Concerns have been raised over the number of changes to buying or selling a practice that many dentists are unaware of.
NASDAL (National Association of Specialist Dental Accountants and Lawyers) has voiced concerns after it looked into the summer budget, details of which may affect anybody looking to incorporate their practice.
‘This summer’s budget saw a number of tax implications around incorporation, and reductions in pension allowances,’ said Alan Suggett, partner in charge of accountant UNW LLP’s dental business unit.
‘And, this came on the back of a raft of measures in the 2014 Autumn Statement.
‘Dentists may rely on accountants and lawyers to be on top of the latest business changes but if they aren’t using a specialist, they may leave themselves open to nasty surprises.’
NASDAL will be using the BDIA Showcase to cover some of the topics of most interest to dentists.
The subjects covered will include:
- Tax implications of the last budget
- What a partnership or expense sharing agreement needs to cover
- Newly qualified associates – what records they need to be keeping
- Buying and selling a dental practice
- Goodwill, profit and loss benchmarking.
‘We hope that these short, informative presentations will inform dentists of the basics and encourage them to keep a dialogue open with their accountant and lawyer so that they stay up to speed with any changes,’ Alan concluded.