R&D Claims – Changes are afoot and preparation is key
HMRC’s response has been twofold. Firstly, HMRC recently announced a pause in some Research & Development Tax Credit payments whilst they investigate irregular claims. This has led to significant delays in the payment of tax credits to clients, with HMRC failing to meet their target of 4-6 weeks. Secondly, a number of key changes will […]
HMRC is changing the way trading income is allocated to tax years
However, the government is looking to align all basis periods for unincorporated businesses with the tax year (6 April to 5 April). This is to facilitate Making Tax Digital for Income Tax Self-Assessment which is due to begin on 6 April 2024. The reform of the basis period rules does not mean the accounting date […]
Businesses urged to be prepared for furlough inspections
The Coronavirus Job Retention Scheme, commonly referred to as furlough, protected nearly 12 million jobs across the UK during the pandemic with the government subsidising up to 80% of employees’ wages. While the scheme prevented mass unemployment and supported businesses through an unpredictable financial period, it is reported that furlough has cost the government £70 […]
Payroll End of Year 2021/22
Final Submission for the Current Tax Year The final payroll must be processed on or before 5 April 2022, in line with the usual pay date. The final submission via Real Time Information is required by 19 April 2022. Documents for Employees P60 forms must be prepared and issued to employees by 31 May 2022. […]
Changes to Payroll Legislation for the 2022/23 Tax Year
The main changes for 2022/23 are increases in National Minimum and Living Wage rates and the introduction of the National Insurance increase to cover Health and Social Care. Changes to National Minimum & Living Wage Rates The rates are set to rise again this year, with the increase of 6.6% for the National Living Wage […]
P11D time of year
Many employers offer their staff a reward package that includes benefits-in-kind, such as company cars, private medical insurance and other items such as gift vouchers. The P11D will detail any taxable benefits and expenses received by an employee over the tax year. The benefit calculations are not always straightforward and specialist advice may be needed. […]
Mitigating the impact of the increase in National Insurance Contributions (NIC)
Currently employees pay 12% NIC on earnings between £9,568 and £50,270 (£9,880 from April 2022) and 2% on income over that level. Employers suffer 13.8% on income over £9,100. This will rise to 13.25% and 15.05% from next month respectively. What can be done to mitigate exposure for employees and employers to this increase? Dividend […]
ERF application deadline approaches
The ERF is a Welsh Government fund of £120 million that businesses in Wales can access if they were impacted by the alert level two measures put in place due to rise of the Omicron virus. Welsh Businesses in the retail, hospitality, leisure and tourism sectors, as well as their supply chains, are eligible to […]
Kilsby Williams joins the fight in cybercrime
The WCRC is part of a network of centres established across the country providing a highly accessible and respected cyber resource, in an unregulated market, for simple yet effective cyber security guidance and support to all businesses which need it. Simon has been appointed to the WCRC’s board which plays a key role in providing […]
New Partner steps up at Kilsby Williams
Jonathan joined Kilsby Williams in 2007 and since then has established a wide portfolio of clients. As an associate in the business services department, Jonathan was responsible for carrying out audit, business valuations and financial due diligence on behalf of clients. In his new role Jonathan will continue to oversee client accounts as well as […]
