Archive for the News Category

Updated Employee Expenses

Employee expenses If you have been employed for part of a tax year, or are continuing your employment alongside your sole trade business, it is important to check whether all of your employment-related business expenses have been reimbursed by your

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DBS Spring Newletter

Welcome to our Spring Tax Briefing newsletter. This quarter we look at: MTD (Making Tax Digital) Long-term implications of child benefit Paying the ATED (Annual Tax on Enveloped Dwellings) charge Marginal tax hit for Scotland NMW (National Minimum Wage) traps Levies

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Increase in National Minimum Wage (NMW)

On 1st October 2016 all National Minimum Wage (NMW) hourly rates will increase to: Current Rate      Rate From 01/10/2016               £                        

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Cyber Crime

The trouble with Cyber-crime is that it is very difficult to prevent an attack as security software may not always pick up absolutely everything so you must also look out for potential threats yourself. So – what to look out

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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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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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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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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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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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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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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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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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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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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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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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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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Tax saving tips for spouses in 2012-13

Moving savings or investments between husband and wife or civil partners can reduce a couple’s overall income and/or capital gains tax bill, which has to be good news! Everyone in the UK has a personal allowance on which they can

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Tax credits for self-employed people

As you have probably heard, the Government is introducing a new ‘Universal Credit’ to replace both unemployment benefits and Tax Credits. One effect will be to make it more difficult for self-employed people to claim any Credit, and in many

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