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Kirk Rice Blog

Posts by: Kirk Rice LLP

  • Pension Drawdown – Are Women Worse Off Than Men?Written on April 25, 2018 by Kirk Rice LLP

    In retirement prior to 2015, most pension money was converted into a guaranteed income for life which often made the situation even worse for spouses.  Most people bought a pension annuity that would only provide 50% of the income after their death for their spouse or dependant. Since the introduction of Flexi Access Drawdown very […]

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  • Business Purchase – What You should Consider.Written on April 25, 2018 by Kirk Rice LLP

    There are many considerations when buying a business and to have an understanding of the tax implications is certainly one of them. In particular, one of the questions that arises is whether the business purchase should be by way of an acquisition of the trade and business assets of the target company, or of the […]

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  • Offshore Income And Gains – Requirement To CorrectWritten on April 25, 2018 by Kirk Rice LLP

    What is the Requirement to Correct? The ‘Requirement to Correct Certain Offshore Income Tax Non-Compliance’ rules (or RTC) come on the back of increased data sharing between HM Revenue & Customs (HMRC) and more than 100 overseas tax jurisdictions of residents’ investments and income sources situated in those countries who have signed up to the […]

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  • Pension Contributions – Is It Beneficial For Me To Incorporate My Business?Written on April 12, 2018 by Kirk Rice LLP

    From a taxation perspective, as a self-employed person you and your business do not have a separate identity; you may have a trading name but in effect you and the business are one and the same. Incorporating means you and the business will have two separate identities for taxation purposes. Any profit your Limited company […]

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  • Kirk Rice Team In The Halow250 Charity CycleWritten on April 11, 2018 by Kirk Rice LLP

    The aim of the halow project is to create opportunities and support young people with a learning disability so that they are able to live independent, meaningful, fulfilled lives and become integrated into their local community. Halow offers a unique blend of activities, giving young people the chance to enjoy an active social life, make […]

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  • Company Car Or Cash Alternative?Written on April 11, 2018 by Kirk Rice LLP

    There are many reasons for the popularity of having a company car. These include status, convenience and the certainty of avoiding unexpected cash flow problems from large repairs, etc. In the past, the tax regime favoured the company car against additional cash in hand; now, the issue is much more finely balanced. Certainly, the tax […]

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  • Cash Flow In Your Business – Top TipsWritten on April 11, 2018 by Kirk Rice LLP

    Prepare a cash flow forecast Start by preparing a cash flow forecast based on your expected payments and receipts. Make sure that you include any standing orders and direct debits and update the forecast regularly. Your accountant should be able to help you with estimated or actual figures for tax related payments, such as PAYE, VAT, […]

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  • Would The Gains On a Classic Car Sale Be Taxed?Written on April 4, 2018 by Kirk Rice LLP

    A car of this type falls within a category of assets known as ‘wasting assets’ and the good news is that personal property which is a wasting asset is entirely exempt from capital gains tax. There is one major exception to this and that is where the car has been used for the purposes of […]

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  • Couples Tax Planning – Can We Save Tax?Written on March 29, 2018 by Kirk Rice LLP

    The first area of couples tax planning to consider is whether you are both utilising your personal allowance and then consider which tax bands you are both in. Where one spouse has a high income and the other does not, then you could be wasting your tax free allowance. The allowance for 2018/19 is £11,850. […]

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  • GDPR – ‘Be Prepared’ – Your ‘To-Do’ ListsWritten on March 29, 2018 by Kirk Rice LLP

    GDPR – Your ‘To-Do’ List 1. Get informed 6. Privacy notices 2. Appoint DPO 7. Data processing agreements 3. Categorise your data subjects 8. Data processing policies & procedures 4. Data and System Audit 9. HR procedures and training 5. Data Security Audit 10. An evolution not a revolution 1. Get informed It’s vital that key people and decision makers in your business are aware that the law is changing and that they appreciate the impact that […]

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