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Kirk Rice Blog

Posts by: Kirk Rice LLP

  • Corporation Tax – When Making A LossWritten on October 20, 2020 by Kirk Rice LLP

    Profits to losses If your company is facing a downturn, the last thing you need is a hefty corporation tax bill just when you expect finances to be tight. Example: Acom Ltd’s profit for the year to 31 December 2019 was £120,000. Corporation tax is due on these nine months, and one day after the […]

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  • Self Assessment Tax ReturnsWritten on October 19, 2020 by Kirk Rice LLP

    Self assessment tax returns have to be completed if a taxpayer has additional income outside of regular PAYE income taxed at source and last year nearly 10m taxpayers completed their returns online. Tax is automatically deducted from the majority of UK taxpayers’ wages, pensions or savings. As you say the deadline for online tax returns […]

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  • The Chancellor’s Winter Economy PlanWritten on September 24, 2020 by Kirk Rice LLP

    Winter Economy Plan – HIGHLIGHTS A new Job Support Scheme, primarily targeted at small and medium employers, will be introduced covering employees who work at least one third of their normal hours The Chancellor confirmed that the furlough scheme will end on 31 October. The Self-Employment Income Support Scheme (SEISS) will be extended to April […]

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  • Retirement Income – Is My Target Realistic And Possible?Written on July 8, 2020 by Kirk Rice LLP

    To generate a net income of £12,000pa from capital of £320,000 will require a net return of 3.75%pa. If you pay income tax at 20% on all of that, it means you need a real return of 4.69%pa. Is this realistic? No. Is it possible? Yes Before the financial crisis in 2008/09, you might have […]

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  • Cash Flow For Your Business- How Should You Manage It?Written on July 5, 2020 by Kirk Rice LLP

    In this article, we talk about a number of steps you can take to proactively manage your cash flow and payment processes. Click below to listen to the podcast. Complete a New Customer Form Get to know your customer better by producing a new customer form template which should include as a minimum, the following […]

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  • Family Tax Breaks – Your Questions AnsweredWritten on July 1, 2020 by Kirk Rice LLP

    Income Married couples that are taxed on their individual incomes are entitled to their own tax-free personal allowance and tax rate band. From a tax perspective where possible, it is preferable to arrange your own income sources to maximise this release. If a personal allowance is unused, it is now possible for married couples to […]

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  • Income Protection In The Coronavirus ClimateWritten on May 28, 2020 by Kirk Rice LLP

    We have identified where in our houses the wi-fi and mobile phone signal is most reliable. We have provided training for clients in document scanning, electronic signing, secure document sharing and video meetings so we can continue to help and provide advice where needed. What is that people are asking us about? Well, there are many queries […]

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  • Will My Holiday Home Still Qualify As A Furnished Holiday Let (FHL) This Year?Written on May 28, 2020 by Kirk Rice LLP

    Furnished holiday lettings (FHL) qualify for favourable tax treatment for certain income tax and capital gains tax purposes. The favourable treatment applies both where the property is owned and let by individuals or acquired via and let by a company. All FHL’s owned by a particular person are treated as one furnished holiday business. If […]

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  • Immediate Financial Assistance For Lockdown – And BeyondWritten on May 7, 2020 by Kirk Rice LLP

    We have made sure our website carries the latest government guidance, and our commentaries on this, in one easily-navigatable COVID-19 HUB. In particular, for our SME clients, I’d like to ensure you are fully aware of the Bounce Back Loan scheme (BBLS) and the Coronavirus Business Interruption Loan Scheme (CBILS). As I have given the links […]

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  • Coronavirus – Money, Scams And Action You Should ConsiderWritten on May 7, 2020 by Kirk Rice LLP

    Analyse The first step is to consider whether your long-term plans are as badly affected as you might think. In a multi-asset investment portfolio losses would not have been as high as the headlines might suggest. Over the first quarter of 2020, the FTSE100 is down 22%; whereas multi-asset portfolios could be down much less […]

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