Incorporating your dental practice can be a smart move if the timing is rightFeatured Products Promotional Features
Posted by: The Probe 10th October 2020
Have you ever thought about incorporating your dental practice? Most practice owners will have considered the idea at least once. Maybe the time wasn’t right before, or maybe you were put off by the anecdotal evidence about how complex, time-consuming, and stressful the process can be.
Incorporation may be a sensible response to what you expect will be challenging times ahead for your practice. Talking through incorporation with a specialist dental accountant is the first step to ascertain whether this is now the right move for you. Certainly, many successful practices – including some you may admire – will report plenty of advantages as a result of their decision to incorporate; the financial/tax planning benefits can be particularly juicy carrots, especially at a time when you will be watching your profit margins more closely than ever.
Benefits could be worth the stress
It is a complex process and it always has been. Legislative changes have arguably made the process even more complex, but don’t let this put you off. With the right support, good preparation and a clear endgame in sight, incorporation doesn’t have to be a headache. Ultimately, the benefits might be well worth any stress.
There are lots of legal boxes to tick – the main one being that if you hold a large NHS dental contract, NHS England will need to approve your application to incorporate. You will also need to register as a limited company with the CQC – this isn’t an exhaustive list.
A specialist dental accountant will be able to help you prepare a valuation and maximise your value too. This is an area where the support of a specialist accountant, such as the team at Lansdell & Rose, will be crucial. We can look at every aspect of how your practice runs as a business when preparing a valuation and this can help you decide whether incorporation really is right for you at this time or whether you should wait.
With all your unique circumstances considered, incorporation might be a smart move to not only help you get through any storms on the horizon, but to also continue growing and developing your practice, no matter what comes your way in the future.
For more information please visit www.lansdellrose.co.uk
or call Lansdell & Rose on 020 7376 9333.