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Kirk Rice Blog

Posts by: Kirk Rice LLP

  • Critical Illness – What Are The Statistics?Written on November 23, 2018 by Kirk Rice LLP

    I previously wrote about critical illness in 2015, and at the time quoted the claims statics for Scottish Provident during 2014. This time around I will use both Legal & General’s and Aviva’s claims experience for 2017. During 2017 Legal & General paid out a total of £209,000,000 to 3,041 people giving an average payout […]

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  • Making Tax Digital for VAT (MTDfV) – A GuideWritten on November 22, 2018 by Kirk Rice LLP

    From April 2019 all VAT registered businesses and organisations with taxable turnover above the VAT threshold of £85,000 will be required to: Maintain their accounting records digitally in a software product or spreadsheet. Maintaining paper records will cease to meet the legal requirements in tax legislation. Submit their VAT returns to HMRC using a functional […]

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  • Student Loan Repayment If Self EmployedWritten on November 21, 2018 by Kirk Rice LLP

    As you say if you are employed and are paid through the PAYE system, your employer should automatically deduct any student loan repayments due. There are two types of repayment plans for income contingent loans (Plan 1 & Plan 2). Plan 1 applies, if you studied in England & Wales and started your studies before […]

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  • SATR – What You Need to KnowWritten on November 21, 2018 by Kirk Rice LLP

    Who might be required to file a SATR? The self-employed running their own business. Partners working in a partnership or LLP. Directors of limited companies. Most landlords owning rental property. People with larger investment portfolios. Higher and additional rate taxpayers with further tax to pay. Individuals who have income over £100,000. The higher earning partner […]

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  • Business Mileage And Business Travel – What Can Be Claimed?Written on November 8, 2018 by Kirk Rice LLP

    A useful tax exemption is available for payments by employers to employees for business travel in their own cars, up to a certain level ‘approved mileage allowance payments’, i.e. 45p per mile for the first 10,000 miles in the tax year, and 25p per mile after that. Tax relief for use of own car A […]

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  • Gifting Money At Christmas – What Are The IHT Implications?Written on November 8, 2018 by Kirk Rice LLP

    One way of gifting money to grandchildren is to set up a family trust with money from yourselves now. You can retain control during your lifetime and decide who else will have control when you no longer wish to or indeed are unable to. Below we look at the inheritance tax implications. As an example, […]

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  • Business Sale Tax Aspects – What You Need To KnowWritten on November 8, 2018 by Kirk Rice LLP

    Tax Aspects – Sole Traders and Partnerships The tax considerations for these types of business are relatively straightforward. The owners will most likely be selling tangible assets which have been used or are in use, such as motor vehicles, computers, machinery, and intangible assets such as goodwill, the customer database and perhaps the order book. With regards the […]

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  • Home Expenses -What Can I Claim As A Small Business?Written on November 5, 2018 by Kirk Rice LLP

    Where an individual carries on a trade (not via a Limited company) and undertakes some of the trading activities (or work) from home, they are using their home (or part thereof) for trading purposes and accordingly may claim a portion of the associated costs (home expenses) as a deduction in calculating trading profits. There are […]

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  • 2018 Budget – Download Your Free Budget Summary NowWritten on October 30, 2018 by Kirk Rice LLP

    Expectation leading up to the 2018 Budget had been for tax rises, with various revenue raising options discussed ahead of the statement. Despite this, the headline changes announced by the Chancellor included some good news for taxpayers and businesses: The personal allowance will be raised to £12,500 from April 2019, one year earlier than previously […]

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  • Kirk Rice App – What Will It Do For You?Written on October 25, 2018 by Kirk Rice LLP

    Never lose a receipt again – using the receipt management tool. Using the latest Kirk Rice App, you can track receipts and expenses literally at the touch of a button. With minimal effort, you can take a picture of any receipt and save it to your App. Any additional information can be added later and […]

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