DTUK1210

May 3-9, 201022 United Kingdom EditionMoney Matters FGDP(UK) guidance books – the gold standard Standards in Dentistry The bestselling Standards in Dentistry is an ambitious package, bringing together all previous guidelines in oral healthcare, including guidance from the FGDP(UK), BDA, GDC, ISO, and the Department of Health, among others. The innovative format combines a printed manual with an online publication, allowing for frequent updates. Clinical Examination and Record-Keeping Now in its second edition, Clinical Examination and Record-Keeping has been updated in line with the latest guidance, and now covers electronic records and data protection, with updated guidance on patient consent and mental health. The book also includes example scenarios, and template forms for use in practice. Selection Criteria for Dental Radiography Selection Criteria for Dental Radiography continues to be one of the leading texts on radiographic investigation, including clinical indications for a range of patients, along with advice on IR(ME)R2000 and good practice dos and don’ts, to help practitioners to form a sound basis for clinical decisions. Also available from the FGDP(UK): • Adult Antimicrobial Prescribing in Primary Dental Care for General Dental Practitioners • Guidance for the Management of Natural Rubber Latex Allergy in Dental Patients and Dental Healthcare Workers Purchase all five FGDP(UK) standards documents together for only £125 (over 10% off) Join the FGDP(UK) now and recieve a further 20% discount! The bestselling Standards in Dentistry is an ambitious package, bringing together all previous guidelines in oral healthcare, including guidance from the FGDP(UK), BDA, GDC, ISO, and the Department of Health, among others. The innovative format combines a printed manual with an online Now in its second edition, Clinical Examination and Record-Keeping has been updated in line with the latest guidance, and now covers electronic records and data protection, with updated guidance on patient consent and mental health. The book also includes example scenarios, and Selection Criteria for Dental Radiography continues to be one of the leading texts on radiographic investigation, including clinical indications for a range of patients, along with advice on IR(ME)R2000 and good practice dos and don’ts, to help practitioners to form a sound basis for • Adult Antimicrobial Prescribing in Primary Dental Care for General Dental Practitioners • Guidance for the Management of Natural Rubber Latex Allergy in Dental Patients Email fgdp-comms@rcseng.ac.uk or call 020 7869 6776 to find out more, quoting reference SID10DT1. www.fgdp.org.uk Registered charity no. 212808Promoting excellence in dentistry W ith ever increas- ing tax rates squee- zing dentists all the time, one way to spectacu- larly slash your income tax bill is to start your own prac- tice. There are many more tax breaks open to practice owners compared associates. The reason being that ever since the Magna Carta written in 1215, the rich in this country have made the tax laws. So what exactly are the tax breaks open to dentists? Goodwill issues Any young dentist buying a three or four-chair practice at the mo- ment is going to pay a king’s ran- som for the goodwill. Wouldn’t it be nice if the taxman could be persuaded to help out a little? Well actually, he can. Goodwill is tax-deductible if you are a lim- ited company. This means the Government subsidy of as much as 28 per cent is made via the tax system. Given the colossal prices being commanded by goodwill at the moment, this is not to be sneezed at. Goodwill and equipment The purchase price will need to be apportioned between goodwill and equipment. Equip- ment can attract a 100 per cent tax deduction at the moment so a useful tax planning point arises here. Annual investment allowance Often a new practice needs some refurbishment or re-equipment. The first £50,000 of expendi- ture in any one tax year is 100 per cent allowable. Yes, it is all written-off your tax immediate- ly. Any balance of expenditure is written-off at 20 per cent or 40 per cent, depending on the year. So it makes sense to phase your practice refurbishment over a number of years. Incorporation Incorporation is a big step for any dentist, and one that is often difficult to reverse. Depending on your earnings level and fam- ily circumstances incorporation can give you some, albeit mod- est tax savings. Consideration will need to be given to your loss of flexibility when you incorpo- rate, likely future tax hikes from the Government, and inherent difficulties in selling an incorpo- rated practice. Freehold purchase from a SIPP If you are buying the freehold of your practice, a tax-efficient way of structuring the deal is via your SIPP pension fund. This means future growth in freehold value is free of capital gains tax and practice profits are slashed with SIPP rental changes. Ulti- mately, the SIPP can be used to fund your retirement, including a 25 per cent tax-free lump sum on retirement. Tax refund – offset losses on a squat By carefully timing refurbish- ment costs of a new squat prac- tice, you can often engineer a start-up loss for your first ac- counting period. Generous tax rules allow you to set this loss against any other earnings for the current year, or indeed any of the previous three tax years. This can provide a valuable tax shelter for your associate earn- ings or generate a tax refund. DT A tax bonanzaThis month, Geoff Long looks at the tax breaks open to dentists starting their own practice About the author Geoffrey Long FCA is a specialist dental accountant based in Hertford- shire. Geoff advises on a wide range of dental tax is- sues and regularly writes for the den- tal press. Geoff has more than 15 years experience with dentists’ accounts and is recognised for his proactive approach to dental taxa- tion and business problems. He can be contacted on 01438 722224 or by emailing office@dentax.biz.