Advertising feature Practice structuring in the future
Sandy Dargie from William Duncan explains that the way your business is structured can have a significant impact on your tax liabilities
D
uring the recent Scottish Dental Show at Hampden Park, we took some time to network with the attendees and many of the exhibitors.
Throughout the day we talked to prac- titioners about how their records are maintained. The requirement to complete form GP234, making the declaration of the percentage of NHS earnings, recently highlighted a lack of focus in keeping the right type of financial information. A number of practitioners still prepare
their financial records manually despite the advances in technology that have been available for many years. At William Duncan, we have recently moved on to a cloud-based platform, recommending soft- ware which is very simple to operate and gives key financial information in a very visible and presentable manner.
Many of the advantages and disad-
vantages of incorporation have been documented on frequent occasions. The area that still causes most debate is over the principal’s continued rights to super- annuation under this corporate structure. Suffice to say there can be significant
taxation savings arising from incorpo- rating, however, care needs to be taken over the availability of grants and an aware- ness of information about the business being publicly available. Recently, businesses have strived to
create more tax effective structures making use of corporate partners. While it can be a reasonably cost-effective and flexible way of structuring your business, you really must take some robust guidance before considering such a change. Just to further add doubts to thoughts on business structure, there was an announce-
ment in the budget indicating that legislation would be included in this year’s Finance Bill to introduce a general ‘anti- abuse’ rule, to give HMRC an additional way of challenging tax avoidance schemes. It seems unlikely that the process of incorporation itself would be challenged, although perhaps corporate partners and artificial remuneration strategies could be some of the areas which are looked at. As accountants, we are intrigued by the
developments in the dental profession and the way dental practices will be structured in the future – the message is that care must be taken when considering your options, and planning and advice is at the forefront.
Scottish Dental magazine 77
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