There may be many good commercial reasons why a practice may consider incorporation, but this also provides the potential for significant tax savings to be made and our highly experienced team are ideally placed to advise you of the benefits of incorporation.
This involves consideration of the unique circumstances prevalent to your practice, identifying the key goals both for the practice and you personally to ensure that we maximise the planning opportunities at this critical point in the life of the business and to ensure that any possible pitfalls are avoided.
We provide a bespoke service covering everything from the company formation itself through to advice on the transfer of the business to a limited company and the administration and legal requirements of being a limited company.
The more important considerations include:
- Establishing the most tax effective means for extracting funds from the new company.
- Ensuring that we make the most of the potential one-off tax saving opportunity arising from the sale of the goodwill within the business to the new company.
- Meeting all of the requirements of Companies House, including ensuring that accounts and Annual Returns are filed on time.
- Consideration of the structuring of the company to provide the maximum flexibility for future changes such as a future business sale or family succession.
- Considering superannuation and valuable allowances entitlements to ensure preserved.
- Considering the requirement to list the company as a Dental Body Corporate with the NHS.
- Our advice will cover potential implications from the commercial and taxation perspective.
- Our team also provides complete tax and accounting compliance services as well as support in the preparation of accounts for funding in respect of various commercial projects.