How to strengthen your balance sheet
Reasons to strengthen your company’s balance sheet Your balance sheet is one of many documents that are filed and made public via Companies House. As such it provides the outside world with a summary of your company’s financial position, including assets and liabilities, at a fixed moment in time. It’s there, generally on display for […]
HMRC to increase action against potential fraud
However, currently big business investigations are already taking up to 4 years to settle with Inspectors taking longer to settle enquiries. Quite how the new Inspectors will be redeployed is a matter of conjecture but it is clear that the attitude taken needs to change. Currently, many enquiries involve a plethora of information requests, sometimes specious, […]
Kilsby Williams appointed as auditors and tax advisors for national retail chain
Established in 1981, Poundstretcher is a well-known high-street brand with over 370 stores across the United Kingdom, including 26 in Wales. In its fortieth year, the discount store chain has plans to further extend its presence across the country. Poundstretcher employs over 6,000 people nationwide across the brand’s chain of outlets and aims to offer […]
How super is the super-deduction?
Based on the draft legislation, companies which incur expenditure on new plant and machinery (including commercial vehicles) from 1 April 2021 to 31 March 2023 should be able to claim a deduction from taxable profits for 130% of the expenditure in the year of spend. By way of illustration, if a company spends £1m on […]
VAT tips, grant updates and more
VAT, Compensation and Early Termination Fees In 2020, HMRC revised their guidance and ruled that income received from early contract termination, cancellation fees, liquidated damages and compensation would be regarded as consideration for a taxable supply. At the time, HMRC advised that the change would have retrospective effect. Following pressure from affected parties, HMRC announced […]
Budget 2021
Included in our guide to the Spring Budget 2021, you will find a calendar of the tax year with important deadline dates shown. We have outlined the significant points of interest below. However, we would recommend downloading our guide for a more detailed breakdown of the changes and what to expect. Measures to mitigate the impact of […]
Make claiming R&D tax credits in 2021 your New Year’s resolution
It is unclear how demand will recover and cash will be tight for many clients for the next 6-8 months or more. It is therefore essential to ensure cash reserves are conserved and now is the opportune time to review whether you are eligible for Research and Development (R&D) relief. R&D tax credits are often […]
Some welcome news
The Government has recognised that uncertainty arising from Covid and Brexit mean that, in many cases, businesses have been unable, or unwilling, to commit to the level of investment needed to take advantage of the £1 million allowance before 1 January 2021. It is hoped that the extension will stimulate investment by UK businesses. The impact […]
Tax efficient company cars
Normally, we do not recommend company cars because the P11D benefit can give rise to substantial tax charges for the employee and the company. However, the position for very low emission cars is different. For 2020/21, there is no P11D benefit on an electric car with zero CO2 emissions. The P11D benefit in 2021/22 on […]
National Payroll Week
Outsourcing your payroll is a solution to improve efficiency and accuracy, ensure sensitive data is protected and prevent any potential penalties from HM Revenue & Customs or The Pensions Regulator for non-compliance. We provide a full secure payroll bureau service by qualified professionals, so if you would like to discuss outsourcing your payroll in the […]
