You will recall that from 6 April 2024 self-employed individuals, businesses and landlords with annual income or property turnover above £10,000 were going to be required to keep digital records of business income and expenses which would then be sent to HMRC as quarterly updates.  This would be followed by an ‘end of period statement’, […]

This festive season staff at Newport-based Kilsby Williams have been collecting food and essential items for their local food banks. 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 […]

The overarching message from the 2022 Autumn Statement is fiscal drag and tax rises. The debate for owner managers about whether to pay themselves through salary and bonus or dividend rages on. The key changes coming out of the 2022 Autumn Statement are: From 1 April 2023, corporation tax rates are rising from the current […]

Corporation tax rates are changing and so are the rules for determining when companies are ‘associated’. The one-size-fits-all approach will no longer apply and plans should be put in place now to mitigate the impact of these changes. From 1 April 2023, the rate at which a company pays tax will be determined by comparing […]

This is a gentle reminder that UK residents (individuals, trustees and personal representatives) disposing of UK residential property resulting in a Capital Gains Tax (CGT) liability have 60 days from completion to deliver a CGT Return to HMRC and pay the arising tax.  This cannot solely be dealt with on the Personal Tax Return and […]

The Patent Box is a tax incentive introduced in 2013 to encourage innovation in the UK. The regime broadly offers qualifying intellectual property (‘IP’) profits to be taxed at a reduced corporation tax rate of 10%. The current rate of corporation tax is 19% but this is increasing from 1 April 2023 to 25% for […]