I’m a new dentist: Do I need an accountant?
You’ve finally done it – after years of study, exams, and clinical placements, you’re now a fully qualified dental associate. It’s an exciting milestone and the start of a rewarding career. But as you take this next step, you might be wondering: do I really need an accountant, or can I manage my finances myself?
From self-assessment tax returns to student loan repayments and everything in between. It can feel like a lot to handle, especially while you’re focusing on building your clinical experience and caring for patients.
That’s why working with a specialist healthcare sector accountant who understands the dental industry can make all the difference – helping you stay financially confident and compliant, so you can focus on what matters most: your patients.
1. Making the transition from student to professional finances
As a new associate, you’re moving from a world of student loans to earning a proper income, often as a self-employed individual. This shift can be confusing at first as you’ll need to keep track of income statements, expenses, and tax deadlines, often for the first time.
An accountant can help you:
- Set up simple, effective bookkeeping systems
- Understand how much to set aside for taxes
- Plan for student loan repayments and personal savings
- Keep your finances compliant with HMRC requirements
Having professional support means you can focus on your patients, not your paperwork.
2. Choosing the right business structure
Most dental associates in the UK work as self-employed individuals, but that’s not the only option. Some may benefit from operating through a limited company depending on their income and future plans.
A specialist dental industry-specific accountant can help you:
- Determine the most tax-efficient way to structure your work
- Register for self-employment or set up a limited company with HMRC
- Avoid common pitfalls that can trigger HMRC investigations
Getting this right from the start ensures you’re compliant, efficient, and set up for success.
3. Maximising allowable expenses and reducing your tax bill
Dentists are entitled to claim a range of business expenses that can significantly reduce your taxable income but it’s easy to miss out if you’re unsure what counts.
An accountant can help you identify and claim deductions for legitimate expenses that can make a real difference to your tax liability and ensure everything is claimed correctly and compliantly.
4. Planning for your financial future
Good financial habits early in your career lay the foundation for long-term stability. Whether you’re saving for a home, looking to buy into a practice, or planning for retirement, an accountant can provide proactive advice tailored to your goals.
Having an accountant can help you:
- Prepare for mortgage applications
- Plan for future practice ownership
- Develop long-term tax and pension strategies
Financial planning isn’t just about the numbers, it’s about helping you make confident decisions for your career and your life outside the surgery.
5. Peace of mind and ongoing support
Finally, partnering with a specialist dental accountant gives you peace of mind. You’ll have a professional on your side who understands the unique financial challenges of dentistry, from locum work and fluctuating income to the nuances of NHS and private contracts.
With the right accountant, you’ll never have to worry about missing a tax deadline, overpaying HMRC, or losing track of your finances.
Get started with a trusted dental accountant:
At Robson Laidler Accountants, we work with dentists across the UK at every stage of their careers, and we’ve seen first-hand how getting the right guidance and tax advice early on can make a huge difference.
To book a free consultation with our dental accounting team, fill out our contact us form.