Mac Kotecha – a specialist dental accountant for over 28 years – shares with you his 5 top tips for this issue. If you can only do 5 things this fortnight, make sure you read this first:

First the good news: statistics show that we're living for longer than ever - today's 65-year old men can expect to reach 82, whilst women retiring at 60 can look forward to living until 85! The bad news? We need around £130,000 to do so.

State benefits simply aren't enough to support today's pensioners, so increasingly, people are turning to private pensions.

That’s not all. Life expectancies are set to rise whilst the proportion of state benefits in pensioner incomes is set to decline.

Finding extra cash is going to be a problem for many, which is likely to mean more pensioners having to work.

The average personal pension fund on retirement today amounts to just £40,000 -- which at current annuity rates would produce an annual income of just £2,000. You would need an equivalent of £300,000 in today’s money in your pension pot to produce a modest income of £15,000 per annum.

All you younger dentists out there providing private dentistry, would probably benefit from starting up a pension/retirement fund as early as possible. This is vital as the earlier you start to save, the longer your cash has to grow. Remember, the sooner you start and the more you contribute, the more chance you have of maintaining the type of lifestyle you would be used to! (If you are within the NHS scheme it is best to get advice from a financial advisor who is experienced in this).

Some dental practices like to give their patients small items such as pens, bearing the practice name and logo. The patient is likely to keep it handy in their bag or pocket and whenever they take it out and use it, they will be reminded of their dental practice.

One step further would be to offer personalized lip balms. Not only will these provide the same benefits as other "gifts" but they are also likely to be appreciated by the patient.

Source bank accounts with the best interest rates, and don’t be afraid to move your money to another account, if you come across one with an even better rate.

A word of warning: Don’t ignore the small print! Keep an eye out for the following:

• Introductory bonuses: increasingly, many accounts - especially those occupying the Best Buy tables - boost their interest rate by including short-term bonuses. Make a note of when your bonus ends, so that you can move on if your rate is no longer competitive.
• Tiered interest rates: with some accounts, the higher your balance, the higher the rate of interest that your money earns. If you do choose an account with tiered rates, make sure that your balance doesn't fall into a lower tier. If it does, you may be better off elsewhere.
• Withdrawal or exit penalties: notice accounts lock away your money for a pre-set period -- anything from, say, thirty days to three years. Hence, if you draw your money early, you'll pay a fine or lose interest for the privilege.
• Any other strings attached: for instance, some savings accounts offer favorable rates of interest, but only on the condition that you transfer an existing account to the same provider.

So get out those reading glasses (if you are lucky enough to own a pair!) and work your way through those little words at the bottom!

As the amount of paperwork required of dentists increases, it is extremely common for them to bring claim forms etc home to do during their "time-off".

Next time you are burning the midnight oil at home, remember, you should be claiming tax relief for use of your home as your office!

Your accountant should be able to work an appropriate amount out for you and incorporate it on your tax return to get you tax relief accordingly. In the meantime, remember that claiming "use of home as office" should not have any negative impact when you come to sell your house, as the space you use has a dual purpose, i.e. home office/spare room.

From 6^th April, Landlords who rent out properties classed as HMOs (House in Multiple Occupation) will need to take out a license.

Mac Kotecha (FCA) is a Chartered Accountant and Certified Financial Planner, who deals exclusively with dentists and has been established for over 27 years. His company offers Accountancy, Taxation & Payroll services in addition to invaluable advice on practice management, buying/setting up a practice and other dental issues. Contact him on 020 8346 0391 or go to www.specialistdentalaccountants.co.uk to learn more.