Capital Gains Tax relating to Divorce – Changes from 6 April 2023
Rules prior to 6 April 2023 Prior to 6 April 2023, the no gain/no loss treatment applied only until the end of the tax year in which a married couple/civil partners permanently separated. For instance, if a couple separated in January 2023, they had until 5 April 2023 to transfer assets in order to benefit […]
I am a director of a UK company living overseas – how am I being taxed?
To determine the tax treatment, you should first consider where an individual is resident for tax purposes. Time spent in the UK should be recorded to include the reason for the visit and the number of days spent here. Even if someone is non-UK tax resident, there could be a liability to UK tax and […]
Further appointments support Kilsby Williams’ growth
Ashley Wareham, a Chartered Certified Accountant and Chartered Tax Advisor, has joined the firm’s tax team as a manager. Ashley brings with him a wealth of experience in tax services for owner managed businesses and VAT advisory work. In his new role, he will oversee a portfolio of personal and corporate tax clients. Ashley said: […]
Autumn Statement 2023 – tax cuts fall from the tree
Insights from Kilsby Williams’ Tax Associate Rob Meredith On the face of it there seems to be something for everyone, with the headline measures being: Fiscal statements are always sprinkled with political glitter however, particularly as the clock runs down towards our next general election, and the devil therefore still lies in the detail. For many […]
Company-owned electric cars
HMRC guidance now provides that a benefit in kind will not be suffered by an employee who uses a company-owned electric car for personal journeys and is reimbursed the cost of electricity consumed at home to charge the car by the employer. Employers will need to ensure that the reimbursement made for the cost of […]
New appointments as Kilsby Williams continues to grow
Qualified accountant Ffion Clarke has been appointed as a manager in the business services team and will be responsible for preparing the accounts for her portfolio of clients. Ffion said: “I am thrilled to be a part of Kilsby Williams, joining at an exciting point of growth for the firm. I am looking forward to […]
Residence, Domicile and the Remittance basis
Many of you will have seen the Sunday Times article reporting how Lord Alan Sugar allegedly tried to avoid UK tax by leaving the UK for Australia. It has been reported that, having taken a £390m dividend from his company in 2021, Lord Sugar tried to declare himself a non-UK resident for tax purposes (as […]
Stealth Tax – the impacts
Such is the case with the government freezing the tax thresholds. According to the Resolution Foundation, the upshot of the freeze between the years 20/21 to 27/28 will amount to £25bn – this is compared to the £9bn forecast when it was announced in March 2021. The biggest change is no change at all! The […]
Trustees’ legal obligations – The Trust Registration Service.
A major change occurred in January 2020, so that all express trusts (taxable and non-taxable) and some non-resident trusts that were in existence on or after 6 October 2020, were required to register on TRS by 1 September 2022, or within 90 days of their creation if later. The obligation to register lies with the […]
Falling house prices, are you considering selling? – Principal Private Residence guidance
One area to consider is eligibility for private residence relief, commonly referred to as principal private residence (PPR) relief, which can either eliminate or reduce capital gains tax. PPR relief may exempt all, or part, of a gain arising on a property that has been used as a home. A gain may arise if there […]
