Home » Archive

Articles tagged with: Proactive

headline, on the bridge, one offs »

[16 Nov 2015 | Comments Off on Buy To Let – new tax rules | ]
Buy To Let – new tax rules

Two new sets of rules come into force over the next few years.
No more “10% Wear and Tear” allowance
The allowance is being abolished. Starting on 6 Apr 2016, landlords who rent out furnished accommodation will no longer be able to claim the flat rate 10% allowance every year, and instead will be permitted only to claim the actual costs of like-for-like renewals and replacements.
Restriction of loan interest relief
Over a three year period, starting on 6 Apr 2017, the amount of tax relief you can claim for loan interest paid, will …

getting things done »

[13 Jul 2015 | Comments Off on Where is BX9 1BX? What happens to HMRC post? | ]
Where is BX9 1BX? What happens to HMRC post?

Have you had a letter from HMRC with the new BX9 1BX address? Did you write back to it? What happened to your letter?
BX9 1BX is an artificial post code and it’s not on the Royal Mail database. It’s a mail handling facility operated by HMRC in Bexley, Kent. Letters are opened and scanned and electronically dispatched to other HMRC offices. Occasionally, bulky items are forwarded as originals (using internal mail) to the HMRC office which is to deal with them.
In Jun 2006 we adopted a policy of sending all …

one offs »

[12 Jun 2015 | Comments Off on The Pensions Regulator Letter | ]
The Pensions Regulator Letter

Proactive is not authorised to give pensions advice, and the comments here are a guide to complying with new legislation. It is not a guide to pensions!
The Government decided in about 2012 to shake up UK pension provision, and as a result, a lot of smaller businesses have to comply with the new laws from 2015 or 2016. It appears that they launched a campaign in Spring 2015, sending letters like this example, to the smallest of UK employers.

Oddly, if the new legislation does not apply to you, then you …

routine »

[7 Apr 2015 | Comments Off on Director shareholder payments 2015/16 | ]
Director shareholder payments 2015/16

There is an established working practice whereby directors of small limited companies (typically “one man” limited companies) reward themselves with a combination of small salary and big dividend. The point of doing this is to stay within the law, and to hand over the smallest possible sum of money to HM Revenue & Customs. In order to benefit from this working practice you must follow the system precisely. Failure to do so may lead to the imposition of a deduction of PAYE from your income and possibly a charge to …

annual »

[24 Feb 2015 | Comments Off on The New Marriage Allowance | ]
The New Marriage Allowance

The new Marriage Allowance is set to come into force on 6 Apr 2015 when the new tax year starts. It was announced in last year’s Budget when David Cameron and George Osborne made a big deal about it . . .

Prime Minister David Cameron: “I made a clear commitment to the British people that I would recognise marriage in the tax system.”
Chancellor of the Exchequer George Osborne: “Our new Marriage Allowance means saving £212 on your tax bill couldn’t be simpler or more straightforward.”

However, it is not as simple …

getting things done, one offs »

[12 Dec 2014 | No Comment | ]
#VATMOSS #VATMESS

VAT MOSS applies to all businesses whether or not they are currently VAT registered! Do you sell (or are you planning to sell) digital products (eServices) over the web?
From 1 Jan 2015 the rules change and as a result, some non-VAT registered business will need to review their business methods and may be forced to register for VAT. Businesses which are already VAT registered may need to collect more data from their customers and charge a different VAT rate depending on where their customer lives.

The rules were developed to make …

one offs »

[8 Nov 2013 | No Comment | ]
Should I dissolve my company or put it on ice?

Hopefully, running your own business has been a good experience. When business comes to an end, we know that the double barrelled question “should I dissolve my company or put it on ice” is often asked.
If you have finished with the company and no longer need it, then dissolve it. Keeping it will only add to your costs. A simple dissolution guide is here.
It is not possible to ever make a traded company become truly dormant again. There will always be things to do. A dormant company is one which …

on the bridge »

[3 Mar 2012 | No Comment | ]
The age of Transparency

There have been a few discussions recently in the press, about this sector or that sector aiming for greater transparency. We were introduced to the idea of transparency, properly, during a visit to Oxford University in 2009. Until then, we only had a fledgling idea on an in-house project which we were calling “openness”.

The transparency report on the Proactive web site http://www.proactive.uk.net

Although businesses are generally slow to take up this new concept (and to date the initiative has been discussed mainly amongst central and local government) we are aiming to …

routine »

[8 Feb 2012 | No Comment | ]
What is a business expense?

In order to establish what is a business expense, first we need to know “what is a business”?

A business is “an activity which is earnestly pursued with the objective of making a profit” as set out in the case of Customs and Excise Commissioners v Lord Fisher 1981.
And so it follows that a business expense is a cost which is incurred in order to increase the chances of that activity making that desired profit. If the primary purpose of incurring an expense is not to help the business to make …

annual »

[8 May 2011 | No Comment | ]

Nobody wants their accounts to be late, and nobody wants to be fined as a result.
In that respect we are just the same as you, but there is one fundamental difference!
In law the responsibility remains with you, the taxpayer, to get things done. And unless you can show reasonable excuse, then if your accounts are late and you get a penalty notice, you are the one who is going to have to pay it. Saying that “my accountant didn’t remind me” is not a reasonable excuse, and in any case …