Furnished Holiday Lettings – the changes from April 2025
What Are Furnished Holiday Lettings (FHL)? A furnished holiday letting is a property that is rented out on a short-term basis usually to holidaymakers or tourists. These properties are fully furnished, with all the necessary amenities, including appliances, linens, and furniture, to ensure that guests enjoy a comfortable stay. Typically, FHLs are rented out for […]
Making Tax Digital for Income Tax – the changes which need to be addressed now
Designed to modernise the tax system, MTD for Income Tax Self-Assessment (MTD for ITSA) aims to streamline reporting, reduce errors, and ensure a more efficient tax process. Here’s everything you need to know about Making Tax Digital for Income Tax. What is Making Tax Digital for Income Tax? MTD for ITSA is a government initiative […]
The Annual Tax on Enveloped Dwellings (ATED)
Originally introduced to discourage the ‘enveloping’ of residential properties within corporate structures for tax mitigation, ATED has undergone several changes since its inception. Revaluation and Chargeable Amounts Properties subject to ATED are revalued every five years, with the most recent valuation date being 1 April 2022. This valuation applies to chargeable periods from 1 April […]
Upcoming tax changes for double cab pick-ups
Double cab pick-ups have historically benefitted from favourable tax rules, such as the ability to claim Annual Investment Allowance (AIA), lower benefit-in-kind rates, and full VAT recovery. The combination of passenger capacity, comfort and tax advantages has made them particularly appealing for employers and employees. However, in recent cases, HMRC successfully argued that double cab […]
Year end tax review
The deadline is fast approaching for individuals to file their Self Assessment tax returns (31 January) and businesses are encouraged to review and plan their financial affairs before the new tax year (6 April). The new government has promised an era of stability and the Chancellor is committing to one major fiscal event a year, […]
New year, new partner as Kilsby Williams announces significant appointment
Anne Smith, former tax partner at Watts Gregory LLP, has joined the Newport-based independent firm as a partner. Anne began her career with KPMG, qualifying as a chartered accountant and later as a chartered tax adviser. A committee member of the local south Wales branch of the Chartered Institute of Taxation, Anne has become well […]
New rules in relation to subcontracted R&D and the impact on claims
The merged scheme has introduced new rules and changes to be aware of. A significant one for those companies that have previously claimed under the SME scheme is changes to contracted out R&D, more commonly referred to as the subcontractor rules. Under the previous rules, Small and Medium sized Enterprises (SMEs), were able to claim […]
Inheritance Tax – Budget 2024
No longer is the default advice to leave all assets to a spouse or to maximise pension contributions. In this article we detail the biggest announced changes and consider some implications. PENSIONS What’s changing? Undrawn pensions are currently exempt from IHT. From April 2027 that is set to change when pensions become fully chargeable […]
Changes to Employers’ National Insurance – April 2025
These changes include the increase in rate of employers’ national insurance from 13.8% to 15% and the reduction of the secondary threshold from the current level of £9,100 to £5,000. The table below highlights the impact of the reduction to the secondary threshold: Pay Frequency Current Threshold Threshold from 6 April 2025 Weekly £175.00 £96.00 […]
Unwrapping the tax benefits of Christmas parties and festive gifts
Trivial Benefits: Small Perks, Big Impact Employers can provide qualifying trivial benefits tax-free without the hassle of reporting requirements. Here’s what you need to know: Annual Cap: Directors and office-holders in close companies can receive up to £300 in trivial benefits per tax year: there is no limit for employees. Cost Limit: Each benefit must […]
