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 […]
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 […]