Helping Businesses Grow Since 1997
DSL is one of the UK's leading small business accountancy firms. We know it's your energy, ambition and dedication that drive your business forward. We also know you don't have the time for your accounts to be complicated or your tax to be taxing. We are here to help turn your accounts into an essential business tool. We are here to take the hassle out of doing your tax return. We are to here to give you peace of mind and time, so you can focus on the most important thing; building and growing your business.
SELF-EMPLOYED
From initial HMRC registration through to filing your tax returns, we manage and support sole traders and partnership businesses across all matters of tax and accounting so that you are free to focus on driving your business forward.
SELF-EMPLOYED
From initial HMRC registration through to filing your tax returns, we manage and support sole traders and partnership businesses across all matters of tax and accounting so that you are free to focus on driving your business forward.
LIMITED COMPANIES
There are certain tax benefits in running your business as a Limited Company above and beyond the Limited Liability protection. We will help determine how best to set up your business and once registered we will provide on going support and management accounts.
LIMITED COMPANIES
There are certain tax benefits in running your business as a Limited Company above and beyond the Limited Liability protection. We will help determine how best to set up your business and once registered we will provide on going support and management accounts.
DIRECT SELLING
We have over 20 years’ experience in the Direct Selling industry, both as a top distributor and as the leading UK direct selling accountancy practice. This means that we truly understand how the industry works as well as the tax and accounting provisions.
DIRECT SELLING
We have over 20 years’ experience in the Direct Selling industry, both as a top distributor and as the leading UK direct selling accountancy practice. This means that we truly understand how the industry works as well as the tax and accounting provisions.
CONTRACTORS
Being a contractor is such an exciting place to be, you get to call the shots and it’s down to you to make the most of your talents. What’s vital is that your finances don’t get in the way. At DSL we help set you up for success whilst making sure you are fully compliant with all the nuances of IR35.
CONTRACTORS
Being a contractor is such an exciting place to be, you get to call the shots and it’s down to you to make the most of your talents. What’s vital is that your finances don’t get in the way. At DSL we help set you up for success whilst making sure you are fully compliant with all the nuances of IR35.
Our Services
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Helping Your Business Grow
Changes to Bereavement Forms
HMRC has completed a long-overdue overhaul of the forms and associated guidance used to report chargeable events on which inheritance tax (IHT) is due on a trust. Previously, if you needed to report IHT due on gifts or trusts you had to complete the ‘one-size-fits-all’…
Furnished Holiday Lettings Regime Abolished
HMRC has published draft legislation explaining how the abolition of the special tax rules for furnished holiday lettings (FHLs) will work. From 6 April 2025 for sole traders and partnerships, or 1 April 2025 for companies, properties currently classed as FHLs will no longer benefit…
RTI Reporting Changes Delayed
HMRC has delayed planned changes to real-time information (RTI) reporting requirements for employee hours worked. Draft legislation was published in May aimed at improving the range of data collected by HMRC. The proposed changes will require businesses to provide more detailed information to HMRC via…
Making Tax Digital: Jointly Owned Property
From April 2026, sole traders and landlords with qualifying income over £50,000 will have to comply with the Making Tax Digital (MTD) for Income Tax requirements. Quarterly updatesMandated taxpayers will need to use third party MTD-compliant software to keep digital records and file quarterly summaries…
Tax Refunds No Longer Automatic
HMRC is no longer automatically issuing cheques to refund PAYE overpayments. It is common for employed taxpayers to get to the end of the tax year and find that they have under- or over-paid income tax via PAYE. These discrepancies are calculated by HMRC at…
Corporation Tax Small Profits Rate
Certain types of company are not eligible to apply the small profits rate for corporation tax, regardless of their profit levels. On 1 April 2023, the main Corporation Tax (CT) rate was increased from 19% to 25%. A small profits rate of 19% was introduced…
Helping Your Business Grow
Changes to Bereavement Forms
HMRC has completed a long-overdue overhaul of the forms and associated guidance used to report chargeable events on which inheritance tax (IHT) is due on a trust. Previously, if you needed to report IHT due on gifts or trusts you had to complete the ‘one-size-fits-all’…
Furnished Holiday Lettings Regime Abolished
HMRC has published draft legislation explaining how the abolition of the special tax rules for furnished holiday lettings (FHLs) will work. From 6 April 2025 for sole traders and partnerships, or 1 April 2025 for companies, properties currently classed as FHLs will no longer benefit…
RTI Reporting Changes Delayed
HMRC has delayed planned changes to real-time information (RTI) reporting requirements for employee hours worked. Draft legislation was published in May aimed at improving the range of data collected by HMRC. The proposed changes will require businesses to provide more detailed information to HMRC via…
Making Tax Digital: Jointly Owned Property
From April 2026, sole traders and landlords with qualifying income over £50,000 will have to comply with the Making Tax Digital (MTD) for Income Tax requirements. Quarterly updatesMandated taxpayers will need to use third party MTD-compliant software to keep digital records and file quarterly summaries…
Tax Refunds No Longer Automatic
HMRC is no longer automatically issuing cheques to refund PAYE overpayments. It is common for employed taxpayers to get to the end of the tax year and find that they have under- or over-paid income tax via PAYE. These discrepancies are calculated by HMRC at…
Corporation Tax Small Profits Rate
Certain types of company are not eligible to apply the small profits rate for corporation tax, regardless of their profit levels. On 1 April 2023, the main Corporation Tax (CT) rate was increased from 19% to 25%. A small profits rate of 19% was introduced…
Workplace Nurseries
Providing a nursery can be a powerful way to attract and retain staff, with childcare costs in the UK among the highest in the world. Tax relief is available to employers providing workplace nurseries if certain criteria are met. These requirements are strict; many childcare…
Cash Basis By Default
From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and file their accounts with…
Basis Period Reform: Additional Profits
From 6 April 2024 all unincorporated businesses (sole traders and partners in a partnership) are required to report profits or losses in line with the tax year. Businesses with an accounting period end other than 5 April or 31 March will need to report pro-rated…
Reporting Rules for Digital Platforms
From 1 January 2024 online platforms such as websites, online marketplaces and apps that allow individuals and businesses to sell items and services are required to collect and report seller information and income to HMRC. If you sell items through eBay, Etsy, Facebook or another…
Major R&D Scheme Overhaul
A new merged research and development (R&D) scheme has come into effect for periods beginning on or after 1 April 2024. The new scheme unifies the old R&D expenditure credit (RDEC) for large companies and the small and medium entity (SME) relief schemes. In line…
Consider restarting child benefit
The clawback threshold for the high-income child benefit charge (HICBC) was increased to £60,000 from 6 April 2024. If you are entitled to child benefit and your or your higher-earning partner’s adjusted net income (ANI) is above £60,000 it is possible that you will have…
Voluntary Class 2 Nic Wrongly Refunded
If you made voluntary Class 2 national insurance contributions (NIC) for the 2022-23 tax year, check whether this payment has been refunded in error by HMRC. Some self-employed taxpayers who made voluntary Class 2 payments by 31 January 2024 may have an unexpected gap in…
Commuting Costs Guidance Updated
HMRC has updated its guidance to clarify the tax position of reimbursed travel costs for hybrid workers. As many employees are now working from home at least part of the time, some employers are offering to repay certain travel expenses. HMRC’s updated guidance includes new…
New Vat Compliance Test for Cis
HMRC has issued guidance on various changes to the existing construction industry scheme (CIS) rules. If you are a sub-contractor, obtaining gross payment status (GPS) allows you to receive full payments from your customers without tax deducted. To achieve GPS, you need to prove that…
Subpostmasters’ Compensation
There are currently three forms of compensation being awarded to subpostmasters following the Horizon scandal and each will have different tax implications. Money paid to subpostmasters under the Group Litigation Order (GLO) and overturned convictions schemes is not taxable. These payments are awarded in recognition…
VAT on Energy Saving Materials
The zero rate of VAT has been extended to include the installation of additional energy-saving materials (ESMs) from 1 February 2024. The installation of certain specified energy-saving materials (ESMs) in residential accommodation is zero rated for VAT. The more common ESMs include: From 1 February…
Capital Allowances For Partnerships
HMRC has clarified the rules relating to capital allowances claims in mixed partnerships, confirming that all partners subject to corporation tax are eligible for enhanced capital allowances. Corporate members should receive the same level of capital allowances as they would outside of the partnership. Corporate…
Mandatory Payrolling Of Benefits
The reporting and paying of income tax and Class 1A national insurance contributions on benefits in kind is to be made mandatory via payroll software from April 2026. Most employers who have not entered into a PAYE settlement agreement currently report benefits in kind (BIKs)…
Making Tax Digital: Quarterly Update Returns
HMRC has confirmed the mandatory dates for making tax digital for income tax self-assessment (MTD SA) as announced in the Autumn Statement 2023. From April 2026, taxpayers subject to income tax on their trade, profession, property income or business and who have income above £50,000…
Student Loans And Basis Period Reform
New guidance from HMRC confirms that profits used to assess student loan repayments and entitlement to student finance will include transitional profits from basis period reform. Student loan repayments for self-employed taxpayers are based on the profits reported in each tax year. For the tax…
Crypto Investors Urged To Declare Gains
HMRC has reminded investors in cryptoassets that they should declare any income or gains above the tax-free allowance on a tax return. If you hold cryptoassets such as Bitcoin you need to pay tax on any income or gains you have made. Most individuals investing…
Advisory Fuel Rates
HMRC has updated the recommended reimbursement rates for employees reclaiming business travel in company vehicles. If you pay for the fuel in your company car your employer can reimburse you for the cost of business journeys in that car at the following mileage rates tax…
Two New Products For Uk Savers
Two new savings products have been announced, aimed at supporting growth of UK companies and encouraging a culture of saving. Individuals can currently deposit up to £20,000 each year into an individual savings account (ISA). This is a sensible move as any interest earned is…
Non-dom Reforms
The remittance basis tax relief offered to non-UK domiciled individuals (non-doms) will be removed and replaced with a simpler residence-based regime from 6 April 2025. The new system will ensure that all UK residents who stay in the UK for over four years will pay…
Furnished Holiday Lets Relief To Be Scrapped
Owners of furnished holiday lets will lose their entitlement to favourable income tax, capital gains tax and capital allowances as the FHL scheme is abolished. If you own a property that you rent out on a short-term basis for holiday rentals, subject to certain qualifying…
CGT Higher Rate On Dwellings Reduced
The higher rate of capital gains tax (CGT) for residential property disposals will be cut from 28% to 24% from 6 April 2024. The lower rate will remain at 18% for any gains that fall within an individual’s unused basic rate band. The 24% rate…
Multiple Dwellings Relief Scrapped
Multiple dwellings relief (MDR) can significantly reduce the stamp duty land tax (SDLT) payable on the purchase of two or more properties in one transaction. When a taxpayer purchases a property that consists of more than one dwelling they may claim MDR to reduce the…
VAT Registration Threshold Raised
The earnings threshold above which businesses must register for and start charging VAT has been increased. Effective from 1 April 2024, the taxable turnover above which a business is required to register and account for VAT will be increased from £85,000 to £90,000. This is…
National Insurance Rates Cut Again
The headline news from the Spring Budget was further cuts to national insurance contributions (NIC) of 2% each for self-employed taxpayers and employees. The main rate of primary Class 1 NIC paid by employees on earnings between £12,570 and £50,270 per year will be cut…
High Income Child Benefit Charge Threshold Increased
The threshold for earnings above which you have to pay back some or all of your child benefit will be increased from 6 April 2024 with a full overhaul of the regime promised in April 2026. If you or your partner receive child benefit and…
Two New R&D Forms
HMRC has introduced two new measures to tackle the rise in fraudulent research and development (R&D) claims. Claim notification form. For accounting periods beginning on or after 1 April 2023, a digital pre-notification form is required to inform HMRC in advance of R&D claims. This…
Cash Basis To Replace Accruals
Cash basis to replace accruals for the self-employed as standard tax reporting method for 2024-25 (first year of tax year accounting). From April 2024, as part of a move to simplify calculation of taxable profits for Making Tax Digital, all self-employed taxpayers and partnerships will…
Submit VAT Claims Digitally For Diy House Builds
Individuals who build their own home, or complete part of the build project themselves, are entitled to reclaim the VAT paid on materials under the VAT homebuilder’s scheme. When engaging builders and contractors to build your home, their labour and materials are zero-rated, so the…
Overlap Relief Online Tool
The online form for requesting overlap relief information for basis period reform is now live. Overlap profits normally arise in the first two tax years of a new trade where the accounting date of the business does not align to the tax year end and…
Charging Your Electric Company Car At Home
HMRC has updated its Employment Income Manual to bring the guidance on charging electric company cars at home in line with the legislation. Until now, the guidance in the Employment Income Manual (EIM23900) has contradicted the legislation in advising that if an employer reimburses an…
MTD Simplification
A dramatic simplification of the MTD processes to be introduced in 2026 including no EOPS; cumulative submissions each quarter; and restrictions for complex situations. Taxpayers with turnover over £50,000 will be brought into MTD ISTSA from April 2026. The £50,000 threshold applies to gross total…
NLW And NMW Increased
The NLW currently applies to workers aged 23 and above and stands at £10.42 per hour. Workers under the age of 23 and apprentices are entitled to the national minimum wage (NMW) instead. The age above which workers qualify to receive the NLW will be…
National Insurance Rates Cut
The Chancellor has announced cuts to national insurance contributions (NIC) for self-employed taxpayers and employees. The headline news from the Autumn Statement was the reduction of primary Class 1 and Class 4 NIC and the removal of compulsory Class 2 NIC. The main rate of…
HMRC Demands More Data
HMRC has confirmed that requirements to report additional information will come into effect from the 2025-26 tax year or possibly a later period. HMRC has set out its intention to collect data relating to trade sectors; locations; occupations; hours worked; shareholdings and dividends paid; and…
Nationwide Building Society Bonus
The Nationwide Building Society has paid what is described as a ‘fairer share’ of £100 each to around three million of its customers. To qualify for this payment the customer must have held a qualifying current account plus either a savings account (including ISAs) with…
Pensions Update – Income Tax For Beneficiaries
In Spring Budget 2023 the Chancellor announced a welcome change to the tax treatment of pensions – the scrapping of the Lifetime Allowance (LTA). The LTA stood at £1,073,100 when the process began on 5 April 2023 with the removal of the LTA charge. This…
Keeping A Child Benefit Entitlement
Claiming child benefit is, after the initial claim, an incredibly straightforward process (subject to the issues raised above regarding higher earners). However, after sixteen years of automatic claiming it is easy to forget to update HMRC on whether you will continue to be entitled for…
Deadline Extended For Voluntary NIC Payments
HMRC has given taxpayers an extra two years to plug any gaps in their NIC record from April 2006. The deadline for making voluntary contributions has been extended from 5 April 2023, as previously reported, until 5 April 2025. The deadline was first extended to…
Relaxation Of Rules On Self Assessment For Child Benefit
In families where child benefit is claimed, it is important that the individual or couple receiving the child benefit keeps a close eye on their income level. If the higher earner has income of more than £50,000 some or all of the child benefit received…
Influencers Subject To Tax On Non-cash Gifts
There is currently no legislation specifically targeted at social media influencers, however the fast-growing industry is very much on HMRC’s radar. Earlier this year HMRC sent nudge letters to thousands of influencers as well as gamers and online traders on sites such as Etsy and…
Sales Till Manipulation
The traditional way to hide sales from HMRC is to take payment in cash and not put it through the books. Nowadays technology helps dishonest traders to hide sales by using electronic sales suppression (ESS) software. The sale is not recorded on the normal till…
Payroll Settlement Agreement (PSA)
Occasionally you may reward your employees with something special such as a holiday or a hamper. If the value exceeds the tax-free amount permitted under the rules for say long service awards, trivial benefits, or staff suggestions it will be taxable. To avoid your employees…
Student Loands, Property And Pensions
Student loan repayments (SLR) are normally deducted under PAYE from employment income so many people incorrectly assume that SLR are not due on other ‘unearned’ income such as rent or pensions. SLR will in fact be payable where the unearned income exceeds £2,000 per year…
Getting Ready To Retire
The changes to the pension rules announced in the Spring Budget were designed to dissuade higher earners from retiring early to avoid pension charges on high contributions but the new rules could have the opposite effect. Individuals can now contribute up to £60,000 per year…
Avoid Payroll Problems With Duplicated Employees
When HMRC asks for more PAYE than you have deducted from your staff’s wages it is often the result of double-counting somewhere in the process. A persistent bug in the PAYE system is caused by the HMRC computer creating a duplicate employment record which it…
Excess Mileage Payments
Petrol and diesel pump prices are high but the tax-free mileage rates payable to employees who use their own vehicles for business have not been adjusted for over a decade. Many employees cannot afford to use their own car or motorbike for business journeys if…
Vat on Work in Pharmacies
For a medical service to be exempt from VAT it must generally be performed by a registered health professional or a staff member who is directly supervised by a registered health professional. Pharmacists can also deliver VAT exempt medical services but until recently that exemption…
Vat on Land and Buildings
When purchasing commercial premises you need to know whether VAT will be added to the price as the stamp duty land tax charge (or similar taxes in Wales or Scotland) is calculated on the VAT inclusive value. Most older commercial buildings will be exempt from…
What state pension will you receive?
The amount of your state pension is largely determined by how many years of NIC you have completed during your working life. You can check your NIC record in your online personal tax account (www.gov.uk/personal-tax-account). You normally need 35 full years of NIC to receive…
Recognising Capital Losses
The annual capital gains exemption (currently £12,300) may cover most of the capital gains that you make on your share portfolio. However that exemption will be cut to £6,000 on 6 April 2023 and £3,000 in April 2024. If you are planning to make large…
Mtd for Income Tax Delayed Again
Making tax digital for income tax self-assessment (MTD ITSA) was set to take effect from 6 April 2024. This has been postponed until 6 April 2026. The new regime will require sole traders and individual landlords to keep their business records digitally and to send…
Planning Dividends in 2023
Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends. Other family members may also hold shares in the company and receive a dividend each year. The first £2,000 of dividends received by each taxpayer…
Largest Ever National Minimum Wage Rise
The national minimum wage (NMW) and national living wage (NLW) rates are due to rise significantly for pay periods starting on and after 1 April 2023. These increases – the largest since the NMW began – are being introduced because inflation is running at around…
Spring Budget 2023
How to Cope With Corporation Tax Rise The Budget confirmed that the main rate of corporation tax will rise from 19% to 25% on 1 April 2023 but the small profits tax rate will stay at 19% where the company’s profits do not exceed £50,000….
New Vat Late-payment Penalties
In addition to the new penalties for late VAT returns (see above) there is also a new system of penalties for late paid VAT. For VAT periods beginning on and after 1 January 2023 you will have up to 15 days to pay your VAT…
New Vat Late-filing Penalties
All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime. If you submit a VAT return late for a period starting on or after…
Mind the Nic Gap
Do you know whether your national insurance contributions (NIC) record is complete and correct? You can check the NIC record over your entire working life on your online personal tax account (www.gov.uk/personal-tax-account). This will also provide an estimate of the state retirement pension you should…
Vat Changes
The VAT registration threshold has already been frozen at £85,000 since April 2017 and it will now be fixed at that level until April 2026. The Chancellor made the point that the UK’s VAT registration threshold is more than twice as high as the average…
Income Tax
The main income tax thresholds and allowances had already been frozen at the 2021-22 levels until 2026 and that has been extended to 6 April 2028. The main income tax rates are unchanged for 2023-24 at: 20%, 40% and 45%. Individuals in England, Wales and…
Home buyers pay less stamp duty
When buying a residential property in England or Northern Ireland you must pay stamp duty land tax (SDLT) if the purchase price exceeds a minimum threshold set at £125,000 since 2006. In September’s mini-Budget the then Chancellor announced that the entry threshold for SDLT payable…
Dividend Tax
Dividends are taxed at much lower rates than other forms of income and they are not subject to national insurance contributions (NIC). The Chancellor has decided to cut the dividend allowance to £1,000. This can make taking income from your own company in the form…
Corporation Tax Up
When the current Prime Minister was Chancellor he announced an increase in the main rate of corporation tax to 25% to apply to profits above £250,000 from 1 April 2023. We can help you decide whether the IR35 rules apply to your contracts. Under the…
Capital Gains and Inheritance Tax
Capital gains made by individuals are generally taxed at lower rates to income and taxpayers benefit from a separate annual exemption that covers the first £12,300 of gains made per year. This exemption will be reduced to £6,000 for the tax year 2023-24. This exemption…
5 ‘resolutions’ to help your small business finances in the new tax year
While cutting down on chocolate or hitting the gym are the classic resolutions for January 1st, have you thought about changes you’re going to make for the new tax year on the 6thof April? The new tax year is just around the corner, so it’s…
The autumn 2018 budget: what it means for your small business
Consider yourself, in chancellor Phillip Hammond’s words, a striver or a grafter? Then, the autumn 2018 Budget was aimed at people like you. With a number of specific concessions and incentives targeted at small business owners, the budget offers a fair few benefits to entrepreneurs…
Do I need professional indemnity insurance?
One of the most exciting parts of launching a business for the first time is the learning curve involved. There’s a certain amount of making it up as you go along, discovering things by trial and error and working out what does and doesn’t work….
5 practical steps: how to manage cash flow in a small business
You could have the best business idea ever. You could have major customers queuing up at the door. You could have a huge order on the books which would make you a millionaire. But, if you don’t know how to manage cash flow in a…
Would your business cash reserves see you through a rough patch?
Picture this scenario. There’s a downturn in the economy. Your two biggest clients tell you they have to cut spending and can’t work with you anymore. And while you still have some projects on the go, you know you won’t be paid for at least…
IR 35 explained: what contractors need to know
Fancy losing about 20% of your income and paying up to six years’ worth of back taxes? Thought not. However, if you’re working as a contractor but are deemed to be flaunting the IR 35 tax avoidance rules, you could be subject to a long…
3 business growth strategies for a sustainable future
If your start-up is going through a period of rapid growth, it seems counterintuitive to view that as something to worry about. When sales are skyrocketing, marketing is bringing in countless new leads and you’re hiring staff left, right and centre, only a real killjoy…
Employing staff for the first time? Five financial matters to sort
So, you’re employing staff for the first time? Well done! It shows you’ve tapped into a demand in the market and that your customers want more of your product or service. Hiring your first employee is an exciting time in any business. But, it also…
What the autumn 2017 budget means for small business owners
If you run a small business, Chancellor Philip Hammond had a message for you last week in his autumn 2017 budget: “This Conservative government is listening to our small businesses“. A cynic might see this as a response to the backlash following the spring budget…
How should your business owner ‘salary’ be paid?
According to job site Indeed, the average UK business owner salary is just under £38K – almost £10K more than the average for employees. That’s good news if you’re an entrepreneur, but working out exactly what you should pay yourself and how can be a…
Applying for small business bank loans? Here’s what to take to your meeting
Small business bank loans are a great way of getting a quick injection of cash into your business. Whether you need to invest in some new premises, machinery, vehicles or equipment – credit can kick start your growth. After the financial crisis, regulatory changes meant…
What business plan financials do SMEs need to prepare?
Are you one of the 53% of UK SMEs that doesn’t have any kind of business plan in place? Tut tut! Many small businesses grow out of a hobby, or something the business owner does in their free time. As things grow, you never quite…