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GAVIN FERNANDES explains the process and tax issues to consider when incorporating a dental practice
KEY POINTS
- New higher tax rate is an incentive to incorporate.
- Implications of selling the business.
- No rollover relief available.
- Drawings from the director’s loan account.
- More onerous administration.
This article describes the tax issues to take into account when considering the incorporation of a dental practice. It is based on a real case dealt with by my tax practice although the tax principles involved would equally apply to the incorporation of a medical practice or a solicitor practice.
For reasons of confidentially the client’s name has been changed to Dr Shah.
At the time of the 2009 Budget one of our dentist clients was concerned with the level of tax he would have to pay for the tax year commencing 6 April 2010.
He was expecting profits of £200 000...
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