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Kirk Rice Blog

  • CGT Efficient Tax PlanningWritten on May 25, 2017 by Kirk Rice LLP

    There are a number of tax planning ideas to consider before the end of the tax year but I will focus on two that would be relevant to your CGT bill. The first one to consider is a pension contribution, as this will benefit from income tax relief with basic rate tax relief (BRT, 20%) […]

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  • Higher Rate Tax Earner – What Can I Do To Save Tax?Written on May 24, 2017 by Kirk Rice LLP

    As a higher rate tax employee taxed under PAYE you can be limited to the options available to reduce your tax liability, but there are some areas which should not be overlooked to ensure that savings are made where possible. There are a few ‘cliff edge’ thresholds in tax to bear in mind and I have […]

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  • Self Employed – What Are Your Tax Liabilities?Written on May 24, 2017 by Kirk Rice LLP

    Self employed people pay their tax liabilities twice per year on 31 January and 31 July. When you have profits that are rising year on year you will find the January payment is generally higher than the July payment. The reason for this is that the tax payments for a particular tax year are collected […]

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  • What Is ‘Making Tax Digital For Businesses’ (MTDfB)?Written on May 11, 2017 by Kirk Rice LLP

    What is the timeframe for MTDfB? The General Election has thrown a question mark over the timeframe with many of the provisions relating to MTD withdrawn from the 2017 Finance Act just before Parliament was dissolved. However, it is possible that these will be re-introduced in a new finance act once the General Election has […]

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  • With-Profits Fund – Why Is The Transfer Value Higher?Written on May 11, 2017 by Kirk Rice LLP

    From the information provided it is likely your pension is invested in a with-profits fund, which can pay a terminal or final bonus upon transfer or eventual retirement. A with-profits fund will typically invest in a mixture of asset types such as UK equities, overseas equities, corporate & government bonds, commercial property and a small […]

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  • Refurbished Property Sale – What Is My Tax Position?Written on May 10, 2017 by Kirk Rice LLP

    The capital gains tax (CGT) position for a person who only owns one property and lives in it full-time is extremely simple – any gain on disposal is tax free.  The basic concept of the main residence relief, therefore, appears to be very straightforward, but this is a valuable exemption that deserves attention to detail […]

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  • Key Guide Series – Now UpdatedWritten on May 9, 2017 by Kirk Rice LLP

    With the snap general election called for 8 June, the government was particularly active in trying to push through its Finance Bill before the dissolution of Parliament. However, the record-breaking 762-page Bill ended up as a mere 148 page Finance Act as more controversial items were set aside to smooth its passing. Our key guide […]

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  • Corporation Tax – When Making A LossWritten on April 27, 2017 by Kirk Rice LLP

    Profits to losses If your company is facing a downturn, the last thing you need is a hefty corporation tax bill just when you expect finances to be tight. Example: Acom Ltd’s profit for the year to 31 March 2017 was £120,000. Corporation tax is due on this nine months and one day after the […]

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  • Pension Drawdown – Total Return Or Income Strategy?Written on April 27, 2017 by Kirk Rice LLP

    If asset allocation is designed on a total return basis, it means you are invested across many different assets, geographies and types of businesses including lending to governments and companies. With such a diversified portfolio you may be fortunate and be able to live off the natural income provided by the portfolio. In my experience of […]

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  • Mortgage Interest Tax Relief – New Buy To Let RulesWritten on April 26, 2017 by Kirk Rice LLP

    Your question is quite timely because the first phase of the restriction of tax relief for mortgage interest began in April 2017. Effectively mortgage interest relief will be restricted to the basic rate of income tax (20%) and so higher rate tax payers will be paying more tax on their rental profits. The change means […]

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