Newly Qualified Associate

Accounting for Newly Qualified Associate Dentists

We take special care of our dentist clients who are newly qualified associates. We realise that you will have particular needs and requirements, and that you are likely to be very unfamiliar with how the tax system operates.

If you are a dentist who is new to self employment we will:-

  • Inform H M Revenue and Customs on your behalf that you have become self employed
  • Arrange for you to begin to pay Class 2 National Insurance (by direct debit)
  • Tell you exactly what you need to do from a bookkeeping point of view to meet the requirements of H M Revenue & Customs and to allow us to produce your accounts at the end of the year
  • Tell you exactly what you are entitled to in terms of tax reliefs and what expenditure you will get tax relief on
  • Predict for you the amount of tax that you are likely to have to pay every 6 months over the first few years of your self employment so that you can plan for this
  • Deal with Student Loan repayments for you (although we won’t actually pay these for you unfortunately!)
  • Advise you about any voluntary Student Loan repayments that you may wish to make
  • Tell you what you need to keep throughout the year to enable us to prepare your Tax Return for you
  • In due course, prepare your Accounts and then your Tax Return.
  • Calculate how much tax you have pay and give you a copy of this calculation
  • Tell you in plain English how, when and where you need to pay any tax liability
  • Advise you about, and examine, any Associate Agreement that you may be given by your Principal
  • Advise you whether or not any terms in your Associate Agreement or Contract are unreasonable
  • Check the annual NHS Pension deduction calculated by your principal for you.

Our service includes unlimited answers to queries etc by email, letter, or over the phone. Most importantly, we will hold your hand throughout what might otherwise be the confusing first few years of self employment.

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