The dental community, like other groups can be described in these words, “There three types of people in the world, those who make things happen, those who watch things happen and those who say, “what happened?”.
The winds of change have been threatening the default status of dental associates for a decade and a half – or more. I have been talking and writing about it in no uncertain terms during that time. The background is that the relationship between dental principals and associates has evolved and continues to evolve, especially with the change in NHS contracts in 2006. I am not here to judge anyone or their financial set up, I am here to advise. What you do is your choice and yours alone, that is what being an independent practitioner is all about.
The way that HMRC (the UK tax authorities) defines self employment is constantly changing, after many years they are taking a much harder look at the relationships between dental practice owners and others who work in the practice. It could be that there will be a significant change in relationship contracts, they may only make minor changes and clarify things.
The advice as always is: 1) Don’t panic. 2) Ensure the contract between you and your principal or associate is clear and legal with as few ambiguities as possible. 3)Employ an accountant who understands the law and any updated interpretations, and with whom you have a good open working relationship. 4) Keep clear records so that should your affairs be investigated it is easy to see what has been going on. 5) Be prepared, prompt and personable when dealing with the Revenue.
Watch this video, sign up to UNW’s newsletter (other specialist dental accountants are available) take a look at NASDAL’s website. Above all don’t let a change happen to you and find yourself saying, “Duh! What happened?”