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Kirk Rice Blog

Posts by: Graham Jennings

  • Rent A Room Scheme – How Does It work?Written on June 23, 2016 by Graham Jennings

    The Rent a Room Scheme has been around for a number of years now and it allows owner occupiers and tenants to receive tax free rental income if you provide furnished accommodation in your home. The amount that you can generate tax free went up to £7,500 per year as from 2016/17 (previously £4,250) and […]

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  • Kirk Rice Partner, Graham Jennings To Cycle London To Paris to Raise Money For Phyllis Tuckwell HospiceWritten on June 13, 2016 by Graham Jennings

    The group chose to support Phyllis Tuckwell because of the fantastic care they provide to patients and their families at a difficult time in the last phases of life. Members of the group have had direct experience of the wonderful work they do, and we would like to support that work by raising much needed […]

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  • Should I Start My Business As A Sole Trader Or Limited Company?Written on May 25, 2016 by Graham Jennings

    Whilst there are numerous considerations other than tax I will concentrate on the taxation considerations here. A Limited company that sustains losses can ‘carry forward’ those losses and offset them against future profits of the company. This is good news, but should the venture not take off as expected and a decision is made to […]

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  • Tax On SavingsWritten on April 7, 2016 by Graham Jennings

    In the March 2015 budget the Chancellor announced that he intended to introduce a personal savings allowance which would become effective from 6 April 2016. This announcement was confirmed in the 2016 budget and effectively removes any tax payable on interest received up to the amount of the allowance. The amount of the savings allowance […]

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  • Transferable Married Couple AllowanceWritten on March 30, 2016 by Graham Jennings

    The Married Couple Allowance, which came into effect from 6 April 2015, is available to couples who are married or in a civil partnership and enables a transfer of a proportion of their tax free personal allowance between them. The transferable amount for 2015/16 is set at £1,060 (10% of the personal allowance) and will […]

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  • Upcoming Changes To Tax Relief on Letting IncomeWritten on March 23, 2016 by Graham Jennings

    Wear and Tear Allowance/Cost of Renewals – effective 6 April 2016 There will be further changes to the tax relief on the claim for wear and tear/renewals on your rental business.  At present you are entitled to claim for a wear and tear allowance of 10% of your annual rent if you let out a […]

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  • Budget 2016 – Key Points From The Chancellor’s SpeechWritten on March 16, 2016 by Graham Jennings

    An increase in the personal allowance for 2017/18 to £11,500 (£11,000 in 2016/17) and a rise in the higher rate threshold to £45,000 (£43,000 in 2016/17). Both are steps towards the long term goals of a £12,500 allowance and £50,000 threshold by 2020/21. A cut in the main rates of capital gains tax from 2016/17 […]

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  • Upcoming Changes To Tax Relief On Letting IncomeWritten on March 15, 2016 by Graham Jennings

    As you will be aware the Government have recently announced changes to the legislation affecting landlords and I would like to draw your attention to the following , which may be relevant to you.

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  • Tax Savings When Gifting Money To ChildrenWritten on March 3, 2016 by Graham Jennings

    My wife and I are higher rate tax payers. Can we place some of our savings into bank accounts in our children’s names to avoid paying higher rate tax on the interest?

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  • Sole Trader or Limited Company?Written on February 4, 2016 by Graham Jennings

    From a tax perspective running a business via a Limited company rather than as a sole trader can mean a lower tax bill overall. Traditionally owner managers of Limited companies have extracted profits via a mix of small salary under PAYE and the bulk of their income as a dividend because this mix gave the […]

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