• Posted 12th August 2015

Things to Consider When Buying a Dental Practice

Buying a dental practice involves many things which make it a complex and stressful process. As the dentistry is regulated, you must take several things into consideration to ensure no legal issue arise. So, what are things that should be considered when buying a dental practice? Make a timeline Buying a practice can take up more time than you have expected it to be. For this reason, it is best to factor in a lot more time than you expected before the whole buying process gets started. Inheriting existing staffs When you acquire a dental practice, you will inherit its existing employees. This means you will also take over their service history, terms and conditions of employment intact. The full information about their employees will be given by the seller of the practice. These details will help to know about the employees’ obligations and issues that need to be addressed. Check if the property is on lease or not Buying leasehold practices can be complicated because issues may arise over the assignment of the lease in your name. On the other hand, if the seller owning the freehold leases the property to you, such lease will need to be negotiated. Check the equipments Without any proper working equipment, it is not possible to work in a dental practice. This is why you need to do maintenance checks to ensure everything is working fine. You can also ask for maintenance certificates which will help to know about whether it has been regularly maintained with the manufacturer’s and NHS Trust requirements or not. Get covered Before making your purchase, you need to ensure to get an insurance policy for the practice. Such insurance arrangements can help you if something happens to the practice later on. If you are joining a partnership, you need to decide whether you will share both the profits and the expenses equally or the expenses and keep the fees of the clients. In case of joining an existing partnership, you need to consider on how it will affect your clients. These complex issues must be dealt with the help of an expert. So, if you need professional accountant who can support you through the process of buying a dental practice in the UK, please contact our Phoenix Tax Accountants. Harley Street Accountants have been helping medical professionals including dentists for many years. With expertise and experience working in the medical industry, our dental accountants can offer practical advice and offer you a peace of mind. For details, email us at info@phoenixtaxaccountancy.co.uk or call at 075 1807 5357.