Dental Student (Part 1 of 11)
Dr Mo Lar's university career is coming to an end, which means goodbye studying and hello foundation training (FT). At this point, Dr Lar is in the same boat as everyone else – he needs to secure a graduate position in a suitable practice that puts him in good stead for future employment.
Associate (Part 2 of 11)
Completing foundation training and becoming an associate is a rite of passage for every dentist. For Dr Lar, it is an opportunity to find a role within NHS dentistry where he can complete some private work too.
First Home (Part 3 of 11)
Dr Mo Lar has been working as an associate for several years now, which means he finally has the capital to purchase his first home – the next duck in a row in his life plan.
Reducing Tax Bill (Part 4 of 11)
Dr Lar operates as a sole trader – in other words, he is classed as the exclusive owner of his own business and is entitled to keep all profits after tax and National Insurance.
Marriage and Family (Part 5 of 11)
Since the last article, Dr Mo Lar has undergone a lot of change in his personal life – as well as getting married he has become a proud father of a baby boy.
Becoming a Principal (Part 6 of 11)
From dental student to associate, homeowner, husband and father, Dr Lar is now at a point in his life where he is considering taking on the challenge of running his very own practice.
Purchasing a Second Practice (Part 7 of 11)
Like many other principals, Dr Lar is keen to expand his business by purchasing an additional practice. He has already acquired some experience of practice acquisitions having gone through it once before, but there are a number of other factors that must be considered the second time round.
Selling His Business (Part 8 of 11)
Having spent years building a dental empire, Lar has reached a point in his professional career where he is both financially and personally ready to sell his business.
Retirement (Part 9 of 11)
After years of hard graft as a successful dentist and business owner, Dr Mo Lar is finally ready to retire. Understandably, Dr Lar's initial priority is to protect his assets and reap the rewards of his years spent in dentistry, but as he also has a growing family to think of he will also need to consider ways in which he can pass his wealth on to ensure his loved ones are protected.
Minimising Tax Towards Retirement (Part 10 of 11)
Now that Dr Lar is working towards retirement, he is concerned that HM Revenue and Customs will end up with more of his hard earned money than his loved ones. Here's what he'll need to consider to ensure that doesn't happen:
Making A Will (Part 11 of 11)
From graduating and starting a family right through to buying and selling his business, we've looked at every eventuality that Dr Lar would have to consider to maximise his profits and protect his assets. Now, at this stage of his life all that is left to do – apart from enjoying his fictional retirement, of course – is to ensure his affairs are in order.