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Please see below for a range of useful blog posts, resources and latest news stories which may be of interest to you.
31 Oct 2018
Posted by - Morgan Davies
15 Feb 2018
Posted by - Jonathan Stobart
6 Feb 2018
Posted by - Kevin Johns
30 Oct 2018
Posted by - Kevin Johns
The Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. Our summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments.
26 Jun 2018
Posted by - Laurence Moore
At Prime we file documents electronically using a system called Virtual Cabinet. This useful guide explains how to register and use the system.
14 Jun 2018
Posted by - Mike Jellicoe
Our Charity News includes useful guidance on keeping vulnerable beneficiaries, employees and volunteers safe. We also consider the impact of the General Data Protection Regulation (GDPR), updates on Charitable Incorporated Organisations and other pertinent issues giving you the inside track on the sector's current hot topics and latest guidance.
17 Apr 2018
Posted by - Kevin Johns
The Equality Act 2010 replaces all previous equality legislation, including the Employment Equality (Age) Regulations 2006. The Equality Act covers age, disability, gender reassignment, race, religion or belief, sex, sexual orientation, marriage and civil partnership and pregnancy and maternity. These are now called 'protect characteristics'.
17 Apr 2018
Posted by - Kevin Johns
Regulations which took effect from 1 October 2011 mean that workers supplied to a company, or to any other entity, by an agency will become entitled to receive pay and basic working conditions equivalent to any directly employed employees after a 12 week qualifying period.
17 Apr 2018
Posted by - Kevin Johns
Under the Working Time Regulations 1998 (as amended), workers are entitled to paid statutory annual leave of 5.6 weeks (28 days if the employee works five days a week). This basic entitlement is inclusive of bank holidays. This annual leave entitlement is now closer to that of workers in other European countries, where holiday allowance is typically more generous. Workers in Ireland are entitled to 29 days; the highest minimum entitlement is in Austria at 38 days.
17 Apr 2018
Posted by - Kevin Johns
The Bribery Act 2010 (the Act) applies across the UK and all businesses need to be aware of it's requirements. The Act includes a 'corporate' offence of 'failure of commercial organisations to prevent bribery'.
17 Apr 2018
Posted by - Sarah Grandison
This factsheet focuses on the current tax position of business motoring, a core consideration of many business. The aim is to provide a clear explanation of the tax deductions available on different types of vehicle expenditure in a variety of business scenarios.
17 Apr 2018
Posted by - Kevin Johns
Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The most suitable structure for you will depend on your personal situation and your future plans. The decision you make will have repercussions on the way you are taxed, your exposure to creditors and other matters.
17 Apr 2018
Posted by - Sarah Grandison
The cost of purchasing capital equipment in a business is not a revenue tax deductible expense. However tax relief is available on certain capital expenditure in the form of capital allowances.
17 Apr 2018
Posted by - Sarah Grandison
A capital gain arises when certain capital (or 'chargeable') assets are sold at a profit. The gain is the sale proceeds (net of selling costs) less the purchase price (including acquisition costs).
17 Apr 2018
Posted by - Sarah Grandison
The capital gains tax (CGT) exemption for gains made on the sale of your home is one of the most valuable reliefs from which many people benefit during their lifetime. The relief is well known: CGT exemption whatever the level of the capital gain on the sale of any property that has been your main residence. In this factsheet we look at the operation of the relief and consider factors that may cause it to be restricted
17 Apr 2018
Posted by - Sarah Grandison
The current regime for taxing employer provided cars (commonly referred to as company cars)
17 Apr 2018
Posted by - Mike Jellicoe
It is often considered and honour to act as a trustee for a charity and an opportunity to give something back to the community. However, becoming a trustee involves a certain commitment and level of responsibility which should not be underestimated.
17 Apr 2018
Posted by - Mike Jellicoe
Whether you are already a trustee for a charity, be it a local project or a household name, or are thinking of becoming involved, there are a number of responsibilities that being a trustee places upon you.
17 Apr 2018
Posted by - Sarah Grandison
The High Income Child Benefit charge applies to a taxpayer who has income over £50,000 in a tax year where either they or their partner, if they have one, are in receipt of Child Benefit for the year.
17 Apr 2018
Posted by - Sarah Grandison
Local amateur sports clubs may wish to register with HMRC as Community Amateur Sports Clubs (CASCs) and benefit from a range of tax reliefs including Gift Aid. This factsheet considers the tax benefits and the registration requirements that clubs have to satisfy.
17 Apr 2018
Posted by - Sarah Grandison
Due to the ever changing tax legislation and commercial factors affecting your company, it is advisable to carry out an annual review of your company's tax position.
17 Apr 2018
Posted by - Kevin Johns
Company legislation provides an opportunity for a business organisation to benefit from the protection of limited liability, separating the legal persona of the organisation from the individuals who own and run it.
17 Apr 2018
Posted by - Sarah Grandison
Under corporation tax self assessment large companies are required to pay their corporation tax in four quarterly instalment payments. These payments are based on the company's estimate of its current year tax liability.
17 Apr 2018
Posted by - Sarah Grandison
Every year, HMRC issue a notice to file to companies. In most cases, the return must be submitted to HMRC within 12 months of the end of the accounting year.
17 Apr 2018
Posted by - Laurence Moore
The new GDPR will require all organisations that deal with individuals living in an EU member state to protect the personal information belonging to those individuals and to have verified proof of such protection. Failure to comply with the new regulation will result in significant fines.
17 Apr 2018
Posted by - Laurence Moore
Whilst there are similarities between the Data Protection Act and the GDPR, there are some new and different requirements that all businesses need to be aware of, and act on, before May 2018. This factsheet will help you consider how to prepare for the implementation of the regulations.
17 Apr 2018
Posted by - Kevin Johns
There have been many changes to employment law and regulations in the last few years. A key area is the freedom or lack of freedom to dismiss and employee.
17 Apr 2018
Posted by - Sarah Grandison
Employer supported childcare, commonly by way of childcare voucher, is for many employers and employees a tax and national insurance efficient perk. We consider the implications of this type of benefit on the employer and employee.
17 Apr 2018
Posted by - Jamie Skelding
In this factsheet, we give guidance on some of the main benefit in kind rules and indicate some common types of benefits.
17 Apr 2018
Posted by - Kevin Johns
Franchising is becoming increasingly popular in Britain with an annual turnover of around £15.1 billion in 2015, up 10% on the figure from the previous survey two years ago. The business community now takes franchising very seriously and it is accepted across a range of sectors.
17 Apr 2018
Posted by - Laurence Moore
Major corporate frauds and collapses hit the headlines from time to time and many of these were high profile and the amounts involved quite spectacular.
17 Apr 2018
Posted by - Sarah Grandison
The issue of whether to run your business as a company or a sole trader or partnership is an important one. In this factsheet, we summarise the potential tax savings available from operating as a company.
17 Apr 2018
Posted by - Glen Callow
Successive governments, concerned at the relatively low level of savings in the UK economy have over the years introduced various means by which individuals can save through a tax-free environment.
17 Apr 2018
Posted by - Sarah Grandison
Inheritance tax (IHT) is levied on a person's estate when they die, and certain gifts made during an individual's lifetime.
17 Apr 2018
Posted by - Kevin Johns
When starting a new business, you will no doubt recognise the need for insurance. It can provide compensation and peace of mind should things go wrong but can also represent a significant cost.
17 Apr 2018
Posted by - Sarah Grandison
The 'IR35' rules are designed to prevent the avoidance of tax and national insurance contributions (NICs) through the use of personal service companies and partnerships.
17 Apr 2018
Posted by - Sarah Grandison
Land and Buildings Transaction Tax (LBTT) is payable by the purchaser in a land transaction which occurs in Scotland. These types of transaction would include a simple conveyance of land such as buying a house but also creating a lease or assigning a lease.
17 Apr 2018
Posted by - Morgan Davies
The Key advantage of a LLP compared with a traditional partnership is that the members of the LLP (it is very important that they should not be called partners but members) are able to limit their personal liability if something goes wrong with the business, in much the same way as shareholders in a company have always been able to do.
17 Apr 2018
Posted by - Kevin Johns
Recent surveys indicate that the adverse impact of absence on business profitability today is significant, with thousands of man hours lost every day.
17 Apr 2018
Posted by - Morgan Davies
In recent years many companies have been preparing and filing 'small company accounts' under a Financial Reporting Standard for Small Entities (FRSSE).
17 Apr 2018
Posted by - Laurence Moore
There are tough rules to crack down on money laundering and the proceeds of crime. these rules affect a wide range of people and we consider how your organisation may be affected.
17 Apr 2018
Posted by - Laurence Moore
The Money Laundering Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) apply to a number of different businesses which include (amongst others) accountants and auditors, tax advisers and dealers in high value goods.
17 Apr 2018
Posted by - Jamie Skelding
National insurance contributions (NICs) are essentially a tax on earned income. The NICs regime divides income into different classes: Class 1 contributions are payable on earnings from employment, while the profits of the self-employed are liable to Class 2 and Class 4 contributions.
17 Apr 2018
Posted by - Jamie Skelding
The National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees.
17 Apr 2018
Posted by - Sarah Grandison
This factsheet sets out the rules which deal with the taxation in the UK of income arising outside the UK, for non UK domicile individuals.
17 Apr 2018
Posted by - Jamie Skelding
Automatic enrolment places duties on employers to automatically enrol 'workers' into a work based pension scheme.
17 Apr 2018
Posted by - Glen Callow
A Workplace pension scheme may either be a defined benefit scheme or a money purchase scheme.
17 Apr 2018
Posted by - Sarah Grandison
Dividend and savings allowances are available. We consider the opportunities and pitfalls of the personal tax rules.
17 Apr 2018
Posted by - Sarah Grandison
Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time.
17 Apr 2018
Posted by - Sarah Grandison
The UK income tax system requires the payer of key sources of income to deduct tax at source which removes the need for many taxpayers to submit a tax return or make additional payments.
17 Apr 2018
Posted by - Glen Callow
In recent years, the stock market has had ups ups and downs. Add to this the serious loss of public confidence in pension funds as a means of saving for the future and it is not surprising that investors have looked elsewhere.
17 Apr 2018
Posted by - Sarah Grandison
Investment in property has been and continues to be a popular form of investment for many people.
17 Apr 2018
Posted by - Kevin Johns
Every business from its commencement and though its development and growth will need finance.
17 Apr 2018
Posted by - Kevin Johns
Employers recruiting staff can make simple but very expensive mistakes in all sorts of ways when trying to take on new staff. Sound recruitment procedures help avoid mistakes, as well as ensure that your recruitment process improves and you take on better staff as well.
17 Apr 2018
Posted by - Kevin Johns
The requirement to keep a PSC register has been introduced with the objective of increasing transparency over control and ownership of UK companies.
17 Apr 2018
Posted by - Kevin Johns
As many as half of all businesses fail in their first three years of trading. A contributor to ensuring business success and avoiding failure is to know your enemies.
17 Apr 2018
Posted by - Kevin Johns
The Seed Enterprise Investment Scheme (SEIS) provides tax relief for individuals prepared to invest in new and growing companies.
17 Apr 2018
Posted by - Morgan Davies
The required format of statutory accounts for small companies have to prepare and send to Companies House has changed for accounting periods starting on or after 1 January 2016 (or 1 January 2015 if early adopted)
17 Apr 2018
Posted by - Morgan Davies
A social enterprise entity is a business with primarily social objectives.
17 Apr 2018
Posted by - Sarah Grandison
SDLT is payable by the purchaser in a land transaction occurring in England, Wales and Northern Ireland. Scotland has its own Land & Buildings Transactions Tax and from April 2018 Wales will have its own Land Transaction Tax.
17 Apr 2018
Posted by - Kevin Johns
Statutory Sick Pay (SSP), Statutory Maternity Pay (SMP) Statutory Paternity Pay (SPP) and Shared Parental Pay (ShPP) are important regulations to understand as they enforce minimum legal requirements on employers.
17 Apr 2018
Posted by - Sarah Grandison
Individuals are subject to a system of independent taxation so husbands and wives are taxed separately.
17 Apr 2018
Posted by - Glen Callow
Trusts are a long established mechanism which allow individuals to benefit from assets whilst others (the trustees) have the legal ownership and day to day control over the assets.
17 Apr 2018
Posted by - Sarah Grandison
This factsheet focuses on VAT matters of relevance to the smaller business. A primary aim is to highlight common risk areas as a better understanding can contribute to a reduction of errors and help minimise penalties.
17 Apr 2018
Posted by - Kevin Johns
The Criminal Finances Act 2017 (CFA) came into effect on 30 September 2017, and makes companies and partnerships criminally liable for failing to prevent their employees from criminally facilitating tax evasion. A potential defence can be utilised, in cases where the business has put into place a system of reasonable prevention measures. The CFA does not change what tax fraud is, just who may be liable. Here, we take a look at the key aspects of the Act and the implications for your business.
17 Apr 2018
Posted by - Sarah Grandison
From 1 April 2018, a new Land Transaction Tax (LTT) replaces Stamp Duty Land Tax (SDLT) in Wales. LTT is broadly consistent with SDLT, but also introduces some key changes. Here, we outline these.
17 Apr 2018
Posted by - Glen Callow
Venture Capital Trusts (VCTs) are complementary to the Enterprise Investment Scheme (EIS), in that both are designed to encourage private individuals to invest in smaller high-risk unquoted trading companies affected by the equity gap. While the EIS requires an investment to be made directly into the shares of the company, VCTs operate by indirect investment through a mediated fund. In effect they are very like the investment trusts that are obtainable on the stock exchange, albeit in a high-risk environment.
9 Apr 2018
Posted by - Sarah Grandison
VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them.
20 Mar 2018
Posted by - Sarah Grandison
Following the Spring Statement we have produced our tax rates pocket guide. Many of the figures are fundamental to our business and personal lives and you will find the key taxes summarised here. We are sure that you will find it a useful point of reference throughout the coming tax year.
14 Mar 2018
Posted by - Kevin Johns
On Tuesday 13 March 2018 Phillip Hammond presented his Spring Statement. So what exactly did the Chancellor say and, more importantly, what did it actually mean?
2 Mar 2018
Posted by - John Osborne
The rules allow the use of a 'simplified' fixed rate deduction instead of actual costs paid or incurred. It is optional, but using fixed rates may reduce the need for some of the detailed record keeping and calculations necessary to support tax deductible expenses. The amount of the overall tax allowable deductions could be grater or smaller compared to an actual cost comparison depending on the business circumstances.
2 Mar 2018
Posted by - Kevin Johns
Ensuring adequate finance is a fact of life if you run a business. Whether you are looking to expand, undertake a specific project or simply fund your day to day purchases, finance is essential.
1 Mar 2018
Posted by - Laurence Moore
A map showing the location of our Coventry office
1 Mar 2018
Posted by - Kevin Johns
The purpose of the Enterprise Investment Scheme (EIS) is to help certain types of small higher-risk unquoted trading companies to raise capital. It does so by providing income tax and CGT reliefs for investors in qualifying share in these companies.
27 Feb 2018
Posted by - Sarah Grandison
Over the last ten years technology has advanced massively. It was not so long ago that mobile phones were the size of a brick. Now emails and the internet can be accessed on the move. However, whilst technology has moved on, travelling has become more and more difficult. Homeworking has become the answer for many but how have the tax rules kept up with these changes?
27 Feb 2018
Posted by - Sarah Grandison
The tax rules differ considerably depending on whether you are self-employed, as a sole trader or partner, or whether you are an employee, even if that is as an employee of your own company.
26 Feb 2018
Posted by - John Osborne
This factsheet considers the operation and reporting of expenses and benefits. A new exception regime for such expenses replaces the need to report these items on P11Ds as long as the necessary conditions are net. To meet the conditions the business must satisfy itself that the employee would be entitled to full tax relief on expenses reimbursed to the employee.
22 Feb 2018
Posted by - Kevin Johns
However the office of director should not be accepted lightly. It carries with it a number of duties and responsibilities.
21 Feb 2018
Posted by - Sarah Grandison
With IHT came the concept of 'potentially exempt transfers' (PETs): make a lifetime gift of capital to an individual and, so long as you live for seven years from making the gift, there can be no possible IHT charge on it whatever the value of the gift.
19 Feb 2018
Posted by - Laurence Moore
Whilst compliance with the Data Protection is a good step towards compliance with the GDPR, there are a number of new compliance issues which need to be addressed before May 2018, so we recommend you read these related factsheets as well as this one.
19 Feb 2018
Posted by - Laurence Moore
In order to protect the firm, its employees, customers and suppliers, all members of staff should be given a copy of the firm's policy regarding acceptable use if IT resources - particularly internet, email access, and data protection policies.
16 Feb 2018
Posted by - Laurence Moore
Here are some of the issues to consider when reviewing the security of your computer systems, and how to minimise the risks of data loss. We have a related factsheet which covers some additional considerations for those with data in the cloud, or use some form of outsourcing.
15 Feb 2018
Posted by - Laurence Moore
Whilst cloud data storage and outsourcing can often be more secure than using internal resources, there are some additional things to bear in mind when some, or all, of your data is not held-on-site.
15 Feb 2018
Posted by - Kevin Johns
In line with the Immigration, Asylum and Nationality Act 2006, it is a criminal offence to employ anyone who does not have an entitlement to work in the UK, or undertake the type of work you are offering.
14 Feb 2018
Posted by - Laurence Moore
Data backup is an essential security procedure and needs to be undertaken on a regular basis. A business should view regular backups as a form of insurance policy.
13 Feb 2018
Posted by - Laurence Moore
Many businesses are now completely reliant on the data stored on their Network Servers, PCs, Laptops, mobile devices and cloud service providers or internet service providers. Some of this data is likely to contain either personal information and/or confidential company information.
12 Feb 2018
Posted by - Kevin Johns
Obtaining new customers is great for business, unless they fail to pay you. If you fail to check that the customer can support the amount of credit you are granting, then commencing legal action when they do not pay can be a long, draw out and potentially costly process.
8 Feb 2018
Posted by - Kevin Johns
Many people wonder deep down if they could really make a go of running their own business. It is not for everyone but the following is a list of attributes that successful business owners have. You do not need all of these characteristics but 'go-getters' have the majority of the qualities.
5 Feb 2018
Posted by - Sarah Grandison
The Construction Industry Scheme (CIS) sets out special rules for tax and national insurance (NI) for those working in the construction industry. Business in the construction industry are known as 'contractors' and 'subcontractors'. They may be companies, partnerships or self employed individuals.
2 Feb 2018
Posted by - Glen Callow
Many employers offer their staff an opportunity to save for their retirement through an occupational (or company) pension scheme.
1 Feb 2018
Posted by - Jamie Skelding
As an employer you will be responsible for operating PAYE and calculating National Insurance Contributions (NICs).
31 Jan 2018
Posted by - Jamie Skelding
We set out below details of how payroll information has to be submitted to HMRC under Real Time Information (RTI)
30 Jan 2018
Posted by - Glen Callow
Alongside the changes from April 2015 to the access of pension funds, significant changes were made to the tax treatment of pension funds on death.
26 Jan 2018
Posted by - Mike Jellicoe
If you are thinking of making a gift to charity, this factsheet summaries how to make tax-effective gifts.
26 Jan 2018
Posted by - Sarah Grandison
Cash accounting enables a business to account for and pay VAT on the basis of cash received and paid rather than on the basis of invoices issued and received.
26 Jan 2018
Posted by - Sarah Grandison
The flat rate scheme for small businesses was introduced to reduce the administrative burden imposed when operating VAT.
25 Jan 2018
Posted by - Sarah Grandison
We consider the optional rules which allow small unincorporated businesses to calculate their profits for tax purposes on a cash basis rather than the normal accruals basis.
25 Jan 2018
Posted by - Sarah Grandison
It is quite possible within the VAT system for a business to be in the position of having to pay over VAT to HMRC while not having received payment from their customer.
24 Jan 2018
Posted by - Morgan Davies
Whether we are producing your accounts or carrying out your annual audit, being prepared for us will ensure our work is carried out smoothly and with the minimum disruption to yourselves.
23 Jan 2018
Posted by - Morgan Davies
HMRC have introduced a number of VAT schemes over the years designed to reduce the administrative burden on small businesses.
19 Jan 2018
Posted by - Kevin Johns
There are many reasons why you may need to calculate the value of your business.
17 Jan 2018
Posted by - Kevin Johns
Every new business should have a business plan. It is the key to success. If you need finance, no bank manager will lend money without considered plan.
17 Jan 2018
Posted by - Kevin Johns
Travelling and subsistence expenditure incurred by or on behalf of employees gives rise to many problems.
16 Jan 2018
Posted by - Kevin Johns
In order to avoid the danger of discriminating in some way, particularly unconsciously, employers must take care to develop and use recruitment procedures which will avoid the risk.
16 Jan 2018
Posted by - Kevin Johns
The concept of residence in the United Kingdom is fundamental to the determination of UK tax liability for any individual.
15 Jan 2018
Posted by - Laurence Moore
Some employees will often prefer to use their own personal mobile devices to access company networks/systems. However, this is potentially a security loophole which places the organisation at risk from reputation damage and legal proceedings.
12 Jan 2018
Posted by - Kevin Johns
There have been many changes to employment law and regulations in the last few years. A key area is the freedom or lack of freedom to make an individual redundant.
12 Jan 2018
Posted by - John Osborne
It is the ambition of many people to run their own business. Some may have been made redundant and find themselves with free time and financial resources.
11 Jan 2018
Posted by - Kevin Johns
The financing of your business is the most fundamental aspect of its management. Get the financing right and you will have a healthy business, positive cash flows and ultimately a profitable enterprise.
10 Jan 2018
Posted by - Sarah Grandison
Research and development (R&D) by UK companies is being actively encouraged by Government through a range of tax incentives.
8 Jan 2018
Posted by - Kevin Johns
Retaining and motivating staff are key issues for many employers.
4 Dec 2018
Posted by - Morgan Davies
The Economic Affairs Committee has warned HMRC that small businesses 'could pay a heavy price' for Making Tax Digital for VAT (MTDfV). The ...
Read more4 Dec 2018
Posted by - Morgan Davies
The government has published a collection of documents in preparation for the scenario of the UK leaving the EU without a Withdrawal Agreeme...
Read more4 Dec 2018
Posted by - Sarah Grandison
According to statistics published by HMRC more than 180,500 first-time buyers have benefitted from First Time Buyers Relief (FTBR). The reli...
Read more4 Dec 2018
Posted by - Jamie Skelding
Some employers may wish to give a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will a...
Read more4 Dec 2018
Posted by - Kevin Johns
HMRC has warned that university students are being bombarded with fake tax refund emails. The scammers have targeted university students in ...
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19 Dec 2018
Posted by - Kevin Johns
Prime Accountants Group are delighted to have Tim Stimpson join us as a brand ambassador.Tim, a former professional rugby player, played 19 ...
Read more10 Dec 2018
Posted by - Kevin Johns
Here at Prime, one of our main focuses throughout the year is to use our position within the community to raise money for charity. For the p...
Read more6 Nov 2018
Posted by - Kevin Johns
Here at Prime we take pride in supporting local organisations, so therefore took the opportunity to once again sponsor an award at the Solih...
Read more1 Nov 2018
Posted by - Morgan Davies
We are delighted to announce that Prime have acquired Birmingham based firm Rochesters Chartered Accountants. We already act for many client...
Read more25 Oct 2018
Posted by - Adrian Pym
Adrian Pym, Director of Prime Forensic Accounting was invited to speak about The Role of Forensic Accounting in Matrimonial Litigation at th...
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We are a large enough firm to offer a range of specialist services and proud to do so whilst retaining a personal approach. We create bespoke packages for clients to meet their needs. To discuss your accountancy requirements and a service level we could provide you / your business contact us today.