VAT – flat rate scheme

We explain how the VAT Flat Rate Scheme operates. The VAT flat rate scheme for small businesses reduces the administrative burden of operating VAT. If you are starting or have recently started a business in the Co. Antrim area we, at Proactive Accounting, can advise as to whether the flat rate scheme is appropriate to…

VAT – cash accounting

We summarise the workings of cash accounting for VAT. If you are starting or have recently started a business in the Co. Antrim area we, at Proactive Accounting, can advise you on the cash accounting scheme. Cash accounting enables a business to account for and pay VAT on the basis of cash received and paid…

VAT – bad debt relief

VAT Bad debt relief allows businesses that have made supplies on which they have accounted for and paid VAT but for which they have not received payment to claim a refund of the VAT. We explain the situations where the relief applies. If your business is in the Co. Antrim area we, at Proactive Accounting…

VAT – annual accounting scheme

The annual accounting scheme helps small businesses by allowing them to submit only one VAT return annually rather than the normal four.┬áThe scheme is intended to help with budgeting and cash flow and reduce paperwork. If you are starting or have recently started a business in the Co. Antrim area we, at Proactive Accounting, can…

VAT – a summary

We highlight the key VAT areas you need to consider when running your business. If you are starting or have recently started a business in the Co. Antrim area we, at Proactive Accounting, can help you comply with the VAT regulations. VAT registered businesses act as unpaid tax collectors and are required to account both…

Venture Capital Trusts

Venture Capital Trusts (VCTs) offer similar tax breaks to individuals as the Enterprise Investment Scheme. VCTs are managed by a variety of specialist fund companies. At Proactive Accounting, we advise individuals on tax efficient investments in the Co. Antrim area. Some information about VCTs is given below. Venture Capital Trusts (VCTs) are complementary to the…

Taxation of the family

Husbands and wives are taxed separately and the tax position of any children is also a consideration. Marriage breakdowns can also have a considerable impact for tax purposes. We consider the relevant issues and the basic tax planning opportunities. If you live in the Co. Antrim area we, at Proactive Accounting can help you plan…

Statutory Residence Test

We consider the statutory residence test and outline rules and records required. If you live in the Co. Antrim area we, at Proactive Accounting, can provide advice on your individual circumstances. The concept of residence in the United Kingdom is fundamental to the determination of UK tax liability for any individual. The Statutory Residence Test…