Company ownership of furnished holiday letting properties
In this squeezed market, rather than increase rent, some landlords have tried to be a bit more creative to protect their bottom line, for example by incorporating their property portfolio into a company to escape income tax interest restrictions and shelter profits, or by changing from long-term letting to short-term holiday letting which is generally […]
What do the next 12 months hold for the UK tax system?
Insights from Kilsby Williams’ Tax Associate Rob Meredith Whilst we are still unsure when this will be, there is a sense that the prime minister will call it in autumn 2024 to give himself as much time as possible to achieve this government’s five key priorities, and to improve the Conservative party’s polling. Details are […]
Tax team at Kilsby Williams bolstered by new appointment
Tax and accountancy specialist Kilsby Williams has appointed Stuart Evans as a Tax Associate. Stuart has developed his expertise in a wide variety of tax disciplines including VAT, personal and corporate tax during his time in the public and private sector, including roles at HM Revenue & Customs and Deloitte. Prior to joining Kilsby Williams, […]
Tax specialists urge businesses to be prepared for major R&D change
R&D claims have typically been submitted to HMRC through a company’s corporation tax return. The claims should be accompanied by a thorough report explaining how the company meets the eligibility criteria, and include a detailed breakdown of costs and methodology. From 8 August, all R&D claims submitted to HMRC must include an Additional Information Form. […]
Kilsby Williams welcomes new Associate
Huw Sheppard has joined the firm as an Associate and will work with the senior management team to deliver astute accountancy, business and tax advice to a diverse range of clients. His appointment widens the firm’s management team as Kilsby Williams continues its expansion. Huw is a qualified Chartered Accountant and achieved an ICAEW prize […]
The tangled web of the associated companies rules from 1 April 2023
Where taxable profit falls between the lower and upper limits, a company pays tax at an effective rate of 26.5%. The limits are reduced for periods of less than 12 months and are dependent on the number of associated companies. Definition of Associated Company A company (regardless of its tax residence) is associated with another […]
The importance of Payroll
There are a number of ongoing requirements and future changes to payroll legislation to keep in mind. Pension Re-Enrolment – action needed A significant ongoing requirement that directly affects employees is re-enrolment. Re-enrolment takes place every three years on the anniversary of the employer’s original staging date for automatic enrolment, whereby the employer must re-enrol […]
Rental Properties, things you need to consider
Whether the property is UK or overseas sited will have an impact on your reporting requirements and tax liabilities. Consider how rental properties are taxed abroad and whether relief is available for that tax in the UK. Remember, although your rental income may be subject to tax overseas, you are liable to UK tax on […]
An important change to how you complete and submit Forms P11d and P11d(b) – What you need to know before the submission deadline.
Submission may now be done either through using specialist software or by using HMRC’s PAYE Online service. Although it should be noted that HMRC are advising that any bulk amendments may not be possible with this service. By 6 July 2023 you are required to provide details to HMRC of any employees or directors (including […]
Five key changes to R&D from 1 April 2023
The main changes to be aware of are: Rate changes Perhaps the most headline grabbing of the changes introduced, the amount of relief granted to SMEs will reduce for all expenditure incurred on or after 1 April 2023. The enhanced deduction will decrease from 130% to 86% and the cash credit rate will decrease from […]
