Group of companies

[philip@wellwoodhoyle]

I think this is a situation where you need to sit down face to face with a competent and commercially aware accountant. Try ringing a few locally, see what they say; perhaps shortlist a couple to meet - any who try and charge for an initial appointment, by pass.

I think you need to search out a couple of specialist accountants to chose between who are well versed in dealing with incorporation of dentists rather than trying to find a local accountant who knows it all. It's something I've been involved with in the past and definitely not for the amateur. As mentioned, there's the VAT issues, but another aspect often forgotten is the NHS superannuation scheme which I believe has the potential for lost valuable benefits for NHS dentists working under a limited company structure although maybe not relevant for dentists in private practice? Then, again as mentioned, there's the BDA rules as to practising under a limited company. I'm not saying you won't find one locally, but you need to guard against an accountant who knows half the story but "doesn't know what he doesn't know" and beggars you up! Given it's a few years since I've been involved, I know I wouldn't take on a dentist client today thinking of incorporation in case things have changed that I don't know about. There are usually some adverts from the dental accountant specialists in the dental professional magazines and on their dentistry websites.

[eek]

The convoluted hoops that medical companies need (and do) jump through to be able to reclaim VAT is ridiculous and in some cases quite contentious.

ISTR IPSE are the people to go to for specialist advice

Surely an accountancy firm specialising in Healthcare or a second tier firm who can point you at the appropriate partner would be a better starting point than people who specialises in Freelancers...

And startup advice is usually cheap or free as its the ongoing work they want and will charge for...

Edit to add: Yes I know IPSE has a medical option (I saw it on the front page). However investment and business structure advice really should come from a specialist in that area and not people who focus on other parts of being a freelance professional.

[tractor]

...

I don't think there are any medical practitioner type contractors on here, we're largely IT and business sorts, there are some specifics about medical and dental practices that need expert, specialist knowledge. For all most of us would know there may be relevant medical legislation that means you can't have both businesses in one company.
I am however aware from my Dentist that he isn't allowed to register for VAT due to some relevant rule (specialist stuff) despite having a turnover that is way higher than the statutory registration threshold. That was certainly the case a while ago when the subject came up and that alone may dictate how best to structure your affairs.

The convoluted hoops that medical companies need (and do) jump through to be able to reclaim VAT is ridiculous and in some cases quite contentious.

ISTR IPSE are the people to go to for specialist advice

[Safe Collections]

I have a limited company doing freelance medical work.My wife (currently self employed dentist) would like to buy an existing private dental buisness.Is it better to buy the buisness under my company making her a partner/director or should i float another company to start the new buisness.The money needed for the new buisness MUST come from my current medical company because we don't have any other source to fund the new buisness.I would be really grateful if people with experience can help me out on this with pros and cons of each option,or is there any other way to do it ?
Many thanks in advance.

Have you thought about starting a new company (Company B) that is a wholly owned subsidiary of your current company (company A)?

Company A would own the shares (and therefore receive the dividends) but your wife could be the director of Company B. This would also mean that you aren't risking the established business by starting a new one.

It might not be the most cost effective option but potentially one worth looking at?

[LOCUM]

thanks TykeMerc and Jessica.

[Jessica@WhiteFieldTax]

It's a few years, ten I guess, since I looked at the BDA rules for incorporating a dental practice; they were horrendously complicated, although maybe over time they've simplified.

Worth nothing that the big corporate chains, eg IDH, tend to have self employed dentists and make their money from a % of their turnover for facilities, and add one like insurance, if I understand their business model correctly.

I think this is a situation where you need to sit down face to face with a competent and commercially aware accountant. Try ringing a few locally, see what they say; perhaps shortlist a couple to meet - any who try and charge for an initial appointment, by pass.

HTH

[TykeMerc]

I don't think there are any medical practitioner type contractors on here, we're largely IT and business sorts, there are some specifics about medical and dental practices that need expert, specialist knowledge. For all most of us would know there may be relevant medical legislation that means you can't have both businesses in one company.
I am however aware from my Dentist that he isn't allowed to register for VAT due to some relevant rule (specialist stuff) despite having a turnover that is way higher than the statutory registration threshold. That was certainly the case a while ago when the subject came up and that alone may dictate how best to structure your affairs.

[LOCUM]

I have a limited company doing freelance medical work.My wife (currently self employed dentist) would like to buy an existing private dental buisness.Is it better to buy the buisness under my company making her a partner/director or should i float another company to start the new buisness.The money needed for the new buisness MUST come from my current medical company because we don't have any other source to fund the new buisness.I would be really grateful if people with experience can help me out on this with pros and cons of each option,or is there any other way to do it ?
Many thanks in advance.