A day at the races: where does tax come into play?
The event attracts some of the biggest names in horse racing with elite jockeys, owners and trainers competing for prestige and substantial prize money. For many racegoers, Royal Ascot is an exciting occasion to splash some cash in the hope of high financial rewards. Interestingly, the tax treatment between the different participants in horse racing […]
Does your business qualify for Inheritance Tax relief?
Under the current rules, more and more estates are being dragged into paying IHT than ever before. Big contributing factors to this are the freezing of the IHT nil rate band (NRB) until at least April 2031, pensions falling inside the taxable estate for IHT from April 2027, and the limit placed on the amount […]
Statutory sick pay reform
A summary of the changes are below: The 3 unpaid waiting days at the beginning of a period of sickness absence have been abolished. This means that SSP is payable from the first day of absence and employees can receive SSP even if they are absent for under 3 days. Employees were previously required […]
HMRC raises business mileage rate to 55p per mile
Effective from 6 April 2026, the approved rate for cars and vans has increased from 45p to 55p per mile for the first 10,000 business miles driven during a tax year. The measure was confirmed by Chancellor Rachel Reeves in May 2026 and applies retrospectively from the beginning of the 2026/27 tax year. As a […]
HMRC just launched its new Targeted Advance Assurance schemes for R&D claims
To help address this, HMRC have offered an “advance assurance” application process to give businesses more certainty about their claims. As part of its consultation process, the UK Government has investigated whether a new clearance system could help improve the claim process, as well as reduce fraud and error in the claims for relief. Two […]
National minimum and living wage
A summary of the key points and considerations for employers are below: The NLW applies for workers age 21 and over, with the current rate now £12.71 per hour. The NMW rates for younger workers have also increased, with £10.85 per hour payable to those age 18 to 20 and £8 per hour for […]
Firm boosts team with new talent
Hazel Carter has been appointed as a senior in the business services team, joining the independent firm after completing an apprenticeship at Forvis Mazars where she achieved her AAT Level 4 qualification. Hazel said: “Kilsby Williams is the next chapter of my accounting journey. I am excited to broaden my accounting and auditing experience, as […]
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 […]