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Kirk Rice Blog

Posts by: Kirk Rice LLP

  • 2020 Investment TipsWritten on January 13, 2020 by Kirk Rice LLP

    Thank you for the question. The following principles should lead investors to a successful outcome in managing their money through 2020 and beyond. Accept that markets are very efficient at determining prices – as soon as a stock becomes attractive to analysts it’s price will rise, and bad news works quickly in the opposite direction. […]

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  • Business Structure- What Is The Best One For Me?Written on January 10, 2020 by Kirk Rice LLP

    If you are operating by yourself, the business structure decision is simply one between self-employment and incorporation – a decision addressed in part by an earlier blog post on 21 June. In summary, there are various tax aspects to that decision, consideration of legal obligations for company directors, and the issue of privacy afforded by […]

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  • Christmas Gifts For Customers & Staff – Tax Implications?Written on December 3, 2019 by Kirk Rice LLP

    Customer and staff Christmas gifts fall into the category of entertaining and as a general rule expenses, incurred by a business in providing entertainment or employee gifts, in connection with a business are not tax deductible. However, tax law does provide a number of exceptions to this where the cost of a gift can be […]

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  • Christmas Party For Employees – What Are The Tax ImplicationsWritten on December 3, 2019 by Kirk Rice LLP

    I am often asked what the potential tax implications are to throwing a Christmas party for employees. This question needs considering from two angles. The first is whether the cost would be an allowable expense for business tax purposes; the other being whether it would be a benefit, taxable on the employees via their P11Ds.  […]

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  • Borrowing Money From Your Business – Tax ImplicationsWritten on December 2, 2019 by Kirk Rice LLP

    Yes, two key tax issues arise from borrowing money from your business that you should be aware of which are as follows; Firstly, you do not mention whether the loan to you will be interest free or not. Chances are you plan this to be interest free, in which case this is the first tax […]

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  • Lifetime Allowance Tax Liability At 75 Years OldWritten on December 2, 2019 by Kirk Rice LLP

    How Simplified Became Complicated – If you self-manage your own pension how do you keep up to date with the changes and ensure you do not pay too much tax? Lifetime Allowance changes are key. You took tax-free cash in 2011 and in Capped Drawdown since. The pension fund was worth £1.7m which provided a pension […]

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  • Kirk Rice Team In The Twickenham Spartan Race – Raising Money For Five CharitiesWritten on November 14, 2019 by Kirk Rice LLP

    Children with Cancer is the leading national children’s charity dedicated to fighting childhood cancer. Ringing the End of Treatment Bell means a child has finished their cancer treatment. The charity fund vital research so that one day every child will survive and ring the End of Treatment Bell. Asthma UK work to stop asthma and, ultimately, […]

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  • Gifting Money To Children Tax EfficientlyWritten on November 14, 2019 by Kirk Rice LLP

    Two ideas of how gifting money to children tax efficiently is possible are: Pay up to £2,880 into a personal pension plan for them and the government will add up to £720 immediately. Pay up to £4,368 into a Junior ISA. When they are age 18, they could use some of the money to open […]

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  • Main Residence Property Sale – New Capital Gains Tax ImplicationsWritten on November 14, 2019 by Kirk Rice LLP

    Under the current proposals, where a property has been lived in and used as your only home throughout the period of ownership, any gain arising on sale is completely exempt from the charge to capital gains tax (CGT) under the Private Residence Relief (PRR) rules. This position remains unchanged. Where, however, a property was not […]

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  • 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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