As a principal owner or partner of a practice, we can help you fine tune your financial needs for the future. We are big believers in your practice funding your financial plan. We look at what you need to achieve and what the costs are and then ask can the practice afford it? If the answer is yes, all well and good but if it’s no, not yet, we can look at what needs changing to make you more profitable.
We understand that you have a lot of responsibility and not necessarily a lot of time. We make the process of financial planning and putting agreed recommendations into motion as pain-free and efficient as possible.
Below is a non-exhaustive list of some of the key financial planning criteria which we will oversee for you and your practice:
We will look at the running costs of your practice. These costs generated within the practice will usually be covered by your practice fees. However, if you were unable to work due to illness or injury the practice could soon start to run into trouble. Expenses would begin to eat in to the profitability of your dental practice very quickly. We can recommend the amount of cover you will need in relation to these “professional expenses” and put the cover in place accordingly. This is an important part of protecting your practice.
Whether you are setup as a sole trader, a partnership or as an incorporated company we research and recommend a full protection plan for your business. This covers suitable business protection for key person(s), loans, shareholder and/or relevant life cover. Business protection is often overlooked and is a key risk when left unmanaged.
Ensure your business is protected
In our experience many principles will have left the NHS pension scheme some years ago but will still have some deferred benefits which need to be taken into account. In the absence of ongoing benefits from the NHS pension, it’s important to put an alternative plan in place. This could include personal pensions, SIPP’s, property and the practice itself. A well maintained retirement plan should provide you with financial freedom by the time you come to your chosen retirement date.
Inheritance tax planning
Many practice owners will have built up significant assets over the course of their career including the practice itself. If you were to die how is your estate organised? Would your assets be liable to Inheritance Tax (IHT) and how would your loved ones pay this? We can answer these questions and more by carefully analysing your situation and making recommendations. With our help we can make sure your assets and your family are protected should the worst happen.
When it comes to practice planning, we have over 20 years of experience and a significant number of our clients have benefited from our assistance, with the aim of becoming more profitable. We have also helped many get back on track and re-engaged with their profession.
This is a bespoke service which we offer and more information can be seen on the Practice Planning service page.