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Kirk Rice Blog

  • 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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  • 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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  • 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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  • 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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  • Payroll – Should You Outsource?Written on October 25, 2018 by Kirk Rice LLP

    Payroll outsourcing means that businesses choose to hire a specialist external company to handle their payroll function to save them time and money, gain efficiencies and ensure compliance. There are many benefits of payroll outsourcing including: Time saving If you handle it in-house, you know that it requires a lot of time and attention to […]

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  • Workplace Pensions – Auto Enrolment Important UpdateWritten on September 25, 2018 by Kirk Rice LLP

    Most employers are doing everything they can to ensure their employees are provided for in accordance with the law and good practice of workplace pensions. Many employers operate in sectors where the provision of good employee benefits is essential to recruit and retain skilled people. It is essential we can have confidence that the regulator […]

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  • Business Structure- What Is The Best One For Me?Written on August 16, 2018 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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  • VAT For E-Commerce BusinessesWritten on August 2, 2018 by Kirk Rice LLP

    E-commerce businesses may sell goods or services via the internet to other businesses (B2B) or to consumers (B2C). These customers may be located within the UK, in another EU Member State or in other parts of the world. The VAT treatment of e-commerce transactions will depend on the nature of the goods and services supplied […]

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  • Five Rules For Managing Small Business Cash FlowWritten on July 12, 2018 by Kirk Rice LLP

    Keep your books accurate and up to date Your small business cash flow is only as good as your accounting and reporting. Don’t let this get out of hand. Make sure your accounting information is updated regularly. Then you can see the financial state of your business at a glance. Don’t be too lenient with […]

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