The importance of Payroll
There are a number of ongoing requirements and future changes to payroll legislation to keep in mind. Pension Re-Enrolment – action needed A significant ongoing requirement that directly affects employees is re-enrolment. Re-enrolment takes place every three years on the anniversary of the employer’s original staging date for automatic enrolment, whereby the employer must re-enrol […]
Rental Properties, things you need to consider
Whether the property is UK or overseas sited will have an impact on your reporting requirements and tax liabilities. Consider how rental properties are taxed abroad and whether relief is available for that tax in the UK. Remember, although your rental income may be subject to tax overseas, you are liable to UK tax on […]
An important change to how you complete and submit Forms P11d and P11d(b) – What you need to know before the submission deadline.
Submission may now be done either through using specialist software or by using HMRC’s PAYE Online service. Although it should be noted that HMRC are advising that any bulk amendments may not be possible with this service. By 6 July 2023 you are required to provide details to HMRC of any employees or directors (including […]
Five key changes to R&D from 1 April 2023
The main changes to be aware of are: Rate changes Perhaps the most headline grabbing of the changes introduced, the amount of relief granted to SMEs will reduce for all expenditure incurred on or after 1 April 2023. The enhanced deduction will decrease from 130% to 86% and the cash credit rate will decrease from […]
New working arrangements – could you have inadvertently changed your tax residence?
As we can work anywhere in the UK, so too we can work overseas. Many of us may have family overseas or second homes where we can set up base, either as part of a permanent move or as a way to split time between the UK and perhaps a warmer climate. Long-term presence in […]
Technical updates and urgent reminders
Urgent State Pension boost You may have gaps in your period of employment, perhaps because you were caring for a child or you worked for some time overseas. These missing National Insurance years may affect your entitlement to the full state pension. The crucial deadline to boost your state pension has been extended to 31 […]
R&D tax relief: businesses urged to review claims
The letters, which have been sent to 2,024 companies ask companies to review their previous claims, using a checklist, to ensure that all the information they submitted was correct. Where mistakes are identified, companies are being asked to make amendments to their claims as appropriate. Lucy Lloyd, Tax Manager and R&D specialist said: “Whilst HMRC’s […]
Business services team expands
The series of appointments, ranging from graduate to managerial roles, includes Pei Zhou and Rob Harding as business services managers, and James Travers, Ffion Williams and Arin Ozgul as a business services trainees. Rob who joins Kilsby Williams with over 20 years’ experience in the accountancy industry believes this is an exciting time for the […]
New associate among series of new year promotions
Dafydd Ford, who has been with the firm for over 15 years, has been promoted to Tax Associate. Dafydd has experience advising clients across a broad range of sectors and has used that experience to identify key tax planning opportunities for many clients over the years. He has particular expertise in areas such as property […]
HMRC changes penalty regime for late VAT return submissions and payment
The old regime would place the taxpayer into a surcharge period when they either failed to submit their VAT return on time or their VAT payment was late. During the surcharge period, penalty surcharges could be issued for further defaults. The new regime for late submissions is a points-based system with penalties only issued when […]
