Kirk Rice Blog

Our Updated Key Guides – Accounting SeriesWritten on August 17, 2016 by Kirk Rice LLP

We are pleased to tell you that our Key Guides series has recently undergone a quarterly review and each Guide has been updated in accordance with the latest facts and figures in line with the 2016/17 tax year. The Guides are available to view on our website.

Some of the highlights from this update include:
• Making the most of fringe benefits: Company car percentages are due to increase substantially over the coming years.

• Pensions freedom – drawing from your pension: The pension increases in line with CPI inflation, for which the Bank of England has a central target of 2.0% (over the last ten years to May 2016 annual CPI inflation averaged 2.3%).

• Starting and selling a business
High overheads have resulted in many business failures and you must be particularly careful if your business is seasonal – the costs will continue despite a reduced off-season income.

• Workplace pensions and auto-enrolment: There are potential financial penalties and the Pensions Regulator has already fined one business £22,900 for non-compliance.

• The taxation of investments: Within a pension plan there is no UK tax liability to tax on income or gains, and 25% of the accumulated fund is currently free of any tax after you have reached the age of 55 years, whether the whole value is taken as a lump sum or the remaining 75% is used to provide retirement income.

Click here to view 18 FREE Key Guides