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[19 Mar 2018 | Comments Off on Reclaiming foreign VAT | ]
Reclaiming foreign VAT

Your UK VAT registered business can get a refund of EU VAT for most goods and services you buy for your business.

You cannot normally reclaim GST and VAT from countries outside the EU. Nor can you reclaim EU VAT if the expense is not wholly and exclusively for the purposes of your business.
Moreover:

you need a proper VAT receipt from the actual supplier, addressed to your business, showing the rate of VAT charged and the exact amount of VAT charged
a “proforma invoice” is not a proper VAT receipt
what you can reclaim …

one offs »

[12 May 2016 | Comments Off on National Insurance Contributions and the UK State Pension | ]
National Insurance Contributions and the UK State Pension

We are accountants and tax advisers, and we do not get involved in pension matters. However, this is what we know about the interaction between National Insurance Contributions and the UK State Pension.

If you are following our recommended director shareholder payments pattern, then your salary should be high enough to give you a National Insurance credit, even though you don’t pay Class 1 National Insurance.
A full year at this level is a “qualifying year”. This page https://www.gov.uk/state-pension/eligibility used to say:
“You might not pay National Insurance Contributions because you’re earning less …

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[24 Jan 2016 | Comments Off on Budget Day Bombshell? | ]
Budget Day Bombshell?

We are indebted to Richard Dyson of The Daily Telegraph for this news on pensions. Though we stress that it’s a forecast and not an absolute certainty.
A tax break set to be axed within weeks
And at the same time, we need to remind you that we are not authorised to provide pensions advice, but we can tell you about tax law and possible changes to it. If we are to believe everything which we read in the Press, which we hear in Accounting Bulletins and which we learn on our …

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[30 Nov 2015 | Comments Off on Dividend Tax 2016/17 | ]
Dividend Tax 2016/17

Significant changes to the taxation of dividends will take effect from 6 April 2016
Planned changes:

10% notional tax credit being scrapped
Introducing a tax free Dividend Allowance of £5,000
Then, dividends tax rates will be set at 7.5% for basic rate taxpayers, 32.5% for higher rate taxpayers and 38.1% for additional rate taxpayers.

In short, this means that the majority of owners of small limited companies, who take a small salary and large dividend, will see a significant increase in their personal tax bill. With the exception of the first £5,000 tax free band, …

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 …

one offs »

[11 Nov 2015 | Comments Off on Son of IR35 | ]
Son of IR35

If you work as a contractor for more than one month are you an employee?
We have been alerted to a new IPSE campaign concerning possible drastic changes in store for owners of small limted companies. Here’s their 10 Nov 2015 letter including all their web links. Start with this Guardian article to understand the full scope of this horror. This is possibly so severe, that it’s one of those few occasions when we agree that writing to your MP is a good next step.

Dear Member
IPSE are hugely worried by reports …

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[22 Sep 2015 | Comments Off on Special Offers | ]

Shocktober
Runs from 1 Oct 2016 to 31 Oct 2016 only

If you sign up to our services between 1 Oct 2016 and 31 Oct 2016 we’ll give you a deal that you won’t want to miss! Three months free. Yes! Sign up for a year, and we’ll effectively give you a 25% discount on your first year.
Take a look here.

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 …

one offs »

[1 Feb 2015 | No Comment | ]
Invoicing foreign clients and charging in foreign currencies

All invoices must show the same information as your letter headed paper, business address, registered number and that sort of thing (to comply with The Companies Act 2006). The following rules also apply:

The date of the invoice must be shown.
Invoices must be sequentially numbered. The numbering must be purely numeric.
The word “Invoice” must appear and be abundantly clear.
The name and address of the person being invoiced must appear. This is the name of your customer and not necessarily the name of the individual in their head office. If your customer …

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 …