Prime Blog

Taxation Advice

What business can learn from sport

There are many correlations between Sport and Business, the planning and discipline that goes into being a successful athlete are equally applicable to running a successful business. In our latest video we highlight the similarities and outline how Prime uses our simplifying business approach to help clients run successful businesses.

Research and Development – Are you taking advantage?

The R&D scheme is a tremendously generous tax relief which can secure substantial tax repayments, even for loss making companies which have paid no corporation tax. The incentive is designed to encourage innovation and increased spending on R&D activities by companies operating in the UK.

Offshore tax liabilities? Declare it now for a more favourable rate

Up until 2016 HM Revenue and Customs (HMRC) gave incentives to encourage people to come forward and clear up their offshore tax affairs. That’s no longer the case. Over 100 countries have committed to exchange information on a multilateral basis under the Organisation for Economic Co-operation and Development Common Reporting Standard (CRS). The CRS will increase international tax transparency.

Be ahead of the game, let us help you prepare for Digital Tax

Last Monday, HMRC released the long awaited Making Tax Digital (MTD) consultations covering specific customer groups and elements of the Making Tax Digital reforms. The biggest reform since the introduction of the self-assessment tax return in 1997.

Is Brexit going to affect the aim of Making Tax Digital (MTD) by 2020 and when will the consultation documents be released?

In the March 2015 Budget, the government announced their plans to reduce the burden on taxpayers and ensure that a transparent and accessible tax system is in place. As a result, Making Tax Digital was introduced with the vision to be fully implemented by 2020.

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