Optimising finances

There is much to do in preparation for the return of dentistry. For many practice principals, getting back to work safely means reorganising the practice environment, introducing new protocols and updating patient communications. From a business perspective, this also means getting finances in order and optimising economies wherever possible.

Utilise government support

The Job Retention Scheme has been extended until the end of October. On the whole this is good news for all UK businesses, as it should facilitate the gradual return of staff without leaving employees without any income.

Also benefiting an array of businesses, the Bounce Back Loan Scheme (BBLS) offers a new lifeline for any practices that didn’t get a Coronavirus Business Interruption Loan (CBIL). The BBLS offers up to £50k, interest-free for a year with no repayments, giving dental practices and associates a cushion. If you don’t end up needing the money, just repay it in 12 months’ time. However, if the extra financial support is necessary, you can repay the loan beyond the first year at a set interest rate of 2.5 per cent per annum for up to six years, with no penalties should you repay it in full at any time. This is available for each trading entity (if you have multiple practices, you can claim the loan for each one). Practices working as sole traders for NHS and limited companies for private work can also claim up to 25 per cent of annual turnover, by way of a loan up to a maximum of £50k.