R&D – Seismic change is on the way
There are two key elements to be aware of: ADVANCE NOTIFICATION For accounting periods beginning on or after 1 April 2023, companies must advance notify HMRC of their intention to make an R&D claim within 6 months of the year-end. Broadly the requirement is restricted to those companies who have not made a R&D claim […]
Food for thought
Cakes are zero-rated but determining whether a product is a cake has never been straightforward and has just become even more complicated. In the recent Duelfuel Nutrition case, the First Tier Tribunal decided that twin packs of sports nutrition bars which contained a flapjack to be eaten before exercise and a cake bar to assist […]
Undeclared dividends targeted by HMRC
Their focus is on investigating company reserves where profits have been made but the reserves are depleted, suggesting a dividend may have been taken. A challenge is then made giving the owners an opportunity to declare any taxable dividends or otherwise confirm there were none. Penalties can be charged up to the level of tax […]
Inheritance Tax planning – a guide to smart giving
Below are some options and reliefs for reducing your taxable estate during your lifetime. Small Gifts You can make small gifts of up to £250 IHT-free to as many individuals as you like each year, provided you have not used another exemption on the same individual. Annual Exemption The annual exemption is £3,000, allowing you […]
Kilsby Williams appoints directors in new year promotions
The Newport-based business, which is the largest independent firm in the region, has promoted three employees to director roles within its tax and business services teams. Lucy Creese and Kaye Morris have been promoted to director in the tax team, while Zak Wright has been promoted to director in the business services team. Lucy and […]
A Littler more income tax for Luke
It has been a fairytale start to 2024 for the 16 year old Littler who is understood to have earned £200,000 from his run to the WDC final alone. Amongst the press coverage about his success, HMRC’s Press Office congratulated Luke in an X post and took the opportunity to remind everyone of the existence […]
Is this the end of the P11D as we know it?
Traditionally, taxable benefits or taxable work-related expenses received by an employee in a tax year are reported on form P11D. Popular benefits include company cars and private healthcare insurance. Under the current regime, employers submit P11D forms to HMRC, together with the P11D(b) summary form detailing the amount of Class 1A National Insurance (payable by […]
2024: Elections, budgets and economic cheer!
Insights from Kilsby Williams’ Tax Director Rob Meredith Mr Sunak then followed up with a hint that there will be two fiscal events between mid-January and the election, suggesting that there will be pre-election giveaways in both the 6 March budget and later in the year. As a result of last year’s Autumn Statement, workers […]
‘Tis the Season for Trivial Benefits
Trivial Benefits A gift that meets the trivial benefits conditions can boost morale and has tax advantages for both the employer and employee as qualifying gifts do not suffer income tax or national insurance and the cost is tax deductible for the employer. To be exempt from income tax and national insurance, the gift must […]
Pool Vehicles – what are they for tax purposes?
A pool vehicle must meet the following conditions to be exempt from being categorised as a benefit in kind: All five requirements must be satisfied. *Examples where HMRC deem private use as ‘merely incidental’ to business use when: HMRC consider that less than 5% of the vehicle’s annual mileage should be undertaken for private use. It […]
