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VAT and prompt payment discounts
Businesses which currently offer prompt payment discounts (PPD) to their customers need to be aware that there are some changes ahead to the...Read more >
1 Aug 2014
HMRC writes to taxpayers about effective tax rates
HMRC is writing to certain taxpayers to tell them their effective rate of tax is lower than average and to ask them to check if it’s r...Read more >
29 Jul 2014
Advisory fuel rates for company cars
New company car advisory fuel rates have been published which took effect from 1 June 2014. HMRC’s website states:Read more >
28 Jul 2014
Prime Charity Penalty Shoot-out
Arguably at times more exciting that the England v. Costa Rica game here is the video of our charity penalty shoot-out held to raise money f...Read more >
8 Jul 2014
Xero hits $100m milestone
Xero, the leading global cloud accounts system for owner managed businesses, has just hit another milestone with annualised recurring revenu...Read more >
19 Jun 2014
Life At Prime
We put together this short video to use when we attended the Solihull Apprenticeship event on 15th May.Read more >
12 May 2014
Contact Prime Today
To discuss how to protect your finances, please contact us for a free initial meeting.Please Email Us >
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.
In fact, tax investigations are becoming increasingly more sector-targeted as GPs, barristers and plumbers have recently discovered.
Furthermore, a change in penalty calculations now reflects the level of intent of providing incorrect information. HMRC penalties range from 15% of potential lost revenue for failure to take reasonable care up to 100% for deliberate and understatement with concealment.
Prime has the expertise and experience to represent all clients finding themselves the subject of an enquiry. All clients are offered tax investigation insurance to cover the costs of such representation.
Call Prime Today - we're here to help
For peace of mind, contact Prime to discuss how to protect your finances and limit investigation costs.
Coventry - 024 7651 8555 or Solihull - 0121 711 2468