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Kirk Rice Blog

Posts by: Kirk Rice LLP

  • Rental Property Sale – What Are My Tax Liabilities?Written on February 27, 2019 by Kirk Rice LLP

    The type of tax liability in a rental property sale that needs to be considered here is capital gains tax. A capital gain in simple terms is the difference between the price you sell the property for, less the original purchase price. This will give you the basic capital gain (or potentially a loss) from […]

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  • Mortgage In To Retirement – Is Equity Release An Option?Written on February 27, 2019 by Kirk Rice LLP

    It may be possible to find a lender that will lend the amount you need to age 80 using a residential mortgage. But this is just deferring the problem to a later date rather than being a permanent solution. It would be sensible to speak to a mortgage adviser to see if this is possible […]

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  • A Case Study – A Successful Parting Of WaysWritten on February 14, 2019 by Kirk Rice LLP

    Kirk Rice restructured the business by way of a share buy-back for the exiting family. The company purchased back the shares using cash reserves which left the family wishing to continue with 100% of the business going forward. The exiting family received their capital return under favourable capital gains tax rates and by claiming entrepreneur’s […]

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  • What can investors expect in February?Written on February 14, 2019 by Kirk Rice LLP

    Italy has fallen into a technical recession (declined for 2 consecutive quarter). This is partly due to falling car production said to be a result of the new world wide emissions tests for cars and small vans, which is affecting all countries. Indications from Italy are that confidence is low among consumers and businesses. China […]

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  • Buying A Business – What Are The Tax Considerations?Written on February 14, 2019 by Kirk Rice LLP

    Although taxation is a major element in any buying a business, the principal motivation when buying a business is a commercial one. The suggestions made here simply form part of the normal seller-buyer negotiations. Essentially, there are two general points for the buyer to consider: What to buy?; and How to pay for it? Is […]

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  • Why Has The HMRC Enquired Into My Deceased Father’s Tax Affairs?Written on February 14, 2019 by Kirk Rice LLP

    Therefore, in most cases HMRC will request tax returns going back 4 years. For example, if your father died in 2017/18. HMRC can request tax returns for 2013/14 and subsequent years. The general time limit for raising assessments cannot extend beyond four years from the end of the tax year in which the death occurred. […]

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  • Kirk Rice Team In The Fleet Half Marathon To Raise Money For Stepping Stones DSWritten on January 29, 2019 by Kirk Rice LLP

    Stepping Stones DS is a parent-led Down Syndrome support group. The group was started in November 2006 by two local mums, who both had a daughter with Down Syndrome of a similar age and found there was a lack of support in the local area. They felt that what the area needed was a group […]

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  • FREE Kirk Rice App – Income ManagerWritten on January 29, 2019 by Kirk Rice LLP

    Open the ‘Income Manager’ function in the App, and tap ‘Log New Income’. Simply use the camera function of your device to take a photo of the income source. You can enter a name for the income source, date, amount, VAT element and any notes you wish to make about it, and then you are […]

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  • Business Issues To Prepare For In 2019Written on January 24, 2019 by Kirk Rice LLP

    Brexit Being potentially the biggest issue faced by UK businesses in recent times, it’s still surprising that at the time of writing, less than two months before Brexit, that we don’t yet know how it’s going to turn out. Whatever happens (unless a second referendum overturns the first), there are going to be a plethora […]

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  • Will – Should I Be Bothered That I Don’t Have One?Written on January 24, 2019 by Kirk Rice LLP

    Thank you for the question about a Will, I know many people are in a similar situation. I read an article based on research from the British Social Attitudes Survey, which shows 46% of people wrongly think that living together in England and Wales gives them the same legal status as a married couple. The number […]

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