News

The New National Living Wage (NLW)

The National Living Wage will come into force on 1 April 2016. When the NLW comes into force all workers who are aged 25 and over must be paid at least the NLW which is currently set at £7.20 per

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The Liechtenstein Disclosure Facility ends 31 December

Time is running out for individuals wishing to register under the Liechtenstein disclosure facility (LDF). The closing date is 31 December 2015. This facility was introduced by HMRC in September 2009 in an effort to encourage taxpayers come forward and

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Highlights from the Autumn Statement (25 November 2015)

“The government remains committed to a competitive tax system with lower rates and high allowances delivering lower taxes for businesses and individuals. But the tax system also needs to be fair. The government will therefore continue to address imbalances in

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When is a car a “Pool Car”?

Whenever an asset or item of equipment owned by an employer is provided to an employee, a taxable benefit in kind will usually arise where private use of the asset is permitted.  A genuinely qualifying pool car will not however,

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Tax Relief for Replacing Furnishings

HMRC have released their consultation document on the replacement of the 10% Wear & Tear allowance available to landlords of furnished residential properties. The proposed legislation, to come into effect in April 2016, offers relief for actual costs incurred and

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It Should Not Happen To A Dentist, Nor Indeed A Lion

The last few days the media worldwide has been agog with the story of the demise of Cecil the Lion in Zimbabwe. Like many others I was very sad to hear of the hunting down of Cecil over 2 days

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Time to Pay Arrangements with HMRC – Mandatory Direct Debit

HMRC have given advanced notice regarding a change to the way they will expect customers to pay future agreed time to pay arrangements. As you may know they can use discretionary powers to agree to payment of a debt by

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Summer Budget 2015 – A Closer Look for Dental Individuals

Personal Allowance and Basic Rate Band  Previously announced rates for 2016/2017 and 2017/2018 have been increased:  Personal Allowance                                             

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At a glance Budget update for Dentists

The Tory government has released their first Budget for many years. Whilst we are awaiting the full details and need to give proper consideration to the proposals some of the main issues we have picked up that will affect dentists

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Superannuation Reconciliation Reports

The superannuation annual reconciliation reports need to be submitted before 30th June 2015.  If you have not already done this  or if you are still unsure of the process and if you are doing it right, we have compiled some

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Let Property Campaign

The Let Property Campaign gives tax payers an opportunity to bring their tax affairs up to date, whether the property is in the UK or abroad and to get the best possible terms to pay the tax you owe. The

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Intermediaries and Reporting Confusion

HMRC has become concerned with what it calls ‘false self-employment’ and new legislation has been introduced requiring intermediaries to make quarterly returns of the workers they supply and the payments made to those workers. The rules are intended to catch

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Keeping records for the upcoming tax year

With the 2015-2016 tax year just started, now is a good time to start keeping good records – it will help you in the long haul! Keeping accurate records is a must for all businesses – so we encourage you

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Would you like to offer interest free credit without a licence?

Well now you can. The UK Government has introduced legislation which extends the exemption for instalment credit. Previously, the exemption stated that a credit agreement would be exempt if it met all the following criteria: it is repayable by no

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Class 2 National Insurance due through self-assessment

Her Majesty’s Revenue & Customs (HMRC)  Agent update 45 confirmed that, from April 2015, most self-employed people will pay their Class 2 National Insurance contributions through self-assessment. As a result, HMRC are no longer accepting new direct debit applications to

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Did you know the 19th May P14/P35 deadline no longer exists?

FPS submissions for the 2014/15 tax year will not be accepted by HMRC after 19th April 2015. You will be required to send an earlier year update (EYU) instead if you have not sent your final FPS submission by 20th April.

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Payroll – RTI Late Filing Penalties

From the 6th October 2014 H M Revenue & Customs will be introducing penalties for late filing of PAYE RTI submissions. Penalties will arise in the following instances:- When a Full Payment Submission (FPS) has not been filed on or

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Up to £2,000 to help grow your business with a Government Growth Voucher

The Growth Voucher programme is a government scheme to help businesses get strategic business advice on: Finance and cash flow Recruiting and developing staff Improving leadership and management skills Marketing, attracting and keeping customers Making the most of digital technology.

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Business Travel Expenses

The recent Tribunal (FTT) decision in Samadian v Revenue & Customs [2013] UKFTT 115 (TC) is a sharp reminder of the requirements for satisfying the ‘wholly and exclusively’ requirement for tax relief purposes, in particular; travel expenses for self-employed individuals.

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New HMRC Proposal: Direct Recovery of Debts (DRD)

HMRC issued a consultation document on 6 May 2014 on possibly the most alarming new power ever proposed. The proposal was announced in the 2014 Budget and if the proposal is successfully implemented, the new power will allow HMRC to

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Employers are no longer able to reclaim Statutory Sick Pay

Previously an employer was entitled to recover some of the Statutory Sick Pay (SSP) paid to their employees if the total SSP paid in a tax month was greater than a set percentage of their gross Class 1 National Insurance

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HMRC introduces benchmarking for dentists?

Maybe not just yet, but the Transparent Benchmarking Team within HMRC has chosen various trade sectors to test the use of “benchmarks”.  The benchmarks provide businesses, within the chosen trade sector, with a guide to see whether the net profit

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Auto Enrolment – Workplace Pensions

As you may be aware the Government has introduced new legislation called Auto Enrolment, being a way for people to save for their retirement.  This means that all employees on a payroll will be automatically enrolled into a pension scheme,

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A possible £2,000 off of your NIC bill!

With effect from 6 April 2014 you may be entitled to claim the £2,000 employment allowance, which is a reduction in a Class 1 NIC bill for employers. Do I qualify?  You may qualify if you do not fall within the

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Know your finances with DBS

Have you ever wondered how much time you, or your bookkeeper, spend entering data from your bank statements to your accounting software? And, you probably already know how easy it is to enter a figure incorrectly, or in the wrong

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Final week: disposal of your practice

Nathan Poole ACCA MAAT What happens post-completion?  Tax planning is essential in any practice sale and the opportunity to maximize Goodwill value must be pursued. Under current legislation, Capital Gains Tax (CGT) is generally levied at a rate of 10%

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Week four: disposal of your practice

Nathan Poole ACCA MAAT If I sell to a Corporate will I be required to work at the practice?  Corporate purchasers will, on the whole, expect an outgoing principal to continue to work at the practice in an associate capacity

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Week three: disposal of your practice

Nathan Poole ACCA MAAT How long will the sale process take? You may generate a significant amount of interest and receive an offer within weeks of your practice being marketed.  Once you have accepted this offer, the due diligence and

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Week two: disposal of your practice

Nathan Poole ACCA MAAT How much is my practice worth? DBS has many years’ experience in valuing practices and there are many factors to be taken into account when considering the appeal for a potential sale.  Obviously the profitability of

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This month we focus on common questions regarding selling your practice.

Nathan Poole ACCA MAAT When would be the right time to consider disposal of my practice? The right time to consider the disposal is dependent on many factors: do you need to start planning for your retirement? Have you been

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