Accounting and Tax planning for Opticians
As with any business operating within the Healthcare sector, Opticians need specialist help when it comes to their accounting and tax affairs.
Typical issues that arise for Opticians include VAT and the complications that come from providing mixed supplies of goods to customers.
Focus on VAT compliance and tax reduction
- Comply with VAT regulations and understand your exemptions
- Focus on tax planning and minimise payments
- Reduce costs and maximise practice profitability
- Comply with the ever changing legislation and regulatory demands
As there is a significant ‘clinical’ element to the dispensing service itself, it is exempt from VAT. Typically this will include the dispensing of contact lenses, spectacles and other sight correction products. The second service is the actual sale of the goods themselves which is subject to VAT at the current full rate of 20%.
The result of this mixed supply is that the VAT calculations can get complicated and a percentage will need to be agreed with HMRC. We can guide you through this process with the minimal amount of fuss.
As well as being healthcare professionals, Opticians are business owners and therefore need to give consideration to the issues faced by any normal business owner operating within a competitive environment. Tax planning will be a key issue that must be considered. As Chartered Tax Advisers we are best placed to provide you with the necessary advice and ensure you are paying the minimum amount of tax.
We currently work for Opticians primarily in Cheshire (Knutsford, Wilmslow, Hale, Alderley Edge), Manchester and London. But wherever you are based, we are happy to arrange a visit.
But wherever you are based, we are happy to arrange a visit.
For a Free initial Consultation call 0845 475 1017 or e-mail firstname.lastname@example.org.