Game, set and tax: how Wimbledon winnings are taxed
In 2025, the gentlemen’s and ladies’ singles champions each received £3m, part of the total prize fund of £53.5m split across all rounds of the tournament. This generates sizeable taxable income that needs to be paid to HMRC. All prize money relating to a UK sporting performance is taxed in the UK regardless of whether […]
Mileage and VAT changes for businesses announced by the Chancellor
Major changes to business mileage and VAT rates were the key announcements for SMEs and steps now need to be taken to ensure systems and payroll processes are updated where required. The HMRC approved business mileage rates for cars and vans had been frozen at 45p per mile for the first 10,000 miles driven in […]
Dividend disclosures are changing
Until now, a tax return simply stated total dividend income for the year. Dividends from a director’s own company were bundled together with dividends from other sources, such as quoted shares or investment funds. HMRC could see the total income, but had little visibility over where it came from or how it related to ownership […]
ERS reporting – 6 July deadline approaching
These are easy to overlook – and HMRC penalties apply automatically where filings are missed. The ERS filing deadline for the 2025/26 tax year is 6 July 2026. You may need to file an ERS return if, during 2025/26, you had in place: A tax‑advantaged share plan (e.g. EMI, CSOP, SIP or SAYE) A non‑tax‑advantaged […]
Experienced director joins independent firm
Margaret joins the Newport-based firm from MHA, where she qualified as a Chartered Accountant and accumulated a wide and varied breadth of knowledge and experience to lead their business services team. Specialising in advisory and compliance work for audit exempt SMEs, Margaret’s new role at Kilsby Williams will see her develop and grow the firm’s […]
Senedd elections: a guide to the tax proposals
While Wales has limited tax powers compared to Westminster, some taxes are devolved and the election result will influence how tax is paid by businesses and individuals. From promises of stability to plans for structural reform, each party has its own approach. Welsh Labour: stability and gradual reform The incumbent party is focusing on stability […]
Marshmallows, maths and the long arm of VAT
From the Jaffa Cakes decision, which confirmed that chocolate‑covered sponge is legally cake rather than a biscuit, to the Tunnock’s Snowballs case, where marshmallow‑filled chocolate spheres were held to qualify as cakes, courts have repeatedly been required to draw fine distinctions between everyday foodstuffs. The latest entry in this line of authority is Innovative Bites […]
Gulf states and the Iran war – Should I stay or should I go?
In response, Iran launched a series of counter-strikes against its Gulf neighbours and others. What has followed has been labelled the Iran War. For those ex-pats living in the Gulf states, it is no doubt a worrying time and it is reported that some may be trying to return to the UK to avoid the […]
Year-End remuneration planning
Careful planning before 5 April can improve tax efficiency, optimise allowances and avoid unexpected liabilities. Salary v Dividend For owner managed businesses, striking the right balance between salary and dividends remains essential. Salary can preserve entitlement to state benefits and utilise personal allowances. Income tax thresholds are set to remain unchanged for 2026/27. The Personal […]
Director of a UK company looking to leave the UK?
A fundamental principle of directors’ duties, such as the attendance at board meetings, cannot be treated as ‘incidental’, meaning that the income attributed to UK duties is taxable in the UK regardless of the director’s residence status. In this scenario the UK must operate PAYE on payments made to the director, creating withholding obligations and […]