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T30 - Can Dentists incorporate? (Limited Companies for Dentists) Yes - from July this year. There had been a lot of talk about "Incorporation for dentists" over the past 12 months or so. We have had a lot of clients approach us as to whether this is a possibility as yet, as they have read about it on the internet etc. We approached the GDC on the 6th April 2004 about this, who said that they are hoping that the ban on incorporation will be lifted, but that the Government is still considering this and that if it did go ahead, the earliest would be 2005, but it is not certain as yet. Subsequently, we understand that dentists can now incorporate from July. In many circumstances, incorporation could save certain dentists tax, but this may not apply in all cases. The background: Currently, there are 27 Dental Bodies Corporate (DBCs) permitted to carry on the business of dentistry in the UK. Dental Bodies Corporate (or in practical terms, companies) were originally banned from carrying on the 'business of dentistry' by the Dentists Act 1956, but those in existence when the legislation was introduced were allowed to remain. Of these, a majority of the directors are registered dentists, and all operating staff are either registered dentists or enrolled dental auxiliaries. Many have become large, valuable businesses. Recently, the Government has launched an initiative to reduce the amount of red tape involved in UK company business. It is proposing to remove the limit to the number of companies that can carry on the business of dentistry. In 2002 the Department of Health completed a consultation exercise about this. The GDC fully supports the Department of Health initiative to lift this ban as they feel the ban distorts the market in dental companies, limits options for dentists to invest in practice development, and is potentially subject to legal challenge. In the meantime, the regulation of corporate dentistry is being investigated to see how it might be improved, possibly through corporate registration. New NHS Dental Contract delayed further (Jan 2005) For the framework proposals, click here |
"He (Mac) has helped me as my practice has expanded from single-handed to a six surgery/8 dentist practice." "Mac is always available to "pick his brains" and has a solution for any problem!" "He always offers sound independent advice on all financial and taxation affairs in a way that is easy to comprehend and follow." "He has helped me through my early associate days and is now proving invaluable in my journey towards practice ownership." "There is never anything I do in business or personal finance without first consulting Mac." |
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We take great pride in our service, and would be delighted to invite you for a free 1 hour, no obligation meeting at our comfortable offices. Simply call us on 020 8346 0391 to arrange a mutually convenient time. This web-site was last updated on 17/01/2012 Specialist Dental Accountants for over 27 years. Copyright © 2003-2011 Mac Kotecha & Company. All rights Reserved. The information on this site is for general guidance only. It is essential to take professional advice on specific issues about their impact on any individual or entity. No liability can be accepted for any errors or omission or for any person acting or refraining from acting on the information provided on this site. We can still help you if you're not a dentist. Please click here
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