News

RTI (Real Time Information) Update

H M Revenue & Customs have started to write to certain employers (letter code: RTI206) to inform them that their PAYE scheme will be automatically closed due to inactivity. Some definitions of ‘inactivity’ are not making RTI reports and not

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Christmas: FAQ’s on how to deal with bonuses, gifts and parties

Can I give my elves shopping vouchers for Christmas?  Cash and vouchers are taxable, and should be taxed through the payroll system at their full value.  The cost of the vouchers is however a business expense and therefore are deducted

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Our Business Consultant Nathan Poole concludes this months Q & A on Buying a Dental Practice

Nathan Poole ACCA MAAT Why should I employ an ASPD or NASDAL lawyer rather than my own? Both lawyers in the transaction should ideally be members of ASPD or NASDAL, simply because it gives you a degree of reassurance that

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Nathan Poole, our Business Consultant, answers another popular question on buying a practice

Nathan Poole ACCA MAAT Week three: How is stock and work in progress dealt with? Stock is normally excluded from the initial valuation of the practice. This is because stock levels vary from day-to-day and therefore the amount of stock

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Our Business Consultant, Nathan Poole answers “What is my accountant’s role in helping purchase a dental practice?”

Nathan Poole ACCA MAAT Week two: What is my accountant’s role in helping purchase a dental practice? One of the main roles of your accountant is to give you peace of mind by reducing the risk of the transaction.  The

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Each week in November our Business Consultant Nathan Poole answers the most frequently asked questions when buying a dental practice

Nathan Poole ACCA MAAT Nathan is a Chartered Accountant and business consultant, joining DBS in 1999 he now has over ten years’ experience working exclusively for dentists.  He advises dentists on developing their practices through services such as practice acquisition

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Ask the expert: Foundation Dentist

Monthly articles where we give advice on your most frequently asked questions. Peter Lambert FCCA A fellow of the Chartered Association of Certified Accountants Peter has over twenty five years’ experience, joining DBS in 2009 after working within the corporate sector.

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National Minimum Wage Increase – 1st October 2013

On 1st October 2013 the National Minimum Wage (NMW) will be increased.  It is imperative that you increase your staffs’ wages in line with the changes if you are paying the minimum wage. The new hourly rates from 1st October

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RTI – Your views

We are now 5 months into the new RTI legislation.  Although you may have found it quite straight forward, it has been a different story at H M Revenue & Customs (HMRC). The National Audit Office (NAO) has confirmed that

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FCA to take over from the OFT to regulate consumer credit activities

The Office of Fair Trading “OFT” and Financial Conduct Authority “FCA” (who are replacing the FSA) have sent out a letter to all consumer credit licence holders regarding the new changes to Consumer Credit Licencing. Responsibility for regulating consumer credit

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DBS complete their Bridge2Aid charity event

We made it!  On 12th June 2013 the whole team at DBS took part in a charity cycle challenge to raise money for Bridge2Aid.  Between us we cycled in a combination of sun, wind, and rain to cover a distance

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Warning to taxpayers about scam or “phishing” emails sent out by fraudsters

Phishing emails often promise money back and, if the recipient clicks on a link, they are taken to a fake replica of the HMRC website. They are then asked to provide credit or debit card details or other sensitive information

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Time to complete your 2012-13 tax return!

This is a little reminder for our clients that the tax year 2012-13 covers all income and expenditure for the period 6 April 2012 to 5 April 2013 only, and we are pleased to give you a list of key points you may like

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PAYE payments and P11Ds

Now the 2012/13 tax year is over, its time to start thinking about returns of expenses and benefits (forms P11D, P11D(b) and P9D), but this year it is different. Employers who previously used the free HMRC software: Basic PAYE Tools,

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Qualifications acheived by two DBS team members

Following exams taken in December 2012 and January 2013, we are pleased to announce two members of the DBS team have gained further qualifications. Darren Nicholson has completed and passed his final ACCA examinations with the Association of Chartered Certificated

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Business Record Check

We thought you might like to know the kind of questions an HMRC officer will ask during the telephone stage of a business record check. These questions are: Do you understand your obligations to HMRC? Do you need help filling

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HMRC have released an online tax guide designed especially for you!

The Tax for Dentists guide, which includes an overview of tax, National Insurance contributions and VAT, help for the newly-qualified, information on employing staff, guidance on keeping business records, business expenses, help with completing tax returns, and information on paying

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2013 Budget Highlights

This was a quiet budget but we have found a few gems which you can use to save money in the years to come. Individuals Income tax personal allowance to rise to £10,000 by April 2014 Procedure for collection of

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HMRC targets second home sales

HMRC have recently launched a campaign to chase up unpaid tax on sales of second homes.  When you dispose of (i.e. sell or give away) a residential property in the UK or abroad that is not your main home you

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The NHS Dental Portal

The NHS Dental Portal is a free online service for NHS dentists, giving you easy access to: Downloadable pay statements and reports; Direct access to contractual information; Check on the progress of claims; Rejected claims information; Information on superannuation contributions.

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Your CPD, hassle free

Would you like an easier convenient way of recording your CPD?  Well now DBS can recommend just the thing… The CPD Pro app is designed to help you to manage all aspects of your CPD on your iPhone. Whenever you’ve completed a

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Tax and Investment Planning lecture

Our Tax Manager, Penny Bowen, will be delivering a short lecture on Tax and Investment Planning at the BDA conference on Thursday 25th April. This session will focus on the importance of taking an active interest in our money, debt

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Saving tax with a Seed Enterprise Investment Scheme (SEIS)

Similar to the well-established EIS and VCT reliefs, SEIS is a highly advantageous incentive which seeks to correlate tax reliefs with business risk. Income tax relief SEIS is designed to encourage investment into start-up businesses by offering investors an initial

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Bookkeeping – is there a better way?

In the case of bookkeeping for your practice then the answer is, most definitely, Yes! Every business needs to maintain accounting books and records; in fact, HMRC expect you as a practice owner to maintain proper accounting records and there

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NHS Superannuation goes online

NHS Superannuation Goes Online  You are by now familiar with the fact that, since 2006, Principals have been asked to confirm for all performers at the practice the net pensionable earnings (NPE)[i] allocated for the previous year ended 31 March

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Time to sell your shares?

As the FTSE index is currently at its highest level since May 2008, you may want to cash in some investments before the end of this tax year to use your annual exemption and soak up any capital losses you

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Our new Tax App is now available

We are pleased and very excited to let you know that we have now launched our very own app which can be downloaded onto IOS and Android.   It is a clever little app that not only gives information about our

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Major Payroll Change: RTI – Real Time Information

From April 2013, H M Revenue & Customs are introducing a new way of reporting PAYE called Real Time Information, or RTI. From this date, employers will be legally required to report PAYE in real time. The implication of this is

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Child benefit tax charge

From 7 January 2013 child benefit will still be paid to parents who currently receive it, or who make new claims. However, where one or both of the parenting couple has net income over £50,000 a tax charge will apply

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Tax Highlights of the Autumn Budget Statement

On 5 December 2012, the Chancellor made various announcements which have implications for your future tax liabilities. Major changes are proposed to capital allowances and pensions.  Note, in the main these announcements are proposals which have not yet been passed

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