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Kirk Rice Blog

Posts by: Kirk Rice LLP

  • Should I Transfer My Final Salary Pension?Written on July 12, 2018 by Kirk Rice LLP

    It is likely to be in the best financial interests of most members to remain in their final salary pension scheme. The scheme’s promises are underwritten by an employer, and it is unlikely that the transfer value could provide benefits of equal value to those given up. However, accessing a pension flexibly may be better suited […]

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  • Five Rules For Managing Small Business Cash FlowWritten on July 12, 2018 by Kirk Rice LLP

    Keep your books accurate and up to date Your small business cash flow is only as good as your accounting and reporting. Don’t let this get out of hand. Make sure your accounting information is updated regularly. Then you can see the financial state of your business at a glance. Don’t be too lenient with […]

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  • Split Profits From Buy To LetWritten on July 12, 2018 by Kirk Rice LLP

    There are two ways of treating the profits (or losses) from a jointly held property: a 50:50 split or by beneficial entitlement. The commentary below applies equally whether the profits and losses of the property business are calculated under the simplified cash basis or the accruals basis. Read more about these split profits methods. Split […]

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  • Transfer ISA to Pension?Written on July 7, 2018 by Kirk Rice LLP

    A lot of families are doing just that because they can boost their savings and pass money on death more flexibly and tax efficiently, but it may not be suitable for you. Let’s assume that £12,500 of your income is taxed at 40% (Higher Rate Income Tax) and you have more than £50,000 in various investment […]

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  • Avoid A Financial Services Scam – How To Protect Yourself.Written on July 2, 2018 by Kirk Rice LLP

    The first word that pops into my head is ‘SCAM’. The Financial Conduct Authority (FCA) website has some very interesting information on ‘how to avoid investment and pension scams’. Some of the points they make, which may explain why SCAM was the first word that popped into my head, are; Scammers usually contact you out […]

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  • Making Tax Digital (MTD) – What Do I Need To Do?Written on July 2, 2018 by Kirk Rice LLP

    You are correct that HMRC will be introducing new requirements that are known as Making Tax Digital (MTD). MTD imposes a requirement to keep records digitally and file VAT returns using functional compatible software from 1 April 2019. Records required to be kept digitally Some records will need to be kept digitally. HMRC will provide […]

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  • Tax Reliefs 2018-2019 – Don’t Miss OutWritten on July 2, 2018 by Kirk Rice LLP

    All too often, tax planning is left to the end of the tax year, by which time opportunities may have been missed or disinclination sets in. It is best to plan ahead to ensure you maximise on your tax reliefs. To encourage a more forward-thinking approach, we set out below some tax reliefs that you […]

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  • Self Employment – Why To Choose It – Top TipsWritten on June 21, 2018 by Kirk Rice LLP

    If you are going into business yourself, there are many good reasons why you might benefit from incorporating. However, there also a number of reasons why one might wish to stay as self employed. These include the freedom from the administrative burdens of running a limited company (and the legal obligations taken on as a […]

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  • The Delights And Uses Of TrustsWritten on June 19, 2018 by Kirk Rice LLP

    This article is for people who have life insurance or are considering a new life assurance policy to pay cash to someone on death. It explains the benefits of having trusts. In any group of people only a minority has written a Will. Of the others, a few have thought about it, but not completed it […]

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  • Drawing Profits From A Company – What You Need To KnowWritten on June 19, 2018 by Kirk Rice LLP

    Salary and Bonuses Directors of owner-managed companies often draw profits through low levels of salary, typically between £8,000 and £9,000 per annum. The reason for this is because a salary attracts a National Insurance levy. The National Insurance rate for employees is 12% between £8,424 and £46,384 and 2% above this figure. The Employers’ National Insurance rate […]

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