New working arrangements – could you have inadvertently changed your tax residence?
As we can work anywhere in the UK, so too we can work overseas. Many of us may have family overseas or second homes where we can set up base, either as part of a permanent move or as a way to split time between the UK and perhaps a warmer climate. Long-term presence in […]
Technical updates and urgent reminders
Urgent State Pension boost You may have gaps in your period of employment, perhaps because you were caring for a child or you worked for some time overseas. These missing National Insurance years may affect your entitlement to the full state pension. The crucial deadline to boost your state pension has been extended to 31 […]
R&D tax relief: businesses urged to review claims
The letters, which have been sent to 2,024 companies ask companies to review their previous claims, using a checklist, to ensure that all the information they submitted was correct. Where mistakes are identified, companies are being asked to make amendments to their claims as appropriate. Lucy Lloyd, Tax Manager and R&D specialist said: “Whilst HMRC’s […]
Business services team expands
The series of appointments, ranging from graduate to managerial roles, includes Pei Zhou and Rob Harding as business services managers, and James Travers, Ffion Williams and Arin Ozgul as a business services trainees. Rob who joins Kilsby Williams with over 20 years’ experience in the accountancy industry believes this is an exciting time for the […]
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 […]
