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Kirk Rice Blog

  • 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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  • 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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  • 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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