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Kirk Rice Blog

Posts by: Kirk Rice LLP

  • Self Assessment Tax Returns – Do I Need To Complete One?Written on October 28, 2019 by Kirk Rice LLP

    It is an individual’s responsibility to ensure they pay the correct amount of Tax and make the required reports to HMRC; hence the title ‘Self Assessment’. Your income is taxed at source under the PAYE system and assuming your ‘notice of coding’ is correct, you should be paying the right amount of Tax on this […]

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  • Retirement Income – How To Take Income At RetirementWritten on October 24, 2019 by Kirk Rice LLP

    I assume the target of £1,500pm is the amount you need after tax. If you take the 25% tax free lump sum (£67,500) from your pension, it will boost your savings to £167,500 and reduce your pension to £202,500. Any withdrawals from the £202,500 will be subject to income tax. To receive a net amount […]

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  • Smart Works – Join Kirk Rice To Help Women In Need Get Into EmploymentWritten on October 23, 2019 by Kirk Rice LLP

    Maxine Guest, Partner of Kirk Rice LLP, likes to help causes that are close to her heart, such as providing other women in business with the same opportunities that she has had. This is why we are supporting the amazing charity Smart Works. Smart Works is a national charity run by recruitment and fashion experts […]

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  • Self Assessment Tax Forms For Higher Rate Tax PayersWritten on October 18, 2019 by Kirk Rice LLP

    ‘Self Assessment’, means that it is up to the individual to determine if they owe tax and if so notify HMRC (taxman). You can do this by registering online at www.hmrc.gov.uk. Failure to notify can result in a penalty and HMRC have a useful factsheet on this subject called ‘take care to tell us about […]

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  • Drawing Profits From A Company – What You Need To KnowWritten on October 3, 2019 by Kirk Rice LLP

    Salary and Bonuses Directors of owner-managed companies often draw low levels of salary, typically between £7,500 and £9,500 per annum. The reason for this is because a salary attracts a National Insurance levy. The National Insurance rate for employees is 12% between £8,632 and £50,024 and 2% above this figure. The Employers’ National Insurance rate […]

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  • VAT Registration Requirements For BusinessWritten on October 1, 2019 by Kirk Rice LLP

    Whether VAT registration is necessary for a business is based on a number of factors one of which is the current business turnover, and I suspect that is what has prompted your question. However, that is only one consideration, as some businesses may be exempt from VAT because of the nature of the business. Accordingly, […]

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  • Pension Protection Fund (PPF) – Is My Final Salary Pension At Risk?Written on October 1, 2019 by Kirk Rice LLP

    Final salary pension schemes, or defined benefit pensions as they are also called, are by far the best type of pension to have. They provide pre-determined benefits that are underwritten by the employer and are in effect guaranteed. The amount of pension will depend on several factors, such as the scheme’s accrual rate; 1/60th is […]

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  • 5 Essential Tax Questions for Business OwnersWritten on September 23, 2019 by Kirk Rice LLP

    Here’s our top five: 1. Capital Allowances All businesses have expenditure which is either revenue or capital in nature. Revenue is something that is immediately consumed such as a telephone bill. Capital items are where the business derives a benefit over a number of years. For instance, this could be the purchase of a computer […]

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  • Be Aware – HMRC Launches Fresh IR35 Attack On ContractorsWritten on September 12, 2019 by Kirk Rice LLP

    Those of our clients who provide services through their own personal service companies will hopefully already know of the changes to IR35 that have happened and continue to be imposed. Those working in the public sector saw the ‘rules of engagement’ change in 2017, whereby their public-sector engagers assumed responsibility for determining workers’ tax status. […]

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  • Swiss Anticipatory Withholding Tax Repayment ClaimsWritten on September 10, 2019 by Kirk Rice LLP

    This is a high rate of tax for dividend income. Believe it or not, many people do not even notice that they are being taxed to this degree. This may be because their Swiss company shareholdings are buried within their share portfolios, or perhaps because they have not examined the dividend vouchers being provided to […]

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