Samera Hotline UK 020 3747 3296 | Ireland +353 1 506 0380 | info@samera.co.uk
Dentists 2018-05-14T14:03:00+00:00

Dental Accountants

Samera is a leading firm of Dental Accountants across the UK, with extensive knowledge and experience of dental accounting and tax issues. The firm has dental clients across the UK, from new Associate Dentists, to experienced practice owners, to large Dental groups across England, Wales, Northern Ireland and Scotland.

We are members of and regulated by the ICAEW (Institute of Chartered Accountants in England and Wales) and our team of friendly dental accountants are well versed in helping dentists with their accountancy and tax affairs.

Since 2002, Samera has been working as accountants for dentists across the UK.

In his first year of trade, Samera only had a handful of clients, now we are one of the largest specialist dental accountancy firms across the UK. Whether it is pulling together a spreadsheet to help our clients understand the profitability of their Associate Dentists, or negotiating with HMRC a tax issue, the Samera team have seen most things and can help Dentists through the minefield of tax, accounting and business.

In addition, we provide commercial finance raising services, as well as help dentists, sell or buy a dental practice through our Dental Practice Sales part of the group.

We provide services to hundreds of dentists and dental practices each year and we are growing our reach across the entire UK. Currently, most dentists and practice owners use their local accountant who are probably dealing with a mixed bag of clients. Whilst some of these accountants maybe excellent accountants, most of them have little knowledge about the sector and its particular issues which puts their clients at a significant disadvantage.

In addition, many accountants claim to be dental accountants, but in reality, they only have a handful of clients. We take pride in that we deal with hundreds of dentists across the UK and work with some of the most successful dental groups across the UK, looking after their accountancy and tax requirements.

We love working with Dentists

At Samera, we feel differ considerably to other accountants as we eat, live and breathe dentistry.

There are approximately 11,000 dental practices in the UK, and around 40,000 dentists on the GDC register. Whether our clients are NHS or Private, Principal or Associate our team of dental accountants and tax advisors work with our dental clients closely to ensure they get the help they require, with a friendly helpful team.

Our considerable experience of working with dentists began back in 2003, when our founder, Arun Mehra, quit his high-powered City job and decided to build a firm that did things differently. Starting from his dad’s dining table he built the business one client at a time. Over a 15 year period, he slowly built a client base of dentists, helping them with their tax and accountancy needs.

Corporate Dental Groups

As a leading firm of Chartered Accountants and Business Advisors dedicated to the Dental sector, we are in a perfect position to help Dental Corporate Groups, with their needs.

Our services designed for Dental Groups are thorough and cover the whole area of accountancy and tax management and planning. We can assist groups with their whole back-office function. If you are seeking any of the following please get in touch.

  • Advice on tax and group structures
  • Assistance with financial and management reporting
  • Setting up a finance function that will be easy for you to manage across multiple sites
  • Advice on how to grow the profits of your group
  • Group tax planning
  • Acquisition and disposal of practices
  • Business plans for investment and fundraising

For the last 15 years, the Samera team have almost exclusively been working with Dental groups across the United Kingdom.

What do great practices and Dental groups do differently?

As accountants to many Dental practices, we have seen what the great practices do, but also what the not so great do too.

Whilst having a great team, strong marketing and clinical excellence is essential, one area often neglected is the financial management of the practice.

The great practices and Dental groups get this right and understand having a grip on the financials will pay long-term dividends, not just in the annual profits, but in the longer term value creation when the time comes to exit or retire.

Focusing on the Finances is now more important than ever

At Samera, we feel a focus on the finances is the key to unlocking real financial freedom from your business.

The Dental market is becoming increasingly sophisticated with new entrants with deep pockets entering the market. This presents an opportunity for star performing groups to maximise their exit value by having a real grip on the practice financials.

The Samera Dental Group Finance Director service is tailored to your unique business following our analysis and will provide you with key achievable targets and changes to make that will give you the results your desire.

For Further Details about the Samera Finance Director service please click here.

Samera is a seasoned player in providing a due diligence service to buyers of dental practices. Our experts have combined experience of over 20 years in buying, selling and setting up dental practices. We understand the business of dentistry implicitly so can help you in assessing all the financial aspects of a dental practice.

Our approach is rigorous yet realistic as not all dental practices financial management systems are the same. We request key information in the form of checklists, and then run through in detail all aspects of the target practice financials.

We provide support in reviewing all financial and tax records, system reviews and overall business assessments. As we have extensive knowledge of dental practices and the issues they face, we know the areas to look for problems and of course then know the right questions to ask.

OUR APPROACH TO FINANCIAL DUE DILIGENCE OF A DENTAL PRACTICE

If you are a person or represent an organisation that is considering a deal then you need to ensure that you thoroughly check all the assumptions that you are making about that deal.

Financial due diligence can provide peace of mind to buyers, by analyzing and validating all the financial, commercial, operational and strategic assumptions being made. It can utilize past trading performances to form a coherent view of the future and confirm that there are no potential pitfalls involved in any transaction.

The key components in any acquisition due diligence of a dental practice are investigating, verifying and understanding:

  • The financial affairs of the target practice, including valuations
  • The market the practice operates in
  • The commercial sustainability of the business
  • The operational structure, including internal processes and systems
  • Any synergistic opportunities or savings arising out of acquisition
  • A sensible deal structure

Due diligence can also provide the framework for constructing a realistic strategic plan for the newly acquired business by highlighting and commenting on any inherent weaknesses or strengths, as well as identifying potential opportunities for new growth or exploitation of new markets.

We can help you if you are thinking of buying a business.Financial Due Diligence

Our financial due diligence service is tailored to suit individual deals, and will offer you an enhanced understanding of the target business. By highlighting critical success factors and pinpointing areas of value, we can help increase the likelihood of any deal achieving its objectives.

We can also advise you when it comes to structuring a deal. This advice can help you make important decisions safe in the knowledge that your personal circumstances and financial interests are best protected.

Merger and Acquisition decisions can be very intimidating and perplexing. It might seem like a good deal but without a proper assessment of the proposition, you might be inviting trouble.

To help you take the right decision, our experienced team of advisors will take you through a tested process whereby checks will be made to ensure smooth flow and positive results.

1) Detailed Review of the Proposition
2) Analysis of the practice/business current service and Structure
3) Designing of an implementation plan
4) Identifying any potential difficulties or abnormality in application
5) Constructing a robust operational and financial plan.

We will ensure that the above is executed and delivered. We have extensive experience and expertise in providing full support in terms of financial advice and transition plans.

To know more about mergers and acquisitions service, please get in touch with us.

The Samera team have been extremely active in advising Dental Body Corporates on accounting, tax and financial related issues.

Annual compliance work

Our team routinely deals with all relevant statutory requirements, including the preparation and filing of:

  • Limited company accounts
  • Corporation tax returns
  • Company annual returns
  • Dividend vouchers and minutes of meetings

Benchmarking

As we deal with a vast range of Dental businesses across the UK, we have an up to database that enables us to compare and benchmark performance of each business, enabling clients to understand their performance better.

Samera Finance Director (FD) Service

Our Samera Finance Director service provides a full management accounting support service, with either quarterly or monthly accounts plus on-going added value advice. We provide all our clients on this service a dashboard report of their performance highlighting areas for change and improvement. This is our most popular service amongst forward-thinking Dental Practices.

The Samera FD service enables your organisation to outsource the financial management aspects of the business to our expert team. This can be carried out for multiple sites in your organisation at a very reasonable fee.

Payroll

Should you require payroll support, our experienced team will take care of your monthly and annual processing and reporting requirements. We provide payroll services to many Dental Corporates across the UK.

Refinancing, refurbishment, acquisition

As an active firm in the UK Dental sector we have a plethora of contacts that may be able to provide financing for acquisition and expansion. We can help put strategic business and financial plans together.

Capital Allowance Claims

In addition, if you are looking to maximise capital allowances, we can help you ensure that your expenditure is managed in accordance with the tax calendar ensuring that you make claims for all the capital expenditure made.

Due Diligence

If you are considering the acquisition of another practice, call on our expertise. We can advise on the purchase, carry out financial due diligence work and review the accounting issues within the sale and purchase agreement.

We are extremely well versed in advising investors and corporates in the Dental sector.

Through our Samera Finance Director (Samera FD) service we can provide Dental Corporates with a strong and capable finance function that can help you with managing your practice finances well to ensure your focus is on growing the Dental Corporate whilst ours is ensuring your financial affairs are well looked after.

We can provide the following:

  • A monthly or quarterly management accounting function
  • A statutory accounting function
  • Corporate tax planning services
  • Financial and graphical analysis of performers/associates
  • Payroll services
  • Accounts payable service
  • Company secretarial services

Please get in touch if you need help in managing the financial affairs of your practices. We have extensive experience in managing multi-site operations.

If you are looking to sell or buy any dental business, it is important to have expert knowledge and advice on valuations

At Samera, our approach is realistic yet practical. We carry out assessments to determine the actual market value of the business you are looking to sell or buy and based on the analysis, we present you with various scenarios helping you to take an informed decision.

Our team of experts also provide advisory services for matters related to taxation, financial valuation and statements, resolving disputes and more.

Our team, a group of Chartered Accountants and members of the ICAEW (Institute of Chartered Accountants in England and Wales) have more than 20 years of combined experience in providing business valuation services.

If you are planning to buy or sell a practice, our team will guide you through the entire process resulting in you gaining the maximum benefit from the transaction.

Our approach encompasses a whole range of technical valuation techniques including EBITDA multiples, Net cashflow, Turnover % and also Net Assets calculations.

As an experienced firm in the field of Dental Practice valuations for sale, as well as incorporation we are perfectly placed to help clients with valuations of practices.

Principal Dentists

As a leading firm of Chartered Accountants for Dentists and Business Advisors, we are in a perfect position to help Dental Practice owners with their needs.

Whether our clients are new to Dental practice ownership or near the end of their career we can advise on a variety of issues including:

  • Advice on tax and group structures
  • Assistance with financial and management reporting
  • Advice on how to grow the profits of your group
  • Group tax planning
  • Acquisition and disposal of practices
  • Business plans for investment and fundraising
  • Advice on partnerships
  • Setting up a finance function that will be easy for you to manage across multiple sites

At Samera we are accountants to hundreds of dental practices across the UK. We deal with small sole trader practices all the way to multi-partnership groups.

We provide the full solution for dental practices supporting our clients with all their compliance needs, as well as a variety of other financial and accounting needs.

We possess extensive experience in helping our Dental clients with tax planning and profit improvement.

In this world of increasing regulation,a broke government, and a moralistic Prime Minister, one might think that any opportunity to do any tax planning had gone.

No doubt, there are tax strategies that have pushed the boundaries of the law as well as ethics, however, there are many legitimate tax planning opportunities for those individuals and businesses seeking a strategy to help them manage their tax affairs better.

At Samera, we can help you incorporate your business which can certainly have some positive tax consequences, plus help with the whole array of tax planning for your personal and business circumstances.

We have extensive experience in understanding your individual needs and then planning and implementing a solution to meet your needs.

Business Tax Planning

Companies or Individuals we can help you with planning the most effective tax strategy structures for you.

From forming and using Group based company structures to assessing the current structure of your business, we can help our clients, large or small, with a detailed evaluation of their current tax strategies, plus advise on new potential tax arrangements.

If required we work specialist UK and overseas Tax boutiques in providing the best solutions to our clients.

Capital Gains Tax Planning

We have strategies that can help in circumstances pre-disposal and post-disposal.

With capital gains, it is always best to plan ahead as mitigation opportunities post-disposal are more difficult to achieve than in other areas of tax. Therefore if you are planning the sale of any assets please get in touch before you sell the assets.

We consider all aspects of Capital Gains Tax planning including ensuring all necessary reliefs can be obtained.

Dealing with Tax Investigations

HMRC (Her Majesty’s Revenue and Customs) are increasingly launching tax investigations into the affairs of individuals and businesses to raise additional tax revenue. As the economy struggles we anticipate to grow further.

A tax investigation can either be an Aspect enquiry or a Full enquiry, however, they both can be stressful and time consuming for those concerned. Investigating officers are incentivised to try and gain further tax from you in the event of an investigation, therefore it is essential you have a team that understands your business but most importantly understands your needs.

Our team at Samera Tax has extensive experience in dealing with Tax Investigations for Dentists, Doctors and all Healthcare Professionals.

Dealing with investigations can be stressful so it is imperative you have team not only well versed in tax laws but also understand the Dental sector.

Income Tax Planning

In today’s aggressively high tax environment, many of us are more aware than ever of the amount of tax we pay, and therefore wish to explore and understand the planning opportunities available to reduce our tax liabilities. Samera will ensure you achieve this objective.

Inheritance Tax Planning

We are able to provide solutions and planning that will mitigate an estate’s exposure to Inheritance Tax, following death.

As with most areas of taxation, it is often better to plan for such eventualities as early as possible.

We work with solicitors in helping with Estate Planning and drafting of wills, whilst also are active in the ensuring that the inheritance tax planning undertaken is robust enough in the event of a challenge by HMRC.

Incorporation of your Dental Practice

As a firm with extensive experience in incorporating Dental Practices, we have built up much experience in this area. Sole traders, partnerships and expense sharing arrangements can all be incorporated, but it is so important this is done right first time, else considerable problems can manifest later on.

If you feel need an expert in this area (which we strongly suggest) please get in touch with us!

Incorporation of your Dental Practice into a Limited Company

As of the 31st July, 2006 new legal reforms have allowed dental practices to incorporate and begin trading as limited companies. The majority of the company directors must be registered with the GDC as dentists or dental care professionals.

Possible Tax Savings

There are both advantages and disadvantages to the incorporation of your dental practice and you should consider all options carefully. There may be considerable tax savings but not necessarily in all cases, and these are offset by the costs of added bureaucracy, professional fees and start-up costs. For high rate taxpayers, incorporation could have considerable savings for dentists.

Associates

The GDC will allow associates to practice through a limited company, however, associates cannot benefit from goodwill when the company is set up and it is possible that HM Revenue & Customs could invoke some penal tax rules to take away any potential tax savings from Dental Associate Limited Companies.

We would recommend that associates carefully consider all the risks before trading as a limited company.In addition, before you consider incorporating your Associate business, you will need to consider your pension arrangements, as the NHS now won’t pay NHS pensions to those Associates that may have incorporated into a Limited Company.

What to do next

Incorporation is not for everyone. It would be prudent to evaluate all the pro’s and cons of incorporation before you decide to incorporate. Therefore, we would strongly recommend we carry out a thorough feasibility study based on your individual circumstances. We stress this is an essential part of the process in order to determine whether trading as a limited company is the right choice for you.

Professional Fee Protection

Samera offers a professional fee protection service to our clients. In the event of a tax investigation, we offer an insurance policy for our clients to take out to cover our fees. Please get in touch with us for details.

The Samera Finance Director service is a whole and complete solution for managing your practice’s financial affairs. We can work with an external book-keeper or accountant, or we can take on the whole management of your complete financial systems in your practice.

To learn more about this service please click here.

Dental Practice Profit Improvement Programme – The Dental Practice Profit Improvement Programme is designed to help Dentists improve their practice profits.  Please click on the video to learn more and click the link above for further information.

At Samera, we offer a payroll processing service to all our clients as part of our objective of providing value for money overall solutions in business/practice management, accounting and taxation services. We offer payroll services for dentists and healthcare professionals across the UK.

Our payroll service enables you to save time and money, and concentrate more on your core business activity- providing dental and healthcare services. We can assist you with all monthly and annual payroll requirements including calculations of pay, tax and National Insurance, provide payslips, and annual submissions to HM Revenue and Customs.

Service Benefits

  • Access to a specialist payroll package for small-medium size organisations
  • Specialist advice on issues pertaining to employee salaries and wages.
  • Saving time and effort to process your employee payroll and tax computations.
  • Maintaining your employee pay records, tax records etc., this would save time in providing information for year accounts preparation.
  • Calculating all statutory requirements including SSP, SMP, SPP, student loans, tax credits
  • Completion of year-end documentation – P35, P14, P60
  • Information received via fax, email, and phone
  • We maintain all relevant records of your employees including their basic personal information on our payroll system and could assure you an efficient and timely payroll processing service.

Samera is a Xero Partner firm with an extensive set of clients using Xero. In this video, David Hossein discusses Xero for your business and how it can transform your business.

As a leading Xero for Dentists accountant Samera can offer:

  • Management accounts
  • Processing payments and receipts
  • Supplier payments
  • Payroll
  • Credit control and debt collection
  • Helping you understand your business or practice much better.

Collaborate in the cloud

Bringing more heads to your books is easy with Xero. Just give us access and we’ll log in, look at your numbers and give you advice.

Reconcile from anywhere

Xero receives your bank statements automatically via a secure connection, making it a breeze to reconcile and gain a complete and up-to-date snapshot of your business.

Mobile access

Access accounts, check balances, upload receipts and invoice customers from your smartphone or tablet with Xero’s iPhone or Android app.

Automating your Dental Practice with Xero

For further information about Xero, or to discuss how Samera Chartered Accountants can assist, please get in touch or contact us via our online form.

Dental Associates

As a newly qualified dentist you will be embarking on an exciting and new career.

However, quite often or not, we hear of newly qualified dentists that are excited about their career but have not been advised about how to manage their finances and taxes.

From the support of the Samera team you will find that it can be quite easily managed and taken care of by our team of professionals.

Registering as self-employed

Firstly, you will need to notify HM Revenue and Customs that you are self-employed.

Here is the link you need: Click here

HMRC will give you a ten-digit Unique Tax Reference (UTR) and arrange collection of Class 2 National Insurance contributions, which can be paid by direct debit.

Accounts and tax return

Our expert team will calculate your tax liabilities and student loan repayments, prepare your first set of accounts and tax return, ensure that you claim all relevant business expenses and generally help to keep your tax bills as low as possible.

If due, we can claim refunds from HMRC, depending on your previous income tax payments and National Insurance contributions.

Once you become self-employed, HMRC will expect you to look after your affairs, set aside the cash you need to pay tax and pay your bills in full and on time.

Doing it right and liaising with HMRC can be complex and time-consuming and therefore we recommend you appoint a specialist accountant to look after your affairs as soon as possible. It will probably be 18 months before you receive your first tax bill, which can come as quite a shock if you have not prepared for it. By getting your tax affairs in order from the start you can plan for your future liabilities.

Records you MUST keep

When it comes to tax, paperwork is vital. You must keep all your associate pay schedules, invoices and receipts for your business expenditure. You should retain your payslips and P45 from your foundation or vocational employment.

If you do not keep these records HMRC may impose penalties and it will be much harder to prepare your first tax return.

As a leading firm of Chartered Accountants and Business Advisors dedicated to the Dental sector, we are in a perfect position to help Associate Dentists, with their needs. Our services designed for Associate Dentists are thorough and cover the whole area of accountancy and tax management and planning. In addition, through our Samera Practice Sales business, we can assist Associates with their career through guiding them on setting up or buying a practice.

You may also want to consider attending one our inspiring Samera Boot Camps that will help you move your career in the direction you desire.

In summary, the Samera team can help you:

  • Relax about your finances and tax bill
  • Help you reduce your tax liability, only paying the correct amount of tax, not a penny more.

Dental Associates Limited Company.

We are often asked the question by Dental Associates whether they should trade as a limited company or as a sole trader.

Well, the answer is never as straightforward as one would want, as each client has a different situation so it is important your situation is assessed for your needs.

Since When and Why?

Dental Associates have been able to trade as a limited company since July 2006, which has been attractive as it is possible to obtain a favourable overall tax rate. Along with the increase in student debt and higher property prices, it is easy to see why this appeals to many.

How do Dental Associates Limited Company work?

A limited company is a separate legal entity, of which the dentist becomes both Director (I.e. an employee) and a Shareholder (therefore can take income as dividends).

As such, there is a blend of different tax rates at play to consider – income tax (employee and dividends), national insurance and corporation tax.

What about my Superannuation?

The NHS Pension Scheme does not allow Dental Associates who operate as a limited company to make contributions. This is a big factor to consider as dentists working in the NHS will forgo the benefit of the Employer contributions which are based on 14.3% of NHS pensionable pay.

It is possible, however, to set up a private pension scheme, which your IFA can advise you on.

What are the savings?

Below are two summaries, the first shows the tax position with an Associate as director and shareholder and the second shows the position with Associate as director and shareholder, but also their spouse as an additional shareholder to utilize the spouse’s unused tax-free Dividend Allowance.

Associate as Director and Shareholder

Tax due
Associate profits     Self Assessment 2017 Company 2017 Company 2020
£60,000 £16,463 £14,545 £13,495
27% 24% 22%
£80,000 £24,865 £23,745 £22,290
31% 30% 28%
£100,000 £33,262 £32,945 £31,085
33% 33% 31%

Spouse as an Additional Shareholder

Tax Due
Associate profits     Self Assessment 2017 Company 2017 Company 2020
£60,000 £16,463 £12,920 £12,845
27% 22% 21%
£80,000 £24,865 £22,120 £21,640
31% 28% 27%
£100,000 £33,262 £31,320 £30,435
33% 31% 30%

Conclusion about Dental Associates Limited Company

As illustrated above the tax savings are there for an associate trading as a limited company, however, the loss of the superannuation needs to be considered.

For a worked example for your personal situation please get in touch or contact us via our form below.

Recorded Webinar

We have also recorded a webinar on how to save tax with limited companies for Associates – please watch it is only 4 minutes long.

As a leading firm of Chartered Accountants and Business Advisors dedicated to the Dental sector, we are in a perfect position to help Dental Hygienists and Therapists, with their needs.

Our services designed for Dental Hygienists and Therapists are thorough and cover the whole area of accountancy and tax management and planning. In addition, through our Samera Practice Sales business, we can assist Dental Hygienists and Therapists with their career through guiding them on setting up or buying a practice.

Our team can help you:

  • Relax about your finances and tax bill
  • Only pay the tax you are required to pay, not a penny more

Why Samera

For the last 15 years, our firm has focused exclusively and extensively on dentists. Our team have an insight of the dental sector that most accountants don’t have, which really stands us heads and shoulders above any other players in the market.

What Else Can We Offer

The Samera accountants for dentists act for a complete range of dentists and clients within the dental profession.  Whether you are a Principal Dentist in the Highlands of Scotland or an Associate Dentist on the South Coast, our team of accountants can help you with achieving your goals and aspirations.

At the heart of our business is our accountancy and tax advisory service. We are Specialist Dental Accountants and Tax Advisors to hundreds of Dentists, but also provide a really full service of accountancy and tax advice to Doctors, GP’S, Pharmacists, Vets to name just a few other Healthcare sectors.

So whether you are seeking new Specialist Dental Accountants to help you with your tax affairs, or want the latest Xero package implemented into your practice (We love Xero and our team is Xero certified advisors) our team of Specialist Dental Accountants and Healthcare accountants are perfectly placed to support you in your needs.

If you are seeking the best in Dental tax advice, our team can understand your individual requirements. Whether it is income tax, corporation tax, or other taxes that are affecting you, our team of tax experts can support you too.

We know all our clients work hard, therefore we understand you only want to pay the right amount of tax due.

In recent times, many dentists have been approached to enter various tax planning opportunities, some of them questionable. As a firm, we can certainly advise you and assist you in understanding your taxes and if such opportunities are worth considering. However, many a time, we feel some promoters are promoting opportunities that will cause problems for our clients in the future.

We will always tell you if we don’t agree with the tax planning proposed – honesty and experience is something we have in abundance at Samera. You may sometimes not like what you hear, but we feel honesty is usually the best thing for our clients, even if they initially may not want to hear it.

With our in-depth knowledge of the sector, we are routinely requested and involved in helping clients prepare bid packs for NHS Dental and Orthodontic Tenders they are involved in. We have considerable experience in supporting clients through the process of winning NHS Dental tenders across the UK and across all General and Specialist disciplines. Recent tenders we have been involved in include:

  • GDS Services
  • Emergency Dental Services
  • Orthodontic Services
  • Minor Oral Surgery Services

Separate to the all-important compliance-related work, we are regularly requested by clients to prepare business plans and financial forecasts for their dental businesses to support future growth and expansion ideas. Our business plans and financial forecasts are strongly liked by all the major finance providers to Dentists in the UK (which really helps in getting the best finance deal available). By being experts in dental accountancy, we can then help you raise finance for your dental acquisition or expansion through our raising finance service.

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