An optical practice is a genuinely unusual business to run. On any given day you might be providing an NHS funded eye test, selling a pair of designer frames, fitting contact lenses on a private plan, and processing a claim through a corporate scheme all before lunch. Each of these things is treated differently for VAT and accounting purposes. Most accountants do not fully understand this mix. We do, and we help independent opticians and optical practice owners make sure their finances reflect how their business works.
We take care of all the financial and compliance work so you can concentrate on running your practice.
We keep a clear record of your NHS income, private dispensing, retail sales and plan income separately, so your accounts accurately reflect how your practice earns its money.
We calculate the correct VAT position each quarter, considering the exempt and taxable split that is specific to optical practices, and submit your return to HMRC on time.
Whether you employ one receptionist or a team of optometrists and dispensing opticians, we run your payroll each month and handle all HMRC submissions, so your staff are paid correctly and on time.
We prepare your annual accounts and corporation tax return, make sure all your practice costs are claimed correctly, and plan so your year-end tax bill is never a surprise.
From stock and equipment costs through to professional registration fees, GOC compliance costs and premises expenses, we make sure every legitimate cost is recorded and reduces your tax bill.
We manage all your deadlines and make sure every submission is accurate and on time. You will never face a late filing penalty or an avoidable fine because something was overlooked.
A clear view of your practice profitability and where the money is going
Accounts that accurately separate your NHS, private and retail income
Someone to call when you have a question, not just a once a year check in
VAT returns that are correct for an optical practice, not just a generic business
We work alongside your practice throughout the year, not just when a deadline is due.
Eye examinations carried out by a registered optometrist are exempt from VAT. But the frames, lenses and accessories you sell alongside them are not. Contact lens plans and private dispensing fees sit somewhere in between depending on how they are structured. If your VAT return does not reflect these distinctions correctly, you can end up either overpaying VAT on exempt services or underpaying on taxable sales both of which create problems with HMRC.
We make sure your VAT returns are calculated correctly every quarter, with the right split between exempt and taxable income. If you have been doing this yourself or using a general accountant who is not familiar with optics, it is worth having your last couple of years reviewed. Errors in this area are more common than most practice owners realise.
Something we often find optical practices where NHS sight test income and retail income have been lumped together in the accounts without the correct VAT treatment applied to each. This looks fine on the surface but can create a significant liability if HMRC looks closely at your returns.
A straightforward review of your current setup can identify whether this is an issue and what needs to be corrected.
Expert Chartered Certified Accountants helping UK businesses protect and grow their income.
Friendly support from a local team that understands your business. Book your free consultation today and take the first step towards financial clarity and peace of mind.
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74 St James Road, Blackburn, BB1 8ET
We work with clients across the UK, so you can get support wherever you are
