The Fifth Self Employed Income Support Scheme (SEISS) Grant
HMRC invited claims to be made from late July 2021 in a similar way to the fourth SEISS grant. Claims must be submitted online and are subject to a deadline of 30 September 2021. The grant is available to those who were unable to claim the first three grants, and it covers the trading period […]
HMRC proposes changes to the way trading income is allocated to tax years
The government has recently published draft legislation that looks to align all basis periods for unincorporated businesses with the tax year. The proposed changes were due to take effect from 2022/23 onwards, however, in a recent written statement the Treasury has announced that these changes will be pushed back by 12 months. Whilst this creates […]
Changes to Dividend and NIC Rates
Dividends Under the plans investors can still earn up to £2,000 each year in dividends and suffer a zero rate of tax. However, from the 2022/23 tax year onwards, the current rate will rise as follows: Currently up to £2,000 0% Basic rate 7.5% Higher rate 32.5% Additional higher rate 38.1% From 2022/23 up to […]
Don’t miss out on tax relief for capital expenditure in your business
You will recall from our article last year that the Treasury announced a temporary extension to the £1 million cap for the Annual Investment Allowance (AIA) until 1 January 2022. This means that a business will be entitled to a 100% allowance on eligible expenditure up to 31 December 2021 subject to the £1 million […]
Kilsby Williams eyes further expansion on the back of client wins
Kilsby Williams, which was launched in 1991, has seen record growth in the past six months with many lucrative client wins including both Newport and Cardiff Bus, Fordthorne, Pensord Press, Poundstretcher and London-based Cutler and Gross. Added to existing gains this has seen the firm’s annual growth rate rise to a record 20%. This success […]
Tax Tips and Potential Traps
Grants for innovation – watch out for the impact on Research & Development tax relief claims When starting a new innovative project, it is tempting to apply for any grant that is available to you to help fund your project. However, if your project is likely to qualify for Research and Development (“R&D”) tax relief, in […]
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 […]
