Category Archives: Tax

Cost Type: Direct & Indirect

Cost Type: Direct & Indirect

Accountants classify cost as either direct or indirect. Differences between direct and indirect costs It is important to know the difference as this helps when it comes to: Pricing of goods and services Business Planning Controlling costs Understanding profitability of customers, products and services Improving efficiency Direct cost This refers to cost related to the production of products.  Below are

Read More

NFP And Private Businesses

NFP And Private Businesses

NFP does not = Not for Business. All Businesses Count We are fortunate to work across business sectors, and consequently have a wealth of knowledge and experience of the private and not for profit. Businesses are typically classified as private or not for profit (NFP), not for profits typically include many art organisations, charities, Community Interest Companies (CICs) and social

Read More

Are You Ready For MTD?

Are You Ready For MTD?

There has been a lot of news and noise about Making Tax Digital (MTD). The purposes of this short blog is to remind you the key points about MTD, which becomes live on 01-Apr-19. MTD is compulsory if you’re VAT registered and over the VAT threshold, currently £85,000. MTD is about how you submit your VAT return to HMRC, the

Read More

Healthy Business, Healthy You

Healthy Business, Healthy You

Getting a Healthy Business is Like getting a Healthy You A healthy business is what we strive for. This blog will outline a five point approach for getting and improving business health, and how the approach has a lot in common with getting and improving personal health. Firstly, Objectives: It’s important to have objectives, for improving our personal health one

Read More

Manage What You Measure

Manage What You Measure

Take charge of the numbers What gets measured, gets managed. This phrase was coined by Peter Druker, the ‘father of modern management’, way back in the early 1950s. We still referred to him all these years later. It becomes challenging to know how our business is doing, our progress to our objectives, what we are doing right unless we are

Read More

Prepare For Making Tax Digital

Prepare For Making Tax Digital

The clock ticks and the Making Tax Digital of 01-April-19 will soon be upon us. HMRC have started sending out nudge letters to VAT registered businesses. We have already registered our own clients with HMRC and migrated them over to our preferred platform of choice, Xero. Here at Pro Active Resolutions we’d love to share our expertise and knowledge to

Read More

Property & Tax- 5 things

Property & Tax- 5 things

Five things Property Investors should take onboard when it comes to property and tax. Property & Tax – 1 Consider the type of property and time frame of the investment, short term or long term. Property will either be commercial and/or residential property. Commercial properties include offices, hotels and warehouses.Regarding rental income, residential rent may be more certain on an

Read More

Getting Started with Cloud Accounting and Xero: Three Things to Know

Getting Started with Cloud Accounting and Xero: Three Things to Know

Financial and business information plays a vital role in the management of businesses. It is used for numerous day-to-day operations: To comply with accounts, tax, PAYE and VAT obligations To tell us about levels of cash, income, costs, debt and monies owing To track income and expenditure from products, services and project. A cloud-based accounting system like Xero helps you

Read More

Business Resolutions for 2019

Business Resolutions for 2019

Business Resolutions for 2019 – New Year for most of us is RCA time, namely Reflection, Consideration and Action. Reflection over the year just gone, Consideration for the year to come, and Action in what we aim to do differently (or keep the same). This RCA time also applies to your business. Business planning is a great way to help

Read More

Tax Return Reminder

Tax Return Reminder

Three key tips in for you to consider if you haven’t filed your tax returns yet. The clock is ticking, the 31-Jan-19 is D-Day, and if late penalties will apply, even if no tax is owed. Here at Pro Active we’re in full swing! We will be contributing to the filing of the many millions of Tax Returns that need

Read More