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Kirk Rice Blog

Posts by: Kirk Rice LLP

  • eBay Sales – Do I Need To Account For Them On My Tax Return?Written on January 18, 2018 by Kirk Rice LLP

    It depends on the nature of your eBay sales. If all you are doing is selling a few personal items or unwanted gifts that you no longer use or want, then you would not need to declare these to HMRC on your tax return. However, if you are buying items and reselling them on eBay […]

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  • Business Issues To Prepare For In 2018Written on January 18, 2018 by Kirk Rice LLP

    Tax on Company Dividends Further to our article on this last year, it is worth noting that the government finally passed legislation to reduce the tax-free dividend allowance to £2,000 from 6 April 2018, down from £5,000 in the previous two tax years. This worsens the impact of this fundamental change to the way dividends […]

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  • Key Financial Dates In 2018Written on January 17, 2018 by Kirk Rice LLP

    There are probably quite a few readers who feel like you do since the level of complexity for most tax payers has certainly increased in recent years. In this blog, I list a few of the key financial dates you need to be aware of in 2018. Firstly, make sure you don’t miss Wednesday, 31 January, […]

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  • Don’t Miss the Deadline For Your Self-Assessment Tax Return (31st January)Written on January 10, 2018 by Kirk Rice LLP

    Do you file a self-assessment tax return and if so have you done yours yet? The deadline for submission is 31st January and it can be an easy deadline to miss because HMRC do not send out reminders. There are believed to be 4.5 million people yet to file their return and almost 1 million […]

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  • SATR – What If I Don’t Have Everything I Need To Complete The Form?Written on January 3, 2018 by Kirk Rice LLP

    In the view of HMRC, if a taxpayer submits an incomplete SATR by the due date, he has not complied with his statutory obligation. However, if the figures needed to complete the return are not available, perhaps because accounts have not been finished, it is possible to use provisional figures. The published policy of HMRC is […]

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  • Will On A Smart Phone?Written on January 3, 2018 by Kirk Rice LLP

    In the UK there a several legal requirements to make a Will valid, so it would not be accepted here. Currently these are the requirements: the person making the Will must understand what they are doing, what their assets are and the effect of their wishes. It has to be in writing, signed in the presence […]

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  • Company Car – Should I Buy A Car Through My Business?Written on January 3, 2018 by Kirk Rice LLP

    There are tax implications for both you personally and your company. For you, the provision of a company car is considered to be a benefit in kind (BIK). A BIK arises when the company car is available to you for private use. The key word here is made ‘available’ and so it does not matter […]

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  • Gifting Money At Christmas – What’s The Impact On IHTWritten on December 7, 2017 by Kirk Rice LLP

    Let’s assume that you can demonstrate that gifting money will not affect your ongoing lifestyle and secondly, that on your death the money will suffer 40% inheritance tax and consequently reduce the amount available to your grandchildren. Therefore, I would suggest you consider the use of a trust for their benefit. This will prevent the […]

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  • Christmas Party For Employees – What Are The Tax ImplicationsWritten on December 7, 2017 by Kirk Rice LLP

    I am often asked what the potential tax implications are to throwing a Christmas party for employees. This question needs considering from two angles. The first is whether the cost would be an allowable expense for business tax purposes; the other being whether it would be a benefit, taxable on the employees via their P11Ds.  […]

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  • Complex Estate Planning – How To Reduce Inheritance TaxWritten on December 5, 2017 by Kirk Rice LLP

    The law has been framed to exclude some assets, but include others, and to cap the additional Residence Nil Rate Band. A few ideas follow, that I believe some people should consider for complex estate planning: Widows and widowers A widow or widower should consider how to secure the Nil Rate Band of their first spouse […]

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