FAQ’s

Need an accountant

Do I need an accountant?

Yes, having an accountant makes your life as an associate much easier. Of course, you could potentially figure it out yourself, but in our experience having an accountant on hand who can answer any question that arises, anytime, means that you have a peace of mind you wouldn’t have otherwise.

It also means if other issues come up (such as property, practice purchase, incorporation, etc) we can guide you through it even more quickly because we know you and your situation.

I am just about to start as a self-employed dental associate. Do I need to tell HMRC?

Yes, telling HMRC early is definitely recommended!  You need to complete form CWF1 and submit it directly to HMRC.

Or,  view more HMRC forms here.

The other thing you’ll want to be aware of is that you need to register to pay class 2 NIC within three months of starting your business. If you don’t do this, there’s a £100 penalty.

DBS can sort out all these forms for you as part of our associates package. Enquire now.

 

Record keeping

How do I submit my books and records?

We’ve got two options for you – offline, and online.

Online: Your “Virtual Cabinet” allows you to log into an online portal to access your account and upload all documents to us securely. This is where you’ll also access your accounts, tax returns and other important information – you can get it anytime without even needing to pick up the phone! (Or email.)

Offline: We supply an “associate folder” around the time your year-end accounts are due, and you can complete it and send it on to us. If you’d like it early, just ask. (We love it when associates complete everything in advance – and you love it because when your year-end comes, there’s very little for you to do.)

Request yours now.

What information do I need to keep?

The associates folder we provide is split into sections so you know exactly what you have to keep. The key sections are:

  • Bank Statements: in particular the account used to receive your income and pay your expenses
  • Schedules: all your monthly payslips for the year plus the one for the month following your year-end
  • Expenses: all business expenses plus receipts where possible
  • Credit card statements: If you use a credit card for business expenses

We can also set you up on Xero so none of this has to be kept on bits of paper, but is all stored securely on the cloud.

 

Claiming expenses

When do I have to start repaying my student loan?

If your income in any tax year exceeds £21,000 you will repay 9% of any income in excess of this. The repayment will be collected via your self-assessment return.

My superannuation deduction is the same every month. Is this correct?

Here’s a typical scenario:  You work in an NHS dental practice. Your practice owner has deducted superannuation from your monthly payslips, but it’s the same amount every month although your UDAs vary.

The method is acceptable but the deduction is not “correct”. The deduction is effectively on account of the final amount that will be calculated at the year-end (the NHS contract year runs from 1 April to 31 March) and is based on an estimate of the total UDAs that you will complete. You should bear in mind that there is likely to be a balancing amount that could be a deduction or a repayment at the year end. The NHS normally notify the practice of this around 1st August. 

Remember, talk to us if your situation is different.

What records do I have to keep to give to my accountant?

You’ll need records of your income and of your expenses.

Income:  Records of your income, essentially your monthly payslips that should have been provided to you by your dental principal or practice owner.
Expenses:  Receipts for all business expenses that you wish to claim. When you become a DBS client, we supply an “associate folder” that will help you keep all the records you need for us to complete your accounts.

 

 

Buying a practice

I’d like to buy a dental practice. How do I know what it’s worth?

We can definitely help with this.  We have been helping dentists buy dental practices and sell dental practices for years. We have evaluated practices, valued practices, and we have challenged incorrect valuations and successfully defended our own valuations when challenged by HMRC and others all on behalf of our clients.
Download our free “10 Tips for Buying A Dental Practice” PDF for some tips.

 

Money Laundering

What does a certified copy mean (in relation to money laundering)?

A certified copy means a photocopy which is signed by a third party who is not a direct relative. The third party must be a professional person (e.g. lawyer, accountant, post master/sub-master, banker, teacher, minister, doctor, etc. etc.). The third party must have seen the original and must write above their signature that the copy is a true replica of the original and (if applicable) that the photograph bears a true likeness. They must state their capacity, contact details and the date of signature.

FAQ’s November 5, 2014

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