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6 Things to Know About Tax on Extra Income: Second Jobs, Freelance Work, & MoreWritten on October 5, 2026 by Jane Page
Whatever the source, extra income comes with tax responsibilities. Here are six key points to help you understand the rules. 1.The £1,000 Trading Allowance If your extra income totals £1,000 or less in a tax year, you can use the trading allowance. This means: You don’t need to register with HMRC for Self Assessment. You don’t […]
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Considering Cashing in Your Investment Bond? Understand the Tax ImplicationsWritten on July 24, 2026 by Kirk Rice LLP
This article outlines the key points you need to be aware of. However, you should always seek tailored financial advice before making any decisions, as careful planning can help reduce or even eliminate a tax charge. Onshore vs Offshore Bonds Onshore bonds: UK life insurance companies pay corporation tax on the investment returns. This is […]
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Refurbishment Of Rental Properties – What Are The Tax Implications?Written on July 5, 2026 by Kirk Rice LLP
Key Points From April 2025, former furnished holiday lets are generally subject to the same refurbishment tax rules as other residential rental properties. Refurbishment costs for rental properties may be treated as either revenue or capital expenditure, depending on the nature of the work carried out. Repairs and maintenance are generally deductible from rental profits, […]
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Preparing Your Business for Investment: An Expert’s Advice for FoundersWritten on June 22, 2026 by Kirk Rice LLP
People often come to us with great business ideas but aren’t sure how to make them an attractive opportunity to investors. A common scenario we hear is: I’ve had a great idea for a company. I’ve considered funding options. I’ve realised I need third party investment. But I don’t know how to set myself […]
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Gifting Money: Tax-Efficient Ways to Gift Money to Your ChildrenWritten on July 10, 2025 by Kirk Rice LLP
Most children are entitled to an annual personal tax-free allowance. From an income tax planning perspective, therefore, where possible children should have sufficient income to utilise their personal allowance. Parents and guardians can give as much money to children as they so wish. However, rules exist that prevent parents and guardians handing over large […]
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Making Tax Digital (MTD) for Income Tax: Frequently Asked QuestionsWritten on April 23, 2025 by Kirk Rice LLP
Who does MTD for Income Tax apply to? MTD applies to self-employed sole traders and people in receipt of income from UK and overseas property with gross ‘qualifying income’ above the relevant thresholds as follows: £50,000 from April 2026 £30,000 from April 2027 £20,000 from April 2028 It is the combined gross income (before expenses) […]
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Recent Posts
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Career Story – Rebecca EvansWritten on October 9, 2026 by Kirk Rice LLP
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VAT Compliance: What Every SME Should KnowWritten on October 7, 2026 by Jonathan Swarbrick
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6 Things to Know About Tax on Extra Income: Second Jobs, Freelance Work, & MoreWritten on October 5, 2026 by Jane Page
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Business Valuation – Where Do I Start?Written on October 2, 2026 by Kirk Rice LLP
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Payroll – Should You Outsource?Written on October 1, 2026 by Kirk Rice LLP
