Is this the end of the P11D as we know it?
Traditionally, taxable benefits or taxable work-related expenses received by an employee in a tax year are reported on form P11D. Popular benefits include company cars and private healthcare insurance. Under the current regime, employers submit P11D forms to HMRC, together with the P11D(b) summary form detailing the amount of Class 1A National Insurance (payable by […]
2024: Elections, budgets and economic cheer!
Insights from Kilsby Williams’ Tax Director Rob Meredith Mr Sunak then followed up with a hint that there will be two fiscal events between mid-January and the election, suggesting that there will be pre-election giveaways in both the 6 March budget and later in the year. As a result of last year’s Autumn Statement, workers […]
‘Tis the Season for Trivial Benefits
Trivial Benefits A gift that meets the trivial benefits conditions can boost morale and has tax advantages for both the employer and employee as qualifying gifts do not suffer income tax or national insurance and the cost is tax deductible for the employer. To be exempt from income tax and national insurance, the gift must […]
Pool Vehicles – what are they for tax purposes?
A pool vehicle must meet the following conditions to be exempt from being categorised as a benefit in kind: All five requirements must be satisfied. *Examples where HMRC deem private use as ‘merely incidental’ to business use when: HMRC consider that less than 5% of the vehicle’s annual mileage should be undertaken for private use. It […]
Capital Gains Tax relating to Divorce – Changes from 6 April 2023
Rules prior to 6 April 2023 Prior to 6 April 2023, the no gain/no loss treatment applied only until the end of the tax year in which a married couple/civil partners permanently separated. For instance, if a couple separated in January 2023, they had until 5 April 2023 to transfer assets in order to benefit […]
I am a director of a UK company living overseas – how am I being taxed?
To determine the tax treatment, you should first consider where an individual is resident for tax purposes. Time spent in the UK should be recorded to include the reason for the visit and the number of days spent here. Even if someone is non-UK tax resident, there could be a liability to UK tax and […]
Further appointments support Kilsby Williams’ growth
Ashley Wareham, a Chartered Certified Accountant and Chartered Tax Advisor, has joined the firm’s tax team as a manager. Ashley brings with him a wealth of experience in tax services for owner managed businesses and VAT advisory work. In his new role, he will oversee a portfolio of personal and corporate tax clients. Ashley said: […]
Autumn Statement 2023 – tax cuts fall from the tree
Insights from Kilsby Williams’ Tax Associate Rob Meredith On the face of it there seems to be something for everyone, with the headline measures being: Fiscal statements are always sprinkled with political glitter however, particularly as the clock runs down towards our next general election, and the devil therefore still lies in the detail. For many […]
Company-owned electric cars
HMRC guidance now provides that a benefit in kind will not be suffered by an employee who uses a company-owned electric car for personal journeys and is reimbursed the cost of electricity consumed at home to charge the car by the employer. Employers will need to ensure that the reimbursement made for the cost of […]
New appointments as Kilsby Williams continues to grow
Qualified accountant Ffion Clarke has been appointed as a manager in the business services team and will be responsible for preparing the accounts for her portfolio of clients. Ffion said: “I am thrilled to be a part of Kilsby Williams, joining at an exciting point of growth for the firm. I am looking forward to […]
