• HMRC clawed back over £13million in underpaid taxes in two years

• Over 1,5000 disclosures generated £10million

• Over 1,000 investigation generated £3million

• One dentist paid in excess of £300,000

Accounting issues

• Fees receivable

• Debtors – NHS & Private

• Payment received in advance

• Work in Progress

Tax investigations and problems • HMRC very interested

• Private and personal expenses

• Completeness of income

• Inspection costs

• Ash Cash

• Use of home

• Personal use estimates

Plant and Machinery

• Can be difficult to quantify

• Planning of capital expenditure necessary

• Specialist lenders available

• Significant elements of surgery

• AIA decreasing

• Can be difficult to quantify

5 Ways to Protect your Practice

1. Practice Capital Expenditure

2. Formalised Agreements

3. Practice Premises

4. Timely Record Keeping

5. Proactive Advisers

In Conclusion …

7 Christie Fields Christie Way Manchester

M21 7QYTel: 0161 249 5040

Email: partners@leonherman.co.uk