Tax team strengthened by new appointments
The series of appointments, ranging from graduate to managerial roles, sees the tax team grow to its highest number ever. Cardiff University graduates Colin Evans and Robert Harris join the team as Tax Assistants. The pair will be assisting with the preparation of personal and corporation tax returns, company secretarial matters and other administrative tasks, […]
Payroll team doubles to meet demand
However, at Kilsby Williams, the last few years have been an especially busy time for their payroll team with legislative changes, the pandemic and adjustments in contracts post-Covid all having a big impact on the team. With the introduction of Real Time Information and Automatic Enrolment making legislation more complex, Kilsby Williams has had to […]
Plastics tax – what you need to know
The UK government wants to increase the amount that is recycled and so on 1 April 2022 a plastics tax on plastic packaging containing less than 30% recycled plastic was introduced. The tax covers packaging which is manufactured in the UK or imported into the UK. The rationale behind the tax is that it will […]
Preparing your 2021/22 Personal Tax Return
Child Benefit: If you or your partner claim child benefit you may be required to report this income on your Return. In particular, if you or your partner earn over £50,000 the High Income Child Benefit Tax Charge will apply. This charge will be due from the individual with the highest income who may not […]
Electric cars – saving tax and the environment
Capital Allowances Where an electric car is purchased either outright or via a Hire Purchase agreement, the capital allowances available to the company are much higher than those usually attributable to cars. Brand new pure electric cars will usually qualify for First Year allowances (FYA). FYAs give 100% tax relief in the year of purchase […]
Making Tax Digital for Income Tax Self-Assessment (MTDITSA) Change is coming
The focus of MTDITSA is currently on self-employed businesses and property owners with annual income above £10,000. Note that this is ‘income’, not net profits. Furthermore, we understand this £10,000 is total income meaning that if you receive gross rental income of £6,000 and gross self-employment income of £6,000 you will have breached the £10,000 […]
R&D Claims – Changes are afoot and preparation is key
HMRC’s response has been twofold. Firstly, HMRC recently announced a pause in some Research & Development Tax Credit payments whilst they investigate irregular claims. This has led to significant delays in the payment of tax credits to clients, with HMRC failing to meet their target of 4-6 weeks. Secondly, a number of key changes will […]
HMRC is changing the way trading income is allocated to tax years
However, the government is looking to align all basis periods for unincorporated businesses with the tax year (6 April to 5 April). This is to facilitate Making Tax Digital for Income Tax Self-Assessment which is due to begin on 6 April 2024. The reform of the basis period rules does not mean the accounting date […]
Businesses urged to be prepared for furlough inspections
The Coronavirus Job Retention Scheme, commonly referred to as furlough, protected nearly 12 million jobs across the UK during the pandemic with the government subsidising up to 80% of employees’ wages. While the scheme prevented mass unemployment and supported businesses through an unpredictable financial period, it is reported that furlough has cost the government £70 […]
Payroll End of Year 2021/22
Final Submission for the Current Tax Year The final payroll must be processed on or before 5 April 2022, in line with the usual pay date. The final submission via Real Time Information is required by 19 April 2022. Documents for Employees P60 forms must be prepared and issued to employees by 31 May 2022. […]
