Chartered accountancy firm Monahans, which has five offices in and around Bath, has started a specialist service for dentists to help them successfully run their practices and develop their careers.
After more than 30 years advising dental practices, the firm has decided to formalised the service by starting its Dental Healthcare service.
Dentists and dental practices have unique accountancy needs and an understanding of these is vital to for the future of a pra
ctice.
In the first stages of their career dentists often require guidance through their status as self-employed workers and the necessary factors that come with it, including tax liabilities, student loan repayments, preparing accounts, record keeping and tax returns.
More complications can come later when they consider buying a practice or joining a partnership. Monahans has developed a network of trusted bankers, solicitors and other advisers to provide specialist independent advice to make this process easier.
Monahans dental partner Stephen Fry, pictured, said: “Over the years we have worked with a large number of dental practices and dentists to advise them of how to ensure their businesses become, and stay, financially secure.
“Practices are increasingly facing issues, such as superannuation pension schemes, auto-enrolment and incorporation, which can be helped, and in some cases produce better financial outcomes for clients, by using professional accountancy advice and expertise.”
