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What a subject!

Whether or not it is right for a dental practice to incorporate changes from one year to the next and from one practice to the next, and also depends on the personal circumstances of the practice owner. 

Whilst dentists have been allowed to incorporate since 2006, many have gone down that route and regretted it. On the other hand, many have sought specialist advice about the incorporation, have dealt with all the admin and paperwork as necessary, and have saved large amounts of tax. The most important thing to realise is that what is right for one practice may not necessarily be right for another.

Unfortunately there is a lot of “pub talk” and urban myths surrounding the subject of incorporation. On top of this, many (non-specialist) accountants have advised their dental clients to incorporate without pointing out to the dentist the downsides, which include NHS Pension Scheme problems, additional administrative costs, potential difficulty in selling the practice, and most importantly of all the additional accountancy fees that become payable. Indeed if you will forgive us for being cynical, we suspect that many accountants have advised dentists to incorporate purely because of the additional accountancy fees that they have received.

In addition, incorporation problems are often compounded by what are known as “incomplete incorporations”. This happens when a limited company is set up, the dentist claims he is incorporated, or thinks he has incorporated the practice, but actually the paper trail has not been put in place by his accountant/solicitor.  When a practice has been the subject of an “incomplete incorporation” then the practice can be difficult or indeed sometimes impossible to sell.

At Morris & Co, we have a wealth and depth of experience in advising clients about incorporation. We only advocate incorporation when there are clear benefits to the client. If you would like unbiased and up to date advice about incorporation then please contact us.

Over the years, we have also acquired an in-depth knowledge of how to deal with and unravel “incomplete incorporations”. If you’re not sure whether or not your practice has been properly incorporated then again do get in touch and we will help you.