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If you are a dentist who owns your own practice building, you potentially qualify for a government tax relief relating to the depreciation on certain items within your building. Our specialist team of chartered accounting, surveying and taxation experts are likely to be able to reduce the amount of tax you pay, our average claim is over £67,000.
Lowering your tax liability
Individuals and businesses owning dental or medical practices can potentially save significant amounts of UK income and corporation tax through capital allowances.
Capital allowances are an entirely legitimate, recognised part of the UK tax regime. Some of the rules on capital allowances are very complex – even for trained professionals. Claiming this relief requires a variety of expertise including; legal, taxation, accounting and valuation.
Dental practice
A dental practice undertook extension and refurbishment works in excess of £120,000 to their existing building.
The contract was let on a design and build basis with very little breakdown of the tender cost. Typical claimable items included: Security system, Reception desk, Passenger lift, Dentists chairs, Heating system, Sanitary appliances and X-ray equipment.
By undertaking a deep analysis of the property, we identified and separated qualifying expenditure between the originally purchased structure and the extension. Taking into consideration ownership structure and grant funding, we were able to deliver a tax saving of over £64,000 to the partners. Our capital expenditure analysis enabled the client to purchase items which qualified for Enhanced Capital Allowances thus increasing the value of the claim.