News

Summer 2018 Newsletter

Welcome to our Summer 2018 Newsletter. This newsletter includes: Childcare Support Class 2 NIC IR35 tax avoidance Statutory Maternity Pay Electric Vehicles Repaying the value of benefits Share scheme reporting Late filing penalties – don’t panic New rules for termination

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Undeclared Overseas Investments

A deadline of 30 September 2018 exists to notify, in full, to HMRC and attract a charge to penalties for an ‘unprompted’ disclosure. These penalties are likely to be between 10% and 30% of the tax due. Failure to make

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Associates Status Review – HMRC

We have recently become aware that HMRC has issued letters notifying an intention to review the employment status of Associate dentists. The British Dental Association (BDA) has issued its own advice, which can be found here: https://bda.org/news-centre/latest-news-articles/hmrc-letters-to-associate-dentists-over-employment-status If you receive

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Spring 2018 Newsletter

Welcome to our 2018 Spring Newsletter. This newsletter includes: Paying your child from the business NMW and directors Scottish income tax rates Welsh land taxes Rent a room relief Annual tax on enveloped dwelling Check your PAYE code for interest Gifts liable

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Increase to National Minimum Wage & Auto Enrolment Pension Contributions

National Minimum Wage increase from 2018. In line with last year, the National Minimum Wage increases on the 1st April 2018. The current rates and the increased rates are shown below: Age Group April 2017 April 2018 National Living Wage

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DBS Winter Newsletter

Welcome to our 2017 Winter Newsletter. This newsletter includes: Simple assessments NIC for the self-employed Property allowance Money laundering regulations Budget for your tax bills Paying HMRC State pension NRCGT penalties To read our winter newsletter click here If you have any

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HMRC Email & Phone Scams

There is an increase this time of year where fraudsters contact victims claiming to be from HM Revenue & Customs (HMRC) and trick them into paying bogus debts and taxes using iTunes gift cards.  Action Fraud have published the below

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Paying your January tax liability on your credit card? This method of payment is about to be withdrawn….

HM Revenue and Customs have announced that they will no longer be accepting personal credit card payments from 13 January 2018. This announcement has come about following the EU Payment Services Directive 2 which comes into force on the same

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Autumn 2017 Newsletter

Welcome to our 2017 Autumn Newsletter. This quarter includes: Backdated tax law Inheriting holiday cottages Making tax digital Online filing of returns Myths about letting Selling your UK home Why your tax code may be wrong Why your P800 may be wrong

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Why have a ‘Personal Tax Account’ with HMRC?

The online Personal Tax Account (PTA) gives you an opportunity to manage and view your tax affairs and offers a number of services such as: Access and print your SA302s, often required by mortgage lenders. HMRC are no longer issuing

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HMRC Notification: If you have money or other assets abroad, you could owe tax in the UK

From 2016, HM Revenue & Customs (HMRC) is getting an unprecedented amount of information about people’s overseas accounts, structures, trusts, and investments from more than 100 jurisdictions worldwide, thanks to agreements to increase global tax transparency. This gives HMRC unprecedented levels

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Making Tax Digital (MTD) Delayed

HM Treasury have announced that their Making Tax Digital (MTD) plans have been delayed. Please find the HM Treasury announcement at https://www.gov.uk/government/news/next-steps-on-the-finance-bill-and-making-tax-digital. Whilst this news is a reprieve for those who were due to come into MTD from April 2018

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Personal Tax Account and Mortgages

With news from Halifax and Nationwide that house prices are starting to drop inevitably some are seeing this as the perfect opportunity to buy. With that in mind we thought now would be a timely reminder of a service that

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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 Summer Newsletter

Welcome to our 2017 Summer Newsletter. This quarter includes: Changes due to the General Election Tax reporting going digital Tax-free childcare PAYE penalties Paper tax return Simple assessment Reclaiming the SDLT  supplement Inheritance tax residential nil rate band PAYE codes are changing To

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Another fake HMRC email hitting your inbox….

We have received a report from HMRC advising customers to strongly lookout for a new phishing scam. If you get an email with the subject, “Your 2016 Tax Report”, with an attachment, DO NOT open it. Please forward it to

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DBS 2017 Budget Update

Welcome to our 2017 Budget Update based on the Chancellor’s Budget Statement. This update includes: National Insurance changes Tax-free dividends restricted Company car tax Salary sacrifice Allowances for property and trading Business rates revision The digital tax revolution VAT changes Tax

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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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DBS Winter Newsletter

Welcome to our Winter Tax Briefing newsletter. This quarter we look at: Preparing for digital business records Pension recycling Trivial benefits Salary sacrifice Marriage allowance How your savings are taxed Topping up your state pension To read our winter newsletter in full please

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Cheltenham Practice Opportunity

An opportunity has arisen to acquire a private practice located on 2 sites in Cheltenham town centre.  Valuation of £921,000. Please contact george@dbs.org.uk for further information.

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Personal Tax Account – a New Service from HMRC

Everyone can now access their own Personal Tax Account. Once registered, you are able to access all the information that HMRC holds on you, in one place. You will also be able to update information such as address details, and

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Business Rates are Changing

The Valuation Office Agency (VOA) is responsible for assessing all rateable values across England and Wales and has now released the draft 2017 rateable values. To check and review your draft rateable value go online https://www.tax.service.gov.uk/view-my-valuation/search.  If you think the

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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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Autumn Newsletter

Welcome to our Autumn Tax Briefing newsletter. This quarter we look at: Maximising Dividend Income Pension Lifetime Allowance Investors’ Relief Landlords and New Tax Laws Student Loan Deductions SMP Payments Paying HMRC To read our autumn newsletter in full please click here If

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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 Annual Reconciliation Reports

Superannuation Annual Reconciliation Reports The superannuation annual reconciliation reports need to be submitted before 30th June 2016.  If you have not already done this  or if you are still unsure of the process and if you are doing it right, we

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WOULD YOU LIKE £100 OF JOHN LEWIS VOUCHERS?

Like you, DBS relies on satisfied clients to refer new customers to help grow our business. That is why DBS have now introduced a referral scheme to reward our current clients with £100 of John Lewis vouchers for recommending a

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National Living Wage and National Minimum Wage

With the introduction of the new National Living Wage on 1st April 2016 it is a good time to remind ourselves of the rules that are pertinent to both this new law and the National Minimum Wage. The new National

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Budget Update

Our Budget Update is based on the Chancellor’s Budget Statement. This update includes: Personal Tax Lifetime ISA Employees National Insurance Corporation Tax VAT Capital Gains Property To read our Budget Newsletter click here If you have any questions about any

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Increase in the Employment Allowance

Since April 2014 all qualifying businesses have been entitled to an annual ’employment allowance’ of £2,000 which reduces the liability for Class 1 secondary NICs. The allowance is set to be increased from £2,000 to £3,000 per annum with from

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