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Kirk Rice Blog

  • 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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  • 5 Essential Tax Questions for Business OwnersWritten on September 23, 2019 by Kirk Rice LLP

    Here’s our top five: 1. Capital Allowances All businesses have expenditure which is either revenue or capital in nature. Revenue is something that is immediately consumed such as a telephone bill. Capital items are where the business derives a benefit over a number of years. For instance, this could be the purchase of a computer […]

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  • Be Aware – HMRC Launches Fresh IR35 Attack On ContractorsWritten on September 12, 2019 by Kirk Rice LLP

    Those of our clients who provide services through their own personal service companies will hopefully already know of the changes to IR35 that have happened and continue to be imposed. Those working in the public sector saw the ‘rules of engagement’ change in 2017, whereby their public-sector engagers assumed responsibility for determining workers’ tax status. […]

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  • Can Audit Pay For Itself?Written on September 6, 2019 by Kirk Rice LLP

    Back in the day, all limited companies needed to be audited. In fact, it was only in 1993 that the UK gave in to an EC directive that brought in an exemption from audit for smaller companies. Now time has moved on, and comparatively, very few companies now need to be audited. Unless your company […]

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  • Entrepreneurs’ Relief – How Much Tax Is Due On The Sale Of A Business?Written on August 21, 2019 by Kirk Rice LLP

    The tax position can be different depending on whether your business is operated as a sole trader/partnership or as a Limited company. It is also important to ascertain what is being sold, as each element may be taxed differently. For example, trading premises, fixtures and fittings, trading stock and goodwill. A key tax relief, which […]

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  • Partnership Business – How Does The Tax Work?Written on June 25, 2019 by Kirk Rice LLP

    In essence, a partnership comprises two or more individuals who own and run the business together. From an income tax point of view, we treat a partnership in the same way as a sole trader but with one additional step: we must share the tax adjusted profits or losses for an accounting period between the […]

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  • EU Exit – Government Launches Service To Prepare FirmsWritten on March 20, 2019 by Kirk Rice LLP

    ‘Prepare your business for leaving the EU’ is an online tool that provides information on specific rules and regulations, and aims to inform business owners of what is changing in their sector. Through accessing the tool you will find out: what your business may need to do to prepare for the UK EU exit What’s […]

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  • A Case Study – A Successful Parting Of WaysWritten on February 14, 2019 by Kirk Rice LLP

    Kirk Rice restructured the business by way of a share buy-back for the exiting family. The company purchased back the shares using cash reserves which left the family wishing to continue with 100% of the business going forward. The exiting family received their capital return under favourable capital gains tax rates and by claiming entrepreneur’s […]

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  • Buying A Business – What Are The Tax Considerations?Written on February 14, 2019 by Kirk Rice LLP

    Although taxation is a major element in any buying a business, the principal motivation when buying a business is a commercial one. The suggestions made here simply form part of the normal seller-buyer negotiations. Essentially, there are two general points for the buyer to consider: What to buy?; and How to pay for it? Is […]

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  • Business Issues To Prepare For In 2019Written on January 24, 2019 by Kirk Rice LLP

    Brexit Being potentially the biggest issue faced by UK businesses in recent times, it’s still surprising that at the time of writing, less than two months before Brexit, that we don’t yet know how it’s going to turn out. Whatever happens (unless a second referendum overturns the first), there are going to be a plethora […]

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