The GDPUK.com Blog

All that's new in the world of dentistry
NOV
25
0

A different story

A different story

 

Michael Lansdell is a founding partner at specialist dental and medical accountants Lansdell & Rose. As a chartered accountant, here he discusses the Chancellor’s Autumn Statement and how it could impact on dental practitioners and practice owners…

 

It could be the understatement of the century to say that we have had ‘quite’ a year here in the financial sector! We barely had time to draw breath after the result of the EU referendum when, on 8th November, the global political and economic landscape had another shock with the election in the US of Donald Trump. 

 

As far as the UK is concerned, not only do the people in charge now look different, the numbers do too. Back in March, ex-Chancellor George Osborne was still talking about his goal of turning the deficit into a surplus by 2020; by November his successor Philip Hammond had the (unenviable?) task of embracing the current reality by setting out careful fiscal targets that leave “significant flexibility to respond to any headwinds the economy may encounter”. The Office for Budget Responsibility (OBR) now forecasts the 2016/17 deficit will be £68.2bn, with 2019/20 producing a deficit of £21.9bn. Most worrying is that by end of this parliament, total government debt is forecast to be just short of £2 trillion!

 

Still, in the real world we have to press ahead with resolve and get on with the job in hand. For dental practice owners, this means trying to maintain a sustainable, successful business that looks after its employees and provides top-notch standards of patient care. So, in Mr Hammond’s first – and last – Autumn Statement, what were the stories that could impact on the dental sector?

 

First, there was some continuity. The previously announced staged reduction in corporation tax, from the current rate of 20% to 17% by 2020, will stay.

 

Employers would naturally be interested in any changes to National Insurance Contributions (NICs). From April 2017, the primary (employee) threshold and the secondary (employer) threshold will be aligned at £157 per week. Also, the tax and NI advantages of most salary sacrifice schemes will be removed from April 2017 (as previously proposed). Exclusions include packages relating to pensions, childcare and cycle to work schemes. Some arrangements will also be protected up until a specified date (the devil is in the detail, as ever). So, if you currently offer employees the opportunity to swap salaries for benefits you may decide to think again as they could end up paying the same amount of tax as individuals who pay for these things out of their post-tax salary. There will also be a call for evidence on tax relief for employees’ business expenses.

 

 

With regards to personal taxation and finance, Mr Hammond confirmed an increase to the personal allowance to £11,500 and the higher rate threshold to £45,000 for 2017/18. He also remains committed to a goal of a £12,500 and £50,000 (higher rate) personal allowance by 2020, he said. Of interest in the area of pensions, the Chancellor also announced proposed changes to the Money Purchase Annual Allowance (MPPA), a reduction from £10,000 to £4000. MPPA applies to anyone who has drawn income benefits under the current pension flexibility rules. The new guidelines are intended to limit the amount of pension income being ‘recycled’ as tax-relieved contributions (future consultation could result in some exemptions). There will also be other changes to the tax rules for pensions of people who move overseas, aligning them more closely with the UK’s tax regime; pensions/lump sums will be taxed to the same extent as they would have been domestically. Finally, the much anticipated further restriction on pension contributions by higher rate taxpayers did not materialise, so no changes there (mercifully)!

 

What about your other savings and investments? The band of savings income that is subject to the 0% starting rate will remain at £5000 during the next financial year. As previously announced, if you have an Individual Savings Account (ISA), the subscription limit will increase to £20,000.

 

This is just a brief summary of what dental practice owners may find interesting and/or applicable to their circumstances. Now more than ever, it is essential to enlist a specialist accountant when you are making any financial decisions, whether it relates to you or your business. In a year of shocks, now is time to be vigilant, be flexible, be organised and most of all to use the experts!

 

To find out more, call Lansdell & Rose on 020 7376 9333,

Or visit www.lansdellrose.co.uk

 

  2176 Hits
2176 Hits
SEP
07
0

Dental Elite Announces New Membership

Dental Elite Announces New Membership

Dental Elite is pleased to announce that it has been awarded membership to the National Association of Commercial Finance Brokers (NACFB).

Having gone through a rigorous process, Dental Elite is now a member of the UK’s trade body for business finance brokers – an accolade that only a few other companies within the dental sector can boast.

With this associateship, Dental Elite can continue to offer its clients an excellent service with the additional support of the NACFB, which exists to safeguard both its members and their clients against fraud and restrictive practices.

Its aim as one of the largest agencies in dental recruitment, finance, valuations, acquisitions and sales is to ensure that its clients receive a transparent, impartial and ethical service that ensures the optimum outcome is achieved.

For more information, contact the team today.

 

For more information contact DE Finance. Visit www.dentalelite.co.uk, email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 01788 545 900

  2363 Hits
2363 Hits
MAR
13

The Big Bad Budget - With the new tax year looming

The Big Bad Budget  - With the new tax year looming

With the new tax year looming, it is important to re-examine how the latest Budget – the first Conservative Budget for 19 years – will affect the dental profession. Having had time to evaluate the pending changes, it seems that dividend taxation could have the largest impact, especially those drawing dividends from their own limited company.

As dividends from UK shares are currently paid for with a 10% tax credit, previous years have presented incorporations with opportunities for reducing tax. From 2016, however, all dividend income will be treated as untaxed income and the current system will be replaced with a tax-free dividend allowance of £5,000 with higher taxes on income above that. What this ultimately means, is that practices will see a 7.5% increase in tax on any dividend income above the £5,000 tax-free allowance.

Although this is an aspect that will undeniably affect incorporated practices and their overall income, for those considering the decision to incorporate in the future, it could be pertinent to seek out professional financial advice to determine if it is the right decision to make.

In regards to dividend income received on Stocks and Shares ISAs and private pensions, however, thanks to the 1997 Budget, there will be no tax consequences introduced. This is good news for private pension protection, especially as tax relief claims will shortly be changing from £40,000 to £10,000 for dentists with incomes over £150,000 per annum.

The changes to employment allowance, income tax and inheritance tax are much more promising. Indeed, as from April, the employment allowance will be increased from £2,000 to £3,000 for all private practices. With the additional increase of the income tax higher rate threshold from £42,385 to £43,000, the Budget does present potential benefits to practices and dentists alike.

This is especially true where inheritance tax (IHT) applies. With the transferable main residence allowance set to gradually increase from £100,000 in April 2017 to £175,000 per person by 2020/21, this may prove to be a comforting thought for dentists and their families who have concerns about the effects of the Budget.

All in all, the Budget has revealed some interesting changes. While George Osborne and his fellow Conservatives expect to see public finances run at a surplus from as early as 2019, it would be prudent for all practices and dentists to stay cautious of what the future holds. Ultimately, until the changes take full effect it is uncertain what financial downfalls and benefits may occur, which means for now, preparation and calculation are very much advised.  If you are unsure of how the Budget affects you, contact money4dentists today.

 

For more information please call 0845 345 5060, email This email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.money4dentists.com

 

  2236 Hits
2236 Hits
MAR
01

Independent Financial Advisers: money4dentists

Independent-Financial-Adviser-money4dentists.jpg

The majority of dentists will not be financial experts. The team at money4dentists are.

 

Running a dental practice as a successful business includes many complicated aspects, some of which are far beyond the knowledge imparted at dental school. To achieve business prosperity and security these factors need to be efficiently managed. 

 

This is where money4dentists can help. With excellent knowledge of the dental sector, the team of expert advisers can help with any financial query practice owners might have. As IFAs, they offer objective, unbiased advice – meaning you can be assured that the only thing they have in mind is your best interests. 

 

Whether it’s income protection, mortgage advice or tax planning, the IFAs at money4dentists will you their in-depth knowledge to offer you relevant and appropriate advice, every time.

 

Contact the friendly and professional team to find out just how they could help you today.

 

For more information please call 0845 345 5060 or 0754DENTIST.

Email  HYPERLINK "mailto:This email address is being protected from spambots. You need JavaScript enabled to view it." This email address is being protected from spambots. You need JavaScript enabled to view it. or visit  HYPERLINK "http://www.money4dentists.com" www.money4dentists.com

  2328 Hits
2328 Hits
FEB
04
0

Offer your patients more with Chrysalis Finance

Offer your patients more with Chrysalis Finance

 

 

Do you want to be able to offer your patients credit – but can’t get your head around all the Financial Conduct Authority’s (FCA) regulations?

If so, contact the team at Chrysalis Finance.

Rather than managing your direct application with the FCA for you, the expert team at Chrysalis Finance will simply make you one of their Appointed Representatives. This allows you to offer credit through their authorisation – which removes the administrative stress of applying for authorisation and ongoing reporting yourself.

In this way, you can continue to offer better finance options to your patients and increase the uptake of your higher-value treatments – all without the headache of dealing with quarterly FCA reports and fees.

What’s more, Chrysalis Finance will take care of all the necessary compliance considerations, can guarantee only the best rates and ensure you receive prompt payment within 48 hours.

You will also have access to their innovative dashboard, which can be easily integrated with your practice’s computer system, allowing you to arrange patient credit within seconds, all from the chair-side!

For an easier way of providing patient finance, contact the team from Chrysalis Finance today!

 

For more information about Chrysalis Finance call us on 0333 32 32 230 or visit www.chrysalisfinance.com

  5120 Hits
5120 Hits
JAN
03

Need annuity advice?

Need annuity advice?

When it comes to pensions and annuities, the Government is constantly changing the rules and moving the goalposts. It’s no wonder many dentists are struggling to know which decisions to make in regards to their own retirement.

 

Luckily money4dentists is here to help. As specialist Independent Financial Advisers (IFAs) to dentists, the money4dentists team have over half a Century’s experience in the profession and are there to help ensure you make the optimum decisions when it comes to your finances.    

 

From the economic climate to the amount in your pension and from your geographic location to your health and lifestyle; the amount you receive from an annuity depends upon a long list of variables.

 

So if you are considering retiring soon, or want to be sure to plan for a secure, worry-free future, it pays to seek out the advice of an IFA that has experience and understanding of your profession. Turn to the experts at money4dentists and take a step towards a safe financial future.

 

For more information please call 0845 345 5060 or 0754 DENTIST.

Email This email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.money4dentists.com

  2268 Hits
2268 Hits
DEC
02

Be Aware of The Autumn Statement - Richard Lishman

Be Aware of The Autumn Statement - Richard Lishman
 

On 25 November 2015, the Chancellor of the Exchequer George Osborne revealed the 2015 Spending Review and Autumn Statement. In the Summer Budget, Osborne declared it was time to become a country of higher wages, lower taxes and lower welfare. It would seem that the Review looks to reinforce this. However, how will this affect the dental profession, if at all?


Savings and Pensions

There are some aspects of the Autumn Statement that won’t affect dentists, but taxation on savings and pensions might. It is prudent to note that the band of savings income that is subject to the 0% starting rate will remain at £5,000 for 2016/2017 – a relevant point for those looking to achieve savings on tax through proactive mitigation.

In regards to individual savings accounts (ISAs), the limit will remain at £15,240. The Statement also announced that the list of qualifying investments for the new Finance ISA is to be extended in Autumn 2016 to include debt securities offered via crowdfunding platforms. As for the ISA savings of a deceased person, they will continue to benefit from ISA tax advantages during the administration of their estate.

The Review has also outlined plans to introduce legislation that will enable the pension tax rules on bridging pensions to be aligned with Department for Work and Pensions legislation. As for the pensions tax relief consultation that was launched in the Summer Budget 2015, the proposals will be published in the 2016 Budget.


Inheritance Tax

Another aspect of the Autumn Statement that might affect dentists is changes to inheritance tax (IHT). The Autumn Statement has revealed that inheritance tax rules are to be backdated to 2011 to prevent pension scheme members from being charged for inheritance tax if they don't drawdown their monetary funds before their death.


Buy-To-Let Scheme

For those looking to invest in additional properties, including buy to let properties and second homes, from 1 April 2016 they will have to pay an extra 3% in stamp duty. The money raised will be used to help those struggling to buy their first home. While this may be costly to some, it is certainly good news for the younger generation of dentists who are not yet on the property ladder. With announcements that a new Help to Buy equity loan scheme will lend 40% of the price of a home to those living in London, it is especially good news for those working and living in the capital.


Rent-A-Room Relief

Additionally, there has been an increase in rent-a-room relief, which is the amount of rental income that can be received tax-free by individuals renting a room or rooms in their main residence. From April 2016, the tax-free amount will be increased to £7,500 per annum.


Get Advice

All in all, the Autumn Statement was met with mixed reactions and certainly provides food for thought. For dentists specifically, there is much to be considered, but there is nothing that is especially concerning. If you are unsure what the Review might mean for you and your practice, it is always beneficial to seek out the advice of trusted financial professionals.

 

For more information please call 0845 345 5060, email This email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.money4dentists.com

 

  2352 Hits
2352 Hits
DEC
01

High street mortgage lenders shun new associates

High street mortgage lenders shun new associates
 

A review of the top five lenders on comparison website Moneysupermarket.com revealed they will not lend to newly self-employed dentists regardless of income. Chartered Financial Planners PFM Dental undertook the review and found that self-employed dentists without at least two years of accounts were barred from obtaining a mortgage.

 

Jon Drysdale of PFM Dental commented: "We based our review on a first-time buyer wishing to borrow £180,000 for a house purchase of £200,000. The majority of dental associates would easily afford the repayments and they have virtually guaranteed job security. The good news is that specialist dental advisers are aware of lenders happy to accept mortgage applications from newly qualified associates."

 

Around 1,000 dentists have now completed Foundation Training in the current academic year and the majority will start associate positions during August and September. The move to self-employment usually results in an immediate uplift in income, causing many dentists to think seriously about their first property purchase.

 

Jon Drysdale is an independent financial adviser for Chartered Financial Planners PFM Dental. He specialises in pension and wealth management advice exclusively for dentists.

 

For more information visit www.pfmdental.co.uk

  3096 Hits
3096 Hits
NOV
26

How working from home can work for tax planning

 

How working from home can work for tax planning

Working from home can be a highly successful way of dealing with routine tasks that can often be overlooked in the day-to-day running of a busy practice. But did you know that in doing so you may trigger Capital Gains Tax (CGT)? Fortunately, there are some straightforward ways to reduce or avoid your CGT bill, while keeping on HMRC’s good side.
 

CGT is a potentially complex area. The law states that ‘if you use part of your residential home exclusively for business use then PRR (Private Residents’ Relief – tax relief available to reduce CGT) has to be apportioned according to the personal element only’. Essentially, this means that the ‘business’ part of your home is subject to CGT.
 

If a room has a dual purpose, however, PRR will not be restricted. Dual purpose means actual, regular personal use in addition to work use. Don’t think that a few personal items put in a room where you also have your desk set up will suffice. A better example would be a room where you work, but is also available for use as a guest bedroom when it is needed.
 

Another solution is to rent a room in your house to your company, and for using your facilities they will pay you an income. Again, if the room also has ‘regular residential use’ then you should be able to override the rule that stipulates your home is now counted as a business. Draw up a contract which outlines the days, hours and times that you will be using the room as a workplace and when it will be free for domestic use. A formal agreement like this will protect you if HMRC wants to investigate further.
 

It is possible to be tax efficient and remain within the law as long as you seek and follow the right advice. Find an accountant who understands the challenges that dental practitioners face and will support you accordingly. Working from home is common for practice owners, yet it can also mean an unwanted CGT bill – simple solutions structured properly will not only help you to be tax efficient, but will also help you make the most of your time at work.
 

Lansdell & Rose are specialist medical and dental accountants, who can help advise you with tax planning and help you find ways to structure your business. Visit www.lansdellrose.co.uk or call 020 7376 9333.

 

 

  2980 Hits
2980 Hits
NOV
08

New Business for Free - Jeremy Hedrick of Munroe Sutton

New Business for Free - Jeremy Hedrick of Munroe Sutton

The demand for affordable dental care is on the rise, along with the increase in popularity for dental procedures. We safeguard our most cherished possessions such as our homes, cars, pets and even lives with insurance policies, so logically our teeth should be as carefully protected.

 

The repercussions of poor oral health have the potential to not only damage self-confidence and relationships, but are also linked to diabetes, heart disease and arthritis. To add insult to injury, the healthcare required to treat dental conditions is notoriously costly. As completely free NHS dental procedures are only available to pregnant women, new mothers, children up to the age of 18 and those receiving benefits, virtually everyone – whether private or NHS – pays towards dental care. Current NHS treatment bands range from £18.80 for a standard check up, through to £222.50 for more complicated procedures such as crowns. Bearing in mind that 63% of NHS dental patients choose their practices based on cost[i], it’s prudent for clinicians and patients to investigate dental insurance policies, particularly when several treatments are required.

 

A British Dental Association report in 2013 showed that over half of mainly NHS dental practices in the UK, didn’t employ dental hygienists at all[ii]. However, the 2009 Dental Health Survey revealed 45% of the population with natural teeth had gingival pockets of 4mm or more revealing that periodontal disease is widespread[iii]. For these patients, hygienist sessions are recommended at least twice a year, typically costing around £50. If a standard amalgam filling at £50.50 (a composite, white filling is usually a private treatment), and any related dental examinations are then added to the mix, fees can escalate.

 

For a series of private treatments, a £220-£280 annual cover plan, recompensing 75% of the final bill makes financial sense. NHS dental patients may also be able to opt for NHS clinic-only cheaper insurance plans covering 100% of the costs[iv]. With some policies covering families, dental accidents or emergencies overseas, and giving no upper age limit for new customers, there’s a wide range of options available to suit both need and budget.

 

Munroe Sutton has been organising, designing and managing stand-alone, affordable dental plans for over thirty years. Created by dentists, these policies are committed to fair compensation for professionals and improving accessibility to quality dentistry for the individual. Together with leading insurance providers, a network of high quality dental practices has been established. Completely free to join, it offers your business a highly effective and efficient promotional tool to help increase your patient-base and build profit, all at no extra cost.

 

For more information please call 0808 234 3558

or visit www.munroesutton.co.uk

 



[i] National Smile Month Facts and Figures http://www.nationalsmilemonth.org/facts-figures/ (accessed 23/6/2015)

[iii] 2: Disease and related disorders – a report from the Adult Dental Health Survey 2009 http://www.hscic.gov.uk/catalogue/PUB01086/adul-dent-heal-surv-summ-them-the2-2 (accessed 23/6/2015)

 

  2639 Hits
2639 Hits
NOV
04

Goodwill Values: What’s yours? | Dental Elite

Goodwill Values: What’s yours?  |  Dental Elite

The dental practice goodwill values for the last financial year ending March 2015 are out at last, and average practice sales with Dental Elite as a broker have risen to 3.23x adjusted net profit, 6.99x adjusted EBITDA with 137.8% as a reflection of turnover.

 

“I think anyone involved in dental practice sales and goodwill values will have noticed that the market has gained considerable strength,” reflects Luke Moore, Co-Founder of Dental Elite. “Most practices this year have achieved over and above our valuation.”

 

This year, NHS practices are displaying a 3.66x ANP, 6.79x EBITDA and 156.70% turnover compared to mixed practices, which sold for an average of 8.98x adjusted EBITDA or 3.56x ANP with a reflection of turnover standing at 136.02%.

 

“The breakdowns are very interesting,” says Paul Wilkinson, Co-Founder of Dental Elite. “It would seem that mixed practices tend to sell more to dentists who seek to work in the practice themselves, hence the slightly higher EBITDA multiple which is counteracted by the lower Adjusted Net Profit. It is also interesting to see Private Practice Multiples starting to narrow the gap between NHS Practices.”

 

To find out how you can get the best deal on your practice, and for a free, no strings valuation, contact Dental Elite now.

 

For more information contact Dental Elite. Visit www.dentalelite.co.uk, email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 01788 545 900

  6772 Hits
6772 Hits
SEP
28

A helping hand for smooth selling | Dental Elite

A helping hand for smooth selling

Selling a dental practice can be stressful, especially when it comes to completing the CQC Registration Process. Since changes to the paperwork on 1st April 2015, it is more crucial than ever to ensure the form is populated correctly and accurately.

 

As a leading specialist in practice finance, sales and valuations, Dental Elite is dedicated to providing first class advice that helps simplify the process of selling your practice, referring the contract and deregistering as the owner.

For just a small fee, the majority of which is donated to charity, Dental Elite is offering a not-for-profit service for anyone requiring CQC application support.

Because Dental Elite understands what selling a practice means to you, it works alongside charities BDA Benevolent Fund and Bridge2Aid, investing its time and money back into the dental community.

Anyone already buying, selling or financing with Dental Elite will receive this service included as standard for free.

Contact the friendly, profession team at Dental Elite today and discover how it can help you with your sale and CQC application.

 

For more information visit www.dentalelite.co.uk, email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 01788 545 900

  2741 Hits
2741 Hits
SEP
13

Munroe Sutton Forms Partnership with Toothpick

Munroe Sutton Forms Partnership with Toothpick

For many in the current economic climate, the price of dental treatment can be daunting. Careington Corporation and their UK affiliate Munroe Sutton believe that everybody should have access to high quality dental care, which is why they dedicate their time to designing, organising and managing affordable and accessible dental plans.

 

The companies have already benefited many patients across the US and UK, and continue to grow through their new partnership with Toothpick, the UK’s leading online booking platform for dental appointments. The new partnership aims to further increase accessibility to private dentistry, ultimately reducing the gap between NHS and private care, and it all begins with the introduction of the ‘Toothpick VIP’ card.

How does it benefit the patient?

The ‘Toothpick VIP’ card is cost effective and simple to use, and through its use, patients can benefit from an immediate 20% discount on private dental treatment at participating practices in the UK.

The card is available for a low annual fee and it is possible to include family members into the plan. This money-saving scheme offers unlimited use, and can be used for both pre-existing conditions and emergency dental treatment.

How does it benefit practices?

Because this scheme is not an insurance policy – it is a money saving option – it is beneficial to dentists and patients alike. Essentially, any practice in the UK that is registered with Munroe Sutton can offer this service, which is likely to attract new patients, in turn increasing practice profit. What’s more, practices are likely to receive positive reviews and build a good rapport with new and existing patients.

Working with Munroe Sutton offers copious opportunities for networking and free promotion, as it liaises with customers of leading companies within insurance, finance and healthcare. Ultimately, involvement with this scheme could allow you to develop and unlock your business potential and it is completely free to join the network.

With studies showing that only 61% of people in England attend their dentist regularly[i], it is crucial that schemes such as ‘Toothpick VIP’ continue to be implemented. As prices continue to rise, so will the number of people that miss out on necessary treatment.

 

For more information please call 0808 234 3558 or visit www.munroesutton.co.uk

 


[i] British Dental Health. National Smile month. Facts and figures. May 18 - June18, 2015. Accessed online June 23rd 2015 http://www.nationalsmilemonth.org/facts-figures/

 

  5678 Hits
5678 Hits
AUG
17

Free finance presentations for Foundation Dentists

Free finance presentations for Foundation Dentists - Dave Hancock

Foundation Dentists in the Yorkshire and Humber region will receive free sessions on essential finance and accountancy issues by experts from PFM Dental – the only Chartered Financial Planners offering financial advice exclusively to dentists in addition to a specialist dental accountancy service.

 

On 28 October at a Dental Foundation Training study day in Sheffield Jon Drysdale (dental independent financial adviser) and Jeff Williamson (dental accountant) will present 'Essential Finance for Dentists part one', providing delegates with everything they need to know about finance and accounting for dentists. Topics include: the NHS pension, income protection, obtaining a mortgage, tax and National Insurance and student loan repayments.

Jon Drysdale, an independent financial adviser for Chartered Financial Planners PFM Dental, says: "We have been speaking to Foundation Dentist groups for more than 10 years and are delighted to have been asked to do so again. In a new format, this time we shall present to multiple groups of delegates – as many at 60 – at the same venue."

‘Essential Finance for Dentists part two' is scheduled for April 2016 and will offer practical advice for Foundation Dentists approaching their first self-employed or salaried post.

PFM Dental will also present free CPD Mini-Lectures on finance matters for dentists at BDIA Showcase at the NEC Birmingham, 22-24 October 2015.

Jon Drysdale specialises in pension and wealth management advice exclusively for dentists. Jeff Williamson is a specialist dental accountant with PFM Townends.

 

For more information visit www.pfmdental.co.uk

  3203 Hits
3203 Hits
JUL
27

New patients and excellent support with Munroe Sutton

New patients and excellent support with Munroe Sutton

“We were delighted to team up with Munroe Sutton,” says Sarfraz Ghauri, principal dentist at Ghauri Dental Centre. “We’ve been with them since 2013 and we have seen an ongoing increase in new patients throughout that time.

 

“Partnering with Munroe Sutton has helped us to accommodate a wider clientele, including insurance patients. This really is the main benefit: having access to so many new patients, all of whom can be confident that our practice has been screened for the highest quality by Munroe Sutton. This allows a greater degree of trust between the practice and patients.

“The administrative support and advice Munroe Sutton offer is also excellent.

“I would have no hesitation in recommending them to other practices, particularly those wishing to expand the range of patients they cater for.”

With over 30 years’ experience, Munroe Sutton is committed to connecting patients with the best practices. By being part of its prodigious network you will be able to source new patients and improve your business.

To find out exactly what Munroe Sutton can do for you, contact the friendly team today.

 

For more information please call 0808 234 3558 or visit www.munroesutton.co.uk

 

  3141 Hits
3141 Hits
JUL
19

An impossible task made achievable with Money4Dentists.com

An impossible task made achievable with Money4Dentists.com

As small business owners, dentists encounter key business decisions daily, from day-to-day accounting to making difficult legal or financial changes. Just being able to balance all these aspects alongside the day-to-day provision of excellent healthcare can seem like an impossible task, especially for those without a formal business education or background.


Fortunately the 4dentists group is ready and waiting to help. With expects across a range of business specialities, the 4dentists group has all the elements needed to help remove some of the stresses of running a modern dental practice – making an impossible task achievable.

Across all its areas of expertise – legal, financial, accountancy, training, consultancy, insurance and setting up, buying and selling practices – the specialists at the 4dentists group are highly experienced and mindful of dentists' needs.

Don’t let running a dental practice become an impossible task, turn to the experts at the 4dentists group for professional, reliable guidance and advice.

 

For more information please call 0845 345 5060 or 0754 DENTIST. Email This email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.4dentistsgroup.com

 

  2880 Hits
2880 Hits
JUN
15

Helping you help the dental community - Dental Elite

Helping you help the dental community - Dental Elite

Practice valuers and finance experts at Dental Elite are now offering new online CQC Application Support, so you never have to worry about filling in difficult CQC applications again.
 

This service is now available for purchase to anyone – not just for those with transactions being financed or sold by Dental Elite – and what’s better, after a small administration fee, all proceeds will be generously donated to one of the participating dental charities, including Bridge2Aid and the BDA Benevolent Fund. For current clients, this service is completely free but Dental Elite will still make a donation of £150 to the client’s dental charity of choice.
 

With a team that is proud to have over a hundred years of experience in the dental sector, Dental Elite is in an ideal position to help professionals in all aspects of selling their practice. By partnering with a number of different charities, they can make sure this help is extended to the entire dental community.
 

To discover what else Dental Elite can do for you, contact their friendly team today.
 

 

For more information and to find out how Dental Elite can value
and assist your practice sale visit
www.dentalelite.co.uk, email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 01788 545 900

 

  2692 Hits
2692 Hits
JUN
10

Grow your Practice Cost and Hassle-Free - Valerie Bostrom

Valerie Bostrom from Munroe Sutton

Many modern companies in all industries offer an array of employee benefits. There are various different schemes available, from those that provide tax incentives for employees cycling to work, to others supporting child care costs. The nature of the benefits provided will depend on each team and their individual needs.

Aside from the obvious compensations to employees, these benefit schemes also offer advantages to the employer and business. Happier staff tends to increase their engagement and maximise productivity, ultimately having a positive effect on profitability.

Healthcare benefits will also help improve the health and wellbeing of staff for reduced sickness absences. These are probably one of the most cherished schemes offered, as they entitle employees to private health and dental care, with a considerable proportion of the cost covered.

But how is this relevant to you as a dental care provider?

Most dental practices are run as a business, and an increase in new patients, higher frequency footfall and busier chair occupancy is the ultimate goal from a ‘bottom-line’ perspective. By being part of these healthcare plans and working with those who offer them, patients who use the cover will come to you for their treatment. There are businesses out there that manage healthcare plans in this way, liaising with insurance companies and dental providers to provide the highest quality of dental care for those who take out cover.

Munroe Sutton has more than 3 decades of experience in designing, organising and managing dental plans that improve the affordability and accessibility of quality dental treatment. Their dental plan was created by dentists, for dentists, so is committed to providing fair compensation and supporting the patient relationship. By working with leading financial, insurance and healthcare companies, as well as the smaller local unions and trade associations, Monroe Sutton is able to promote your practice to a huge number of new patients, all at no cost to you.

Further still, Monroe Sutton believes in prompt payment for the services provided to healthcare plan patients, ensuring a reliable cash flow.

Attracting new patients is an integral aspect of your business’ success, and it doesn’t have to be time-consuming or expensive to you. By getting involved with the healthcare and dental plans offered to businesses and individuals, you can not only help more people enhance their oral and general health, but also build your patient base and grow your business.

 

For more information please call 0808 234 3558

or visit www.munroesutton.co.uk

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3216 Hits
MAY
31

Car ownership - tax tips for dental professionals | Michael Lansdell

Michael Lansdell shares tax tips for dentistry

There are many costs when owning a vehicle such as fuel, repairs and maintenance, insurance, car tax, roadside assistance, depreciation, parking and lease payments. This leaves many dentists questioning the best possible way to purchase a car in order to minimise their tax bill. Lansdell & Rose have outlined and outlined factors to consider when purchasing a vehicle to maximise your tax relief.

The methods of tax treatment differentiate between different types of businesses and there are clear distinctions between how the tax of a vehicle works when trading as a sole trader or partnership, as opposed to a limited company. For most newly qualified doctors and dentists who are sole traders or in partnerships, the purchase of a vehicle can be represented as an asset to the business. Purchasing the vehicle through the business account would mean the company would gain full tax relief for all business use of the vehicle. An adjustment can then be made in the tax return to represent any proportion of private use.

For limited companies, a different approach applies and there are two main options. The first is that the company owns the vehicle and claims full tax relief, excluding fuel, as claiming tax relief on fuel may have further implications. The employee/director pays tax for their personal use for the vehicle. The second option sees the director purchasing the vehicle and claiming mileage at 45p per mile for the first 10,000 miles and 25p thereafter. The company consequently claims tax relief and the director incurs the cost of the vehicle through the mileage claim. It is important to note that traveling to and from work is considered private and not business use of the vehicle.

Deciding the most tax beneficial ownership of a vehicle is largely dependent on the type of vehicle and most notably its fuel emissions. If the vehicle’s fuel emissions are less than 95g/kg then it might be more tax efficient for the company to own the car. However, if the emissions are higher than 95g/kg you could receive better tax relief if you own the vehicle personally.

 

Lansdell & Rose are specialist medical and dental accountants and tax advisers who answer questions like these for dentists and medical consultants every day. If you have a question please contact us to ensure you maximise your tax relief before making key decisions for you and your business.

T: 020 7376 9333

E: This email address is being protected from spambots. You need JavaScript enabled to view it.

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5549 Hits

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