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Dental dilemma

18 May 2010
Issue: 4255 / Categories: Forum & Feedback
Should a dental practice incorporate, particularly if the dentist is close to retirement?

I have one or two dental practices as clients. One dentist has recently come to see me saying that he has heard that another firm of accountants is suggesting that dentists really should incorporate their practices. I get the impression that this is ‘flavour of the month’.

Obviously I don’t want to lose my clients and have decided to look into this in more detail and wonder if readers can provide any additional information as to whether this is a good thing or not.

This particular client is in fact only a few years away from retirement; will this make incorporation more or less beneficial?

Also if the business does incorporate is there any compunction for the dentist to take a salary rather than dividends or allowing the profits to roll up?

I would be interested to hear whether fellow Taxation readers are having this...

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