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Dental Seminar & Networking. Presentation by Peter 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. - PowerPoint PPT Presentation
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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 …