In the run-up to the recent Budget, The National Association of Specialist Dental Accountants and Lawyers (NASDAL) published statistics highlighting dentists’ earnings throughout the 2014/15 tax year.
The report highlighted an increasing profit gap between private and NHS dental practices, which appears to have widened considerably since NASDAL’s last report in 2013/14.
Back in 2014, private sector profits exceeded NHS practice profits by a remarkably small margin, yet 2015 saw the gap between the two significantly widen – in what could be the beginnings of a new trend.
According to the report, last year an average private practice made a profit of approximately £140,129 per principal, with an average NHS practice profit coming in £14,000 lower, at £129,265.
According to NASDAL’s study, private practices also saw an increase in fee income of around 8 per cent.
In other areas, NASDAL reported very little change in comparison with the 2014 statistics.
Our experts at Milsted Langdon can help advise dentists on how to maximise their profits, and effectively and efficiently keep on top of their tax obligations. For more information on how we can help you, please contact us.