Autumn Budget 2024: What does it mean for buying or selling a dental practice? [Free Guide]
We've partnered with a leading dental accountancy firm UNW to help dentists navigate the changes announced during the Autumn budget.
Chancellor Rachel Reeves delivered the first Budget of the new government on Wednesday 30 October 2024. The Budget was one of the highest tax-raising budgets on record. She emphasised the need to invest to drive growth and the need to restore public services and economic stability.
The Chancellor announced £40 billion in tax rises, with the largest part of this coming from increases in employers’ National Insurance Contributions (NICs) from April 2025.
We’ve partnered with UNW, a leading national advisory team acting for over 500 dentists across the UK to host a Q&A for dentists. The live session provided an overview of the Autumn Budget in relation to dental practice owners or anyone looking to purchase or sell a dental practice followed by answers to their most frequently asked questions including:
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What are the effects of the budget for associate dentists?
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Are there any ways to mitigate pensions being captured by Inheritance Tax from 2027?
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How will the budget affect business loans for those looking to buy a practice and for those looking to sell?
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Do we feel this budget will impact practice valuations and how to overcome this?
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With the CGT changes, is there an effect on how sale proceeds will be apportioned between goodwill, property and fixtures & fittings?
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Is there an advantage in changing mixed practices from a partnership trading structure to a limited company structure in lieu of the changing tax rates?
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Interested to hear how to minimise BADR
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What does the NI rise mean for a limited company with a single director (no employees)?
And more!
Watch the Autumn Budget Q&A for dentists
The live session hosted by Henry Schein Dental Practice Sales and delivered by Mike Blenkharn and Charles Linaker was recorded on 4 November 2024 for dentists to watch on demand here
Download your guide
UNW has compiled an Autumn Budget summary which includes changes announced during the Budget, and measures previously announced, but only coming into effect from April 2025 or later. The guide provides a summary of changes relating to personal tax, employment, business, capital taxes, inheritance tax and other matters. Download your copy today
Questions?
If you’re considering selling or buying a dental practice, or need to refinance, chat to one of our experts by contacting us here.
For expert specialist advice and bespoke tax planning, contact the UNW Tax partners
