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Accountants for dentists in Liverpool

The ways in which businesses handle things will always differ, depending largely on the field in which they operate. Those in the medical profession may be subject to different regulations than a retailer or builder, for example. Accountants may have a general knowledge of all trades and sectors, but it pays to use an expert who has a specific focus on the field in question – it can, for example, be beneficial to hire accountants for dentists. Liverpool dentists will know that their accountant has specialist knowledge in their sector, meaning they can provide advice which is beneficial to the practice. The dentist could be a sole trader or partnership, but may be considering becoming a limited company. An accountant specialising in dentistry will know what the advantages and disadvantages of this move could be.

Services provided by accountants for dentists in Liverpool

By outsourcing to an accountant with an in-depth knowledge of the dentistry profession, business owners could significantly reduce their tax bills. An accountant will provide business advice which will improve the performance of the dental practice. In addition to planning finances for the business, an accountant will also help to plan your personal finances, ensuring you maximise income.

If you either buy or sell a practice, you may require specialist knowledge to ensure you recognise business and tax implications of specified actions. For any dental practice facing an enquiry by HM Revenue & Customs, an accountant with sufficient experience of representing dentists will be invaluable. An established accountant will also be able to prepare documents and business records ready for an investigation.

Why not use a regular accountant

You may be wondering why you shouldn’t outsource to any available accountant, but there are advantages to hiring specialist accountants for dentists. Liverpool dentists may be entitled to claim for specific expenses, allowances or tax reliefs, especially if they fulfil certain criteria. A regular accountant may not be aware of the criteria for a dentist, which could result in a claim being refused by HMRC. Alternatively, an accountant without specialist knowledge of dentistry may fail to claim all allowable expense, reliefs and allowances on your behalf, which will result in a higher tax bill.

Accountants which deal only with dentists will have a better perception of the industry as a whole and will have access to a network of dentists who share insider knowledge and tips. If you are looking for accountants for dentists, Liverpool is the perfect place to find help in improving your business. To see how Wainwrights can help, give us a call today – we’d be happy to discuss your situation.