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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.

Videos

21 Jan 2019

Tim Stimpson - Prime Accountants Group Brand Ambassador

Posted by - Morgan Davies

31 Oct 2018

Prime Group Video

Posted by - Morgan Davies

Resources

14 Mar 2019

Spring Statement Summary 2019

Posted by - Kevin Johns

A summary of the Spring Statement 2019 is now available here. We have produced this to cover the main issues that are most likely to be of interest to you. You will also find useful commentaries to help you understand how the proposed changes may affect you personally.

28 Feb 2019

Year End Tax Planning 2018/19

Posted by - Sarah Grandison

There are many different reliefs and allowances to take advantage of throughout the tax year. As the year-end approaches this guide offers some advice on the core opportunities you should be thinking about. With tips affecting income and investment, for couples, company directors and employees, there will be something for everyone. We also have some essential tips for those making their estate plans.

30 Oct 2018

The Budget 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

Prime VC Portal Instructions

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

Charity News

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

Age discrimination

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

Agency workers regulations

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

Annual Leave

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

Bribery Act 2010

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

Business Motoring - Tax Aspects

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

Business structures - Which should I use?

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

Capital allowances

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

Capital gains tax

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

Capital gains tax and the family home

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

Cars for employees

Posted by - Sarah Grandison

The current regime for taxing employer provided cars (commonly referred to as company cars)

17 Apr 2018

Charities in Scotland trustees responsibilities

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

Charities: Trustees' responsibilities

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

Child benefit charge

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

Community amateur sport clubs

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

Companies - Tax saving opportunities

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

Company secretarial duties

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

Corporation tax - Quarterly instalment payments

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

Corporation tax self assessment

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

Data security - General data protection regulation

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

Data security - General data protection regulation preparation

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

Dismissal procedures

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

Employer support childcare

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

Employment benefits

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

Franchising

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

Fraud and how to stop it - Ten step guide

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

Incorporation

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

Individual savings accounts

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

Inheritance tax - A summary

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

Insuring your business

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

IR35 personal service companies

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

Land and Building Transaction Tax

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

Limited Liability Partnerships

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

Managing absence

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

Micro entity accounting

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

Money laundering and the proceeds of crime

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

Money laundering - High value dealers

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

National Insurance

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

National Minimum Wage

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

Non-Domicile individuals

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

Pension - Automatic enrolment

Posted by - Jamie Skelding

Automatic enrolment places duties on employers to automatically enrol 'workers' into a work based pension scheme.

17 Apr 2018

Pensions - Tax Reliefs

Posted by - Glen Callow

A Workplace pension scheme may either be a defined benefit scheme or a money purchase scheme.

17 Apr 2018

Personal Tax - Dividends and interest

Posted by - Sarah Grandison

Dividend and savings allowances are available. We consider the opportunities and pitfalls of the personal tax rules.

17 Apr 2018

Personal tax - Self assessment

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

Personal tax - When is income tax and capital gains tax payable

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

Property investment - Buy to let

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

Property investment - Tax aspects

Posted by - Sarah Grandison

Investment in property has been and continues to be a popular form of investment for many people.

17 Apr 2018

Raising finance

Posted by - Kevin Johns

Every business from its commencement and though its development and growth will need finance.

17 Apr 2018

Recruitment procedures - Employment law

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

Register of people with significant control

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

Securing business success

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

Seed Enterprise Investment Scheme

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

Small company accounting

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

Social enterprise entity structures

Posted by - Morgan Davies

A social enterprise entity is a business with primarily social objectives.

17 Apr 2018

Stamp Duty Land Tax

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

Statutory Sick, Statutory Maternity

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

Taxation of the family

Posted by - Sarah Grandison

Individuals are subject to a system of independent taxation so husbands and wives are taxed separately.

17 Apr 2018

Trusts

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

VAT - Seven key points for the smaller business

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

Criminal Finances Act 2017

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

Land Transaction Tax

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

Venture Capital Trusts

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

VAT

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.

Latest News

22 Mar 2019

Tim’s blog - Feeling Healthier, Happier and Inspired

Posted by - Tim Stimpson

Last Tuesday I spoke at the Prime Accountants Annual Conference. I loved it!I’m happy and perform at my best when I am with people who car...

Read more

18 Mar 2019

Don't lose your personal allowance!

Posted by - Sarah Grandison

For every £2 that your adjusted net income exceeds £100,000 the £11,850 personal allowance is reduced by £1. Pension contributions and G...

Read more

18 Mar 2019

Year end pension planning

Posted by - Glen Callow

For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers bo...

Read more

18 Mar 2019

Have you used your 2018/19 ISA allowance?

Posted by - Kevin Johns

Your maximum annual investment in ISAs for 2018/19 is £20,000.  Your investment needs to be made before 6 April 2019.  In addition, have ...

Read more

18 Mar 2019

Consider other tax efficient investments

Posted by - Glen Callow

If you are looking for investment opportunities, have you considered the Enterprise Investment Scheme (EIS)? These investments in certain qu...

Read more

Blog

28 Feb 2019

England! Stop kicking our ball away!

Posted by - Tim Stimpson

If you are a follower of Rugby, you’ll know that this years 6 Nations Championship has been really exciting, especially if you are Welsh!...

Read more

27 Feb 2019

What is management accounts information and why does your business need it?

Posted by - Jacob Graham

Management accounts are a summary of your business performance that are prepared on a regularly timed basis (monthly or quarterly is most co...

Read more

25 Feb 2019

"No Deal" Brexit Planning Checklist

Posted by - Morgan Davies

There is still uncertainty around what Brexit will mean and planning for a “No Deal” scenario seems sensible right now. The Government ...

Read more

21 Feb 2019

Flexible working

Posted by - Kevin Johns

Here at Prime we pride ourselves on offering employees a flexible working environment to promote a healthy work life balance. We understand...

Read more

31 Jan 2019

Turning 'mountains' into 'molehills'

Posted by - Tim Stimpson

How to make a ‘mountain’ into a ‘molehill’ with focus, self-belief and a strong set of values.When I wanted to be the best rugby pla...

Read more

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