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 […]
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 […]
