Yes, it’s true. If you’re thinking of setting up a new practice then, it can be done for as little as £55k.

Ross Martin blogs:

It has been estimated that it costs approximately £250k to set-up a 2-surgery squat practice (£125k refurb + £75k marketing + £50k cashflow).

With the Seed Enterprise Investment Scheme (SEIS), HMRC can reduce your tax bill to give this exact scenario!

I know many associate dentists look on enviously at owners who are selling their practice for a very good profit at the moment. However, when thinking about becoming a principal, the financial risk to set-up a squat is compared to the burden of purchasing and taking on a substantial bank loan – the time taken to build up the business means profit in the early months, can be non-existent and that insecurity proves the over-riding factor in nearly all decisions.

So, reducing the inward investment down to £55k, makes this a very exciting and viable opportunity. Of course, this needs to be appropriately structured but we have experts who will obtain the tax relief clearance with HMRC. It should be noted that one practical limitation is that your shareholding will need to be 30% so you will need to find 3 business partners to share the venture, however there is nothing to stop you setting up 2, 3, 4 practices.

We help with most aspects of purchasing a practice; from the initial valuation to tailored ‘start-up’ marketing packages to help you accelerate growth in your new practice. Call us on 01872 300232 or email us at hello@hivebusiness.co.uk.