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 […]
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: […]