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Kirk Rice Blog

  • 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

    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 your main residence for […]

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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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  • Retirement Income – How To Take Income At RetirementWritten on October 24, 2019 by Kirk Rice LLP

    I assume the target of £1,500pm is the amount you need after tax. If you take the 25% tax free lump sum (£67,500) from your pension, it will boost your savings to £167,500 and reduce your pension to £202,500. Any withdrawals from the £202,500 will be subject to income tax. To receive a net amount […]

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  • Smart Works – Join Kirk Rice To Help Women In Need Get Into EmploymentWritten on October 23, 2019 by Kirk Rice LLP

    Maxine Guest, Partner of Kirk Rice LLP, likes to help causes that are close to her heart, such as providing other women in business with the same opportunities that she has had. This is why we are supporting the amazing charity Smart Works. Smart Works is a national charity run by recruitment and fashion experts […]

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  • Self Assessment Tax Forms For Higher Rate Tax PayersWritten on October 18, 2019 by Kirk Rice LLP

    ‘Self Assessment’, means that it is up to the individual to determine if they owe tax and if so notify HMRC (taxman). You can do this by registering online at www.hmrc.gov.uk. Failure to notify can result in a penalty and HMRC have a useful factsheet on this subject called ‘take care to tell us about […]

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  • Drawing Profits From A Company – What You Need To KnowWritten on October 3, 2019 by Kirk Rice LLP

    Salary and Bonuses Directors of owner-managed companies often draw low levels of salary, typically between £7,500 and £9,500 per annum. The reason for this is because a salary attracts a National Insurance levy. The National Insurance rate for employees is 12% between £8,632 and £50,024 and 2% above this figure. The Employers’ National Insurance rate […]

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  • VAT Registration Requirements For BusinessWritten on October 1, 2019 by Kirk Rice LLP

    Whether VAT registration is necessary for a business is based on a number of factors one of which is the current business turnover, and I suspect that is what has prompted your question. However, that is only one consideration, as some businesses may be exempt from VAT because of the nature of the business. Accordingly, […]

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  • Pension Protection Fund (PPF) – Is My Final Salary Pension At Risk?Written on October 1, 2019 by Kirk Rice LLP

    Final salary pension schemes, or defined benefit pensions as they are also called, are by far the best type of pension to have. They provide pre-determined benefits that are underwritten by the employer and are in effect guaranteed. The amount of pension will depend on several factors, such as the scheme’s accrual rate; 1/60th is […]

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