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Kirk Rice Blog

Posts by: Kirk Rice LLP

  • Renting Property To Family – Will This Create Tax Issues?Written on January 9, 2019 by Kirk Rice LLP

    In any business undertaking, be it a trading concern or a property letting business such as yours, there is a basic requirement that for expenses to be deductible from income, the expenses must be incurred wholly and exclusively for the purposes of the business. The need for expenses to satisfy the wholly and exclusively rule […]

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  • What Tax Relief Can I Claim On Startup Costs?Written on January 9, 2019 by Kirk Rice LLP

    Virtually all businesses need money to get off the ground, whether it’s just for some basic office equipment or for more elaborate machinery and a business premises. Either way, you’ll want to ensure you receive the maximum tax relief for these startup costs. The first point to note is that tax deductions for pre-trading expenditure […]

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  • Home Expenses – Self-EmployedWritten on December 5, 2018 by Kirk Rice LLP

    Where an individual carries on a trade 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 home costs as business expenses. The proportion of home expenses attributable to their business are deducted from […]

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  • Investor BehaviourWritten on December 5, 2018 by Kirk Rice LLP

    Anchoring Most of us tend to “anchor” on the first thing we see and all judgements after that are relative to that. Think about when viewing properties to purchase your next home. Let’s assume you have selected 2 properties in your chosen area. The first property’s for sale price will influence how you see any others. […]

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  • Christmas Party For Employees – What Are The Tax ImplicationsWritten on December 4, 2018 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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  • Christmas Gifts For Customers & Staff – Tax Implications?Written on December 4, 2018 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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  • Kirk Rice Support The Living Nativity At The Fleet Christmas FestivalWritten on November 29, 2018 by Kirk Rice LLP

    Fleet Christmas Festival gets the festive season off to a great start with the Christmas market offering a fabulous variety of gifts and crafts, as well as a scrumptious selection of food and drink for you to buy as presents, take home or sample on the spot!  With the Gurkha Square stage with live music from local choirs, […]

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  • 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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