Spring Budget 2024: Something to shout about?

Insights from Kilsby Williams’ Tax Director Rob Meredith The headlines were as expected: The Chancellor did include a couple of extra rabbits in the hat though including: The Class 1 NICs cut, added to the similar cut in the Autumn, is estimated to save an average worker £900 a year and represents a cost of […]

R&D – Seismic change is on the way

There are two key elements to be aware of: ADVANCE NOTIFICATION For accounting periods beginning on or after 1 April 2023, companies must advance notify HMRC of their intention to make an R&D claim within 6 months of the year-end. Broadly the requirement is restricted to those companies who have not made a R&D claim […]

Food for thought

Cakes are zero-rated but determining whether a product is a cake has never been straightforward and has just become even more complicated. In the recent Duelfuel Nutrition case, the First Tier Tribunal decided that twin packs of sports nutrition bars which contained a flapjack to be eaten before exercise and a cake bar to assist […]

Undeclared dividends targeted by HMRC

Their focus is on investigating company reserves where profits have been made but the reserves are depleted, suggesting a dividend may have been taken.  A challenge is then made giving the owners an opportunity to declare any taxable dividends or otherwise confirm there were none.  Penalties can be charged up to the level of tax […]

Inheritance Tax planning – a guide to smart giving

Below are some options and reliefs for reducing your taxable estate during your lifetime. Small Gifts You can make small gifts of up to £250 IHT-free to as many individuals as you like each year, provided you have not used another exemption on the same individual. Annual Exemption The annual exemption is £3,000, allowing you […]