If you’re feeling the pinch, it’s no surprise. Recent headlines have declared that the UK’s tax bill is now at its highest since the close of World War II. Some have even stretched this comparison back to the end of the Napoleonic Wars (that’s 1815, for the non-history fans).

But it’s not just your tax bill that’s expensive – even a weekly grocery trip has crept up to almost-unrecognisable heights. Businesses are being pressured by changes in National Minimum Wage, and soon, an overhaul of inheritance tax will sweep in to catch out the unprepared.

Traditionally, many dentists have pinned themselves to the £50,000 earnings threshold; budgeting for a joint household income of £100,000. But with bills increasing, and expenses such as school fees up, this figure no longer feels as manageable as it did in days gone by. Decades ago, it was aspirational, but today, this threshold catches almost everyone.

With so much pinching at your profits, you may wonder: what’s the point in even speaking to an accountant? Aren’t they the ones behind all the bills? I’d parry this by saying: if you don’t speak to Hive, things are likely to be worse. And just because an accountant has to follow HMRC’s rules, it doesn’t mean they’re not on your side. At Hive, we don’t work for the taxman.

It’s easy to view the current economic situation through a negative lens – and one of my aims in this post is simply to say, yes, it’s tough. If you’re running a practice, and it’s harder than it once was, you’re not alone. There are genuine compressions coming at you, from multiple angles.

But I also want to issue a form of “rallying cry” here. Because, although times are hard, the worst thing you can do is roll over and stop doing what you need to. In this, I mean crucial actions like speaking to your accountant and staying on top of your own financial position.

By leaning on your advisors, you’ll learn that in tricky times, people want to help you more than ever. At Hive, we can place a truly diverse range of expertise at your disposal; everything from accountancy and tax advice to business improvement and marketing. We can help find the gaps you might not have spotted, or take a second look at your profitability. And, if you’re thinking of selling – which can be a genuinely good, strategic move – we can help.

(Just one word of caution here, though: beware advisors that tell you what you want to hear. Taking bad advice is infinitely worse than taking no advice.)

I recently chatted with a fellow peer, Barry Oulton, and I don’t think he’ll mind me sharing his thoughts. He’s also noticed struggles within the industry, but has an interesting perspective on why this might be. Back in the “olden days”, a dentist would really have to go out of their way to mess it up. Dentistry was an in-demand, and somewhat protected, sector. It was easy to make it pay well. These days, there are far more pressures, and it’s a harder slog to make gains. It’s not that dentists have it worse than other professionals; it’s just that the playing field is suddenly level. A dental business now faces the same demands as any other business.

Crucially, as I’ve said in other articles, there are still good opportunities out there within dentistry. Being an associate remains a well-paid job with very little risk. And even as an owner, there’s healthy scope for growth. It just requires a more concerted effort and a proactive approach.

So, do what you need to do, and keep talking to the people who are there to help you. If you think that’s our team, let us know – we’ll always put your best interests first.