White Rose Dental Practice

Challenge

Set up by owner Simon Smith, White Rose Dental Practice in Camborne has been providing dental treatments, surgery and emergency services to patients for the past 21 years. In November 2016, Simon turned to Simpkins Edwards for a fresh perspective on the practice’s tax affairs, seeking advice on how he could restructure the business so that it would be in a strong position to invest its future.

Solution 

Simpkins Edwards team, under Tax Director Mark Simic, met with Simon to get a fuller understanding of the challenges facing the practice. First came a restructure from an unwieldy business – set up as a sole trader, a limited company and a partnership – to a single limited company. Next, Simpkins Edward’s team brought the practice’s accounting records up to date and introduced QuickBooks Online; previously Simon had been producing ‘historic’ accounts several months after the year-end.

As a result, the Practice now has up-to-date management information, a clear indication of tax liabilities and the ability to efficiently manage its cash flow. This, in turn, has enabled Simon to have greater certainty about his finances enabling the practice to invest in new equipment, services and marketing.

Combined with business advice that has led to the introduction of a new appointment structure, new pricing and the introduction of a range of services that sets the practice apart from others in Cornwall, Simon has been able to put the Practice on a solid footing for its future.

“Working with Simpkins Edwards and using its monthly set-fee service package has been a breath of fresh air. There are no hidden surprises and we’re able to speak to Mark’s exceptionally knowledgeable team whenever we need advice; they always have the answer, no matter how complex the issue. With their help, we have a bright and exciting future ahead of us.”

Simon Smith, Owner, White Rose Dental Practice