Dental Tribune United Kingdom Edition No.3, 2017

9 AD Dental Tribune United Kingdom Edition | 3/2017 TRENDS & APPLICATIONS What would Dr Mo Lar do? Part 2 Altogether, there are a great many aspects to becoming an asso- ciate, but done right, you can rest as- sured that you are prepared for the role, protected against potential risks and in control of your ﬁ nances. Next part: Dr Mo Lar buys his ﬁ rst home. Financial and legal aspects of becoming an associate By 4dentists, UK Over the course of this 11-part se- ries, the 4dentist group will explore ways to tackle a number of per- sonal and professional challenges by providing advice and guidance to ﬁ ctional character Dr Mo Lar. In this second article, they will be looking at the ﬁ nancial and legal aspects of becoming an associate. Previously, we looked at how Lar should approach his founda- tion training year, with focus placed on how to ﬁ nd a job, stu- dent loan repayments, and the im- portance of taking out the correct insurance. In many ways, becom- ing an associate dentist is not so very different from ﬁ nding and working in a graduate role—after all, Lar still has to ﬁ nd a job and or- ganise his ﬁ nances. Saying that, becoming an associate requires a great deal more organisation than stepping into a role straight out of university. The next level Completing foundation train- ing and becoming an associate is a rite of passage for every dentist. For Lar, it is an opportunity to ﬁ nd a role within NHS dentistry where he can complete some private work too. In an ideal world, he would like to work around ten NHS sessions per week so that he continues to develop his clinical skills (development that will help with increasing his private list in the future). As part of the process of becoming an associate is ﬁ gur- ing out what you want from the role, Lar, in many ways, is a step ahead. Indeed, knowing which roles you want to apply for can make searching for vacancies much easier. If Lar wants to ﬁ nds the best position in a suitable practice, however, in an easy and methodi- cal manner, he would do well to utilise the services of a recruit- ment agency like careers4dentists to support him through the vari- ous recruitment processes. On some occasions, dentists are of- fered the opportunity to stay on in the practice where they have completed their foundation train- ing, but as this is not a given, the necessary steps should always be taken to avoid disappointment. Being self-employed Undertaking an associate role is usually done on a self-employed basis, and it is for that reason that this stage of a dentist’s career is much more complicated than be- coming a foundation dentist. For Lar, his ﬁ rst move would need to be the negotiation of his associate agreement with his employer—a particularly pertinent move when you consider that these agreements have re- cently come under ﬁ re in light of the highly publicised Uber case. A s a sel f- employed associate, employment rights, such as paid hol- iday, sick leave and ma- ternity/paternity leave do not apply, nor does he or she have the pro- tection of anti-discrim- ination legislation, so it is essential that these areas be detailed in the agreement. For opti- mum results, associ- ates are advised to seek legal advice from spe- cialist lawyers. The other legal as- pect that all associates such as Lar should give thought to is insur- ance—not only his own occupa- tion cover in case of sickness (which will be crucial in ensuring he can maintain his outgoings), but also indemnity insurance to protect against day-to-day risks and potential claims made by pa- tients. In addition to this, there are responsibilities pertaining to HM Revenue and Customs (HMRC) that would need to be taken into consideration. As soon as Lar has ﬁ nalised the details of his contract and agreement, he would need to register with HMRC. There are time frames with this part of the process, so all associates must contact HMRC as soon as possible. Failure to comply can result in a ﬁ ne. Once Lar’s records are set up, he will receive a letter with a ten- digit reference—otherwise known as a unique taxpayer reference— which he will need to complete a self-assessment tax return each year. Completing the self-assess- ment tax return can be a bit of a headache, but as long as Lar main- tains accurate books and records on his income and expenditure, the whole process is relatively straightforward. As a new associ- ate, Lar would also be advised to open a new business bank account to ensure that all business and pri- vate transactions are kept sepa- rate. Should he need additional help, accountants4dentists offers a number of services that would ensure he stays on top of his ﬁ nan- cial and legal responsibilities. Lastly, Lar should consider how he intends to handle his money—he is, after all, about to go from earning £ 30,000 to in ex- cess of £ -100,000. As he intends to purchase his ﬁ rst home, it would be prudent for him to meet with an independent ﬁ nancial adviser, such as those at money4dentists, who can advise him on savings and investment opportunities.

Dental Tribune United Kingdom Edition No.3, 2017

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