Category Archives: Tax Advice

Tax-free benefits for You and Your Employees

Tax-free benefits for You and Your Employees

Tax-free benefits for you and your employees Certainly paying tax-free benefits to yourself and/or your employees is a marvellous situation. Most importantly there is no tax or NIC to pay.  In addition, your company can deduct the costs from business profits. Above all the benefit must be paid for.  In other words, don’t provide the funds with which to buy

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Company Car’s & Tax

Company Car’s & Tax

Company car’s: Are low emissions cars tax efficient? First of all significant changes are being made from 2020-21 to the company car tax benefits-in-kind bands affecting ultra-low emission vehicles (ULEVs). The taxable benefit arising on a car is calculated using the car’s full manufacturer’s published UK list price. It includes the full value of any accessories. This figure is then

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How to Pay Yourself: Salary, Dividends & Benefits

How to Pay Yourself: Salary, Dividends & Benefits

How to pay yourself: Company owners and directors often ask us “do I pay myself salary or dividends, and how much should that be?”. Every situation is different, therefore the answer to the question depends. This article will look at the salary versus dividends decision. We will throw some numbers in to show the financial difference. Furthermore we will be

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VAT And Pricing

VAT And Pricing

VAT- What is it? VAT  is a tax on sales, not profit. It is a multi-stage tax, charged at each stage of the business cycle on the “value added” at that stage. Most importantly the basic principle is that the VAT is actually paid by the non-VAT registered customer. VAT is charged on the taxable supply of goods and services

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Filing Your Tax Return- A Guide

Filing Your Tax Return- A Guide

Filing your tax return: Being an early bird can really help reduce your stress levels, giving you more time to just get on with your business and your life. Here at Pro Active we have put together a short guide on tax returns if you want to complete your own. If after watching our video you feel more comfortable with

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Profit & Your Break-Even Point

Profit & Your Break-Even Point

Profits & your break-even point are so important to businesses that we’ve dedicated this blog and clip to this subject.   You might be wondering why knowing about this is important. Stay with me as we look at break-even. The bottom line is knowing your gives you better business insights and helps you make more profit in your business. Let’s

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Property Is A Business

Property Is A Business

The Business Of Property Property is a business.  Therefore run it as one, because it is not just an investment.   There is money to be made in property.  Therefore before money starts rolling in there’s lots to think about, including: Returns Decide whether you’re going for capital growth, income or a mix Ownership of properties Individual, partnership, LLP, single company

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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

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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

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Making Tax Digital: Are You Ready ?

Making Tax Digital: Are You Ready ?

There has been a lot of news and noise about Making Tax Digital. The purposes of this short blog is to remind you the key points about Making Tax Digital, 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. 

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