New associate among series of new year promotions
Dafydd Ford, who has been with the firm for over 15 years, has been promoted to Tax Associate. Dafydd has experience advising clients across a broad range of sectors and has used that experience to identify key tax planning opportunities for many clients over the years. He has particular expertise in areas such as property […]
HMRC changes penalty regime for late VAT return submissions and payment
The old regime would place the taxpayer into a surcharge period when they either failed to submit their VAT return on time or their VAT payment was late. During the surcharge period, penalty surcharges could be issued for further defaults. The new regime for late submissions is a points-based system with penalties only issued when […]
New government announcement made – Making Tax Digital for Income Tax (MTDITSA)
This would be followed by an ‘end of period statement’, which would replace the need for a Self-Assessment Tax Return. When we wrote to clients in September, we identified a number of significant difficulties with this new system that HMRC had yet to address, including: We are therefore very pleased to confirm that yesterday HMRC recognised […]
Kilsby Williams collection for local foodbanks
Staff at the tax and accountancy specialist were asked to bring in food and non-food products to add to the collection and all donations will be split between Risca and Newport Foodbanks. The charity drive which resulted in four boxes of goods for the foodbanks was led by tax manager Lucy Lloyd. Lucy said: “The […]
Autumn Statement 2022 – a bit of a bonus?
The key changes coming out of the 2022 Autumn Statement are: It is well known that extracting profits through the payment of dividends has been a more tax efficient remuneration option for owner-managers than bonuses over recent years, particularly for owner-managers in the higher and additional rate bands. This is principally because of the low […]
Back to the Future – the associated companies rules
From 1 April 2023, the rate at which a company pays tax will be determined by comparing a company’s profits against the corporation tax thresholds of £50,000 (the lower limit) and £250,000 (the upper limit). The rate of corporation tax for companies with profits that do not exceed the lower limit will be 19% and […]
Deadline for reporting the disposal of a UK residential property
This cannot solely be dealt with on the Personal Tax Return and the tax paid in the following January as used to be the case. In the case of mixed-use property disposed of by a UK resident, the 60-day reporting and payment window only applies to the residential element of the gain. Non-UK residents are […]
Time for an election? The benefits of the Patent Box
The current rate of corporation tax is 19% but this is increasing from 1 April 2023 to 25% for companies with taxable profits exceeding £250,000. It is also rising to an effective rate of 26.5% for companies with taxable profits between £50,000 and £250,000. The benefit of electing into the Patent Box regime is therefore […]
New Associate to drive growth at Kilsby Williams
Rob Meredith joins the firm from PKF Francis Clark in Bristol. He grew up in South Wales and trained as a Chartered Tax Advisor in Cardiff before spending 12 years with Big Four and Top 12 accountancy firms in London. He is a corporate tax specialist and will be providing tax technical and general business […]
Tax specialist Kilsby Williams warns Autumn Statement is a mixed bag for companies’ R&D spending
Kilsby Williams works closely with clients to help them claim R&D tax relief through the government schemes that are designed to incentivise innovation and research spending. Lucy Lloyd, R&D Tax Specialist at Kilsby Williams said: “For many of our fast growth corporate clients there will be disappointment that the R&D SME scheme has become less […]
