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Making Tax Digital for Business update
Extensive changes to how taxpayers record and report income to HMRC are being introduced under a project entitled Making Tax Digital for Bus...Read more >
15 Apr 2017
VAT Flat Rate Scheme - Limited cost trader
Changes are being made to the Flat Rate Scheme (FRS) which take effect from 1 April 2017. These changes may mean that the FRS is less attrac...Read more >
10 Apr 2017
Construction Industry - Subcontractor verification
HMRC have confirmed in the latest Employer Bulletin that changes will be made to the verification of subcontractors in the construction Indu...Read more >
12 Mar 2017
Xero now has over one million subscribers!
At Prime we love Xero and have been fans from the start! It gives us immense satisfaction to see that Xero have now got more than One Millio...Read more >
7 Apr 2017
Pool cars - are you satisfying the five conditions?
Another tax case has been lost by a tax payer due to them failing to satisfy HMRC that a company car was in fact a pool car.Read more >
13 Mar 2017
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 ap...Read more >
8 Dec 2016
Our experts can discuss the risks and advise on which type of tax planning is best suited for your business and/or personal circumstances.Read more >
We have a range of services to help you cope with increasingly complex Corporate Tax legislation together with a full tax planning service.Read more >
Find out how you are affected by 2011/12 changes to Income Tax by using our easy reference Personal Tax Chart.Read more >
Capital Gains Tax
Careful planning of capital asset disposals to utilise your annual personal CGT allowance is essential to minimise your capital gains tax liability.Read more >
At Prime Chartered Accountants we can provide expert planning advice on the mitigation of potential inheritance tax liabilities.Read more >
Value Added Tax
Value Added Tax is one of the most complex and onerous tax regimes imposed on business - so complex that many businesses inadvertently overpay or underpay VAT.Read more >
National Insurance Contributions build up your entitlement to specific benefits such as the State Pension and the amount you pay depends upon how much you earn.Read more >
How can you ensure that your assets will reach your children, grandchildren and other relatives rather than ending up in the wrong hands?Read more >
With fines for late submissions or an enquiry caused by understatements of tax due, contact our experts at Prime to help you through the self assessment process.Read more >
Tax investigations are becoming increasingly more sector-targeted as GPs, barristers and plumbers have recently discovered.Read more >
Not everyone is aware that they have the right to arrange their personal or corporate tax affairs in a manner that will minimise the amount of tax they pay. Prime Chartered Accountants has a wealth of experience in tax planning that can improve both business and individuals’ tax positions.
Self assessment for individuals and partnerships has brought increased burdens on all taxpayers as it is now your legal obligation to meet the deadlines imposed by the legislation in order to avoid unnecessary fines and interest charges.
Capital Gains Tax
Capital Gains Tax is a tax on the profit you make when you sell an asset. Careful planning of capital asset disposals to utilise your annual personal CGT allowance is essential to minimise your capital gains tax liability. With a personal allowance of £10,600 per tax year, any chargeable gains in excess of this are imposed at the following Capital Gains Tax rates:
Whether you are an employer or an employee, a higher rate earner or a married couple, many of the tax rate figures are fundamental to our business and personal lives. Our tax rates 2017/18 pocket guide can be found here.
The minimisation of a company's corporation tax liabilities can help maximise the amount of funds available to reinvest in the business or to return to the shareholders. At Prime Chartered Accountants, we have a range of services to help you cope with increasingly complex Corporate Tax legislation together with a full tax planning service including:
With the huge increase in property values, Inheritance Tax is an area which could give rise to unexpected liabilities for the unwary. At Prime Chartered Accountants we can provide expert planning advice on the mitigation of potential inheritance tax liabilities.
Value Added Tax is one of the most complex and onerous tax regimes imposed on business - so complex that many businesses inadvertently overpay or underpay VAT. This is complicated further by different VAT rates, potential partial exemption and the administration for companies that wish to trade overseas both within and outside the EU. This complexity means that valuable in-house resources could be deployed elsewhere in the business.
When assets are left to beneficiaries as a direct lump payment, these assets are considered to be part of the beneficiary’s estate, allowing risk of attack from future divorce settlements, creditors and taxation. So how can you ensure that your assets will reach your children, grandchildren and other relatives rather than ending up in the wrong hands?
Whether you are an employer, employee, employed or self-employed, awareness of National Insurance contributions (NICs) is vital. And with strong enforcement powers and anti-avoidance legislation available to HMRC, ensuring that you comply with your National Insurance contributions is of paramount importance.
Any client can be selected for enquiry by HMRC. It is estimated that there is a £40bn tax gap between what is due to HMRC and what they collect. As a result, HMRC has been tasked with reducing this deficit by £6bn over the next four years so all businesses are at risk of tax enquiry/investigation.
Call Prime Today - we're here to help
If you are looking for an accountant for your business or personal finance matters call Prime Chartered Accountants, to arrange a free, no-obligation meeting with a Director.
Coventry - 024 7651 8555 or Solihull - 0121 711 2468