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Kirk Rice Blog

  • Cash Flow For Your Business- How Should You Manage It?Written on July 5, 2020 by Kirk Rice LLP

    In this article, we talk about a number of steps you can take to proactively manage your cash flow and payment processes. Click below to listen to the podcast. Complete a New Customer Form Get to know your customer better by producing a new customer form template which should include as a minimum, the following […]

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  • Off-Payroll Working – IR35 Changes – Delayed to 6 April 2021Written on March 16, 2020 by Kirk Rice LLP

    What off-payroll IR35 changes are coming in? From 6 April 2021, in addition to the public sector, medium or large-sized private sector clients will also be responsible for deciding their worker’s employment status. The rules will apply to all public sector clients and private sector clients who meet two or more of the below criteria: […]

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  • Business Structure- What Is The Best One For Me?Written on January 10, 2020 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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  • Christmas Party For Employees – What Are The Tax ImplicationsWritten on December 3, 2019 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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  • 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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