Incorporation of your business

If your dental practice operates as a sole trader or partnership, you may be wondering: should I incorporate my practice into a limited company?

The answer depends on a range of factors, including:

  • Profit
  • Growth forecasts
  • What type of dental practice you have
  • Risk profile of your practice
  • What your requirement for income is

DentAcc’s dental accounting specialists will work with you to discuss whether incorporating your practice is the best step forward, whatever your circumstances.

This includes:

  • Clearly outlining pros and cons of incorporating your practice
  • Explaining what incorporation involves, from start to finish
  • Outlining the tax implications of incorporation compared to sole trader or partnerships
  • Helping you adapt your accounting records, if necessary
  • Providing expert recommendations on the best way forward

That way, you’ll have a clear understanding of whether incorporation is beneficial for your practice. Then, if you want to proceed, we’ll guide and help you through every step of the process.

Guiding you through the incorporation process

When you decide to incorporate your practice, you need help making it happen. You may already have an idea of how to do this – but don’t have the available time to do it yourself.

That’s where we can save you time, and offer you a more convenient experience, by doing this for you.

We’ll help you to:

  • Decide on the type of company to be incorporated
  • Decide how the Articles of Association of the company are to be drafted
  • Decide on the capital structure of the company and what type of shares should be issued
  • Submit the application to Companies House to ensure the company is incorporated correctly with the relevant Articles and share classifications
  • Issue the shares as appropriate
  • Assist on the completion of shareholder agreements
  • Ensure that valuations can be justified to HMRC if challenged
  • Make sure the incorporation complies with the Capital Gains Taxes Acts and that all elections required have been made 

If necessary, DentAcc can do all this for you, so you can focus on what you do best: caring for your dentistry patients.

Assessing whether your practice has been incorporated tax efficiently

If your practice is already incorporated, the Articles of Association may require amending to allow a number of tax benefits to be achieved. 

At DentAcc, we have the experience and knowledge to assess whether your practice has been properly incorporated, and if it hasn’t, we then advise and help you to do something about it.

Ensure a smooth incorporation for your practice

You need support from accountants with specialist experience and knowledge of the dental profession. DentAcc will outline whether incorporation is right for you – and then guide you through the process, or complete it on your behalf.

The incorporation of your practice will be:

  • Hassle-free
  • Quick
  • Convenient for you
  • Appropriate for your circumstances

So, if you want a no-obligation discussion about whether you should incorporate your practice, contact us. You should also get in touch if you want specialist dental accountants to guide you through the incorporation process, or do it on your behalf.

Call 03330 067876 or email enquiries@dentacc.co.uk