How a business is structured can have a dramatic effect on the amount of earnings its owners are able to hang onto. So, when David and Rachel Mantle, who run a successful private dental practice in west London, discovered that changing their business set-up would more than halve their tax bill, they were obviously delighted.As owners of a substantial independent practice, the Smilecare Dental Clinic in Chiswick, David and Rachel were introduced to Lansdell & Rose by their bank, NatWest. After an initial meeting on a no-fee, no-obligation basis, they decided to pursue a recommended restructuring of their business entity and incorporate their practice as a limited company.
However, there is far more to this process than simply registering a company, warns Lansdell & Rose’s business director Michael Lansdell. “This is a really specialist area,” he emphasises. “Not just anybody could do it. If somebody just set up a limited company tomorrow they couldn’t achieve these kind of tax savings.”He emphasises that it’s important to take into account the specific circumstances pertaining to each case, including legal and financial aspects, who the shareholders are, and whether the owners have any children, for instance.“We aim to create a unique blueprint specific to the client’s individual circumstance,” he explains. “When we did the calculation on their potential tax saving, David and Rachel were very happy and very surprised.”
Of course, the Mantles’ association with Lansdell & Rose hasn’t stopped with the incorporation of the practice. Their relationship with the firm is coming up to its fifth anniversary later this year and the Lansdell & Rose continues to advise the Mantles on taxation issues as well as providing them with everything they need to file their annual accounts and return.Beyond that, the firm also advises the Mantles on property and borrowing issues, working closely with their bankers. Indeed, there has been close cooperation between the bank, solicitors and accountants to ensure that the Mantles’ financial requirements are well looked after, while Lansdell & Rose has played a key coordinating role in these relationships. “The client is delighted that we could help them with other professionals,” says Michael.So are the Mantles happy with their choice of accountancy firm? Rachel sums up their experience very much from the perspective of a satisfied client. “Lansdell & Rose are highly professional, and explain everything in great detail. We feel our business has gone to a whole new level since we moved over to them and can’t thank them enough for their expertise and guidance.“