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Kirk Rice Blog

  • Main Residence Property Sale – New Capital Gains Tax ImplicationsWritten on November 14, 2019 by Kirk Rice LLP

    Where a property has been lived in and used as your only home throughout the period of ownership, any gain arising on sale is completely exempt from the charge to capital gains tax (CGT) under the Private Residence Relief (PRR) rules. This position remains unchanged. Where, however, a property was not your main residence for […]

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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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  • Christmas Gifts For Customers & Staff – Tax Implications?Written on December 4, 2018 by Kirk Rice LLP

    Customer and staff Christmas gifts fall into the category of entertaining and as a general rule expenses, incurred by a business in providing entertainment or employee gifts, in connection with a business are not tax deductible. However, tax law does provide a number of exceptions to this where the cost of a gift can be […]

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  • SATR – What You Need to KnowWritten on November 21, 2018 by Kirk Rice LLP

    Who might be required to file a SATR? The self-employed running their own business. Partners working in a partnership or LLP. Directors of limited companies. Most landlords owning rental property. People with larger investment portfolios. Higher and additional rate taxpayers with further tax to pay. Individuals who have income over £100,000. The higher earning partner […]

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  • Business Mileage And Business Travel – What Can Be Claimed?Written on November 8, 2018 by Kirk Rice LLP

    A useful tax exemption is available for payments by employers to employees for business travel in their own cars, up to a certain level ‘approved mileage allowance payments’, i.e. 45p per mile for the first 10,000 miles in the tax year, and 25p per mile after that. Tax relief for use of own car A […]

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  • Rental Income On An Inherited PropertyWritten on September 12, 2018 by Kirk Rice LLP

    There is a statutory duty on ‘every person’ who is chargeable to income tax or capital gains tax for a particular tax year and who has not received a notice to make a return of his total income and gains to give notice of his chargeability to HMRC not later than six months after the […]

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  • Would The Gains On a Classic Car Sale Be Taxed?Written on August 29, 2018 by Kirk Rice LLP

    A classic cars within a category of assets known as ‘wasting assets’ and the good news is that personal property which is a wasting asset is entirely exempt from capital gains tax. There is one major exception to this and that is where the car has been used for the purposes of a business and […]

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  • Fuel Benefit Charges – How Can I Reduce Them For My Company Car?Written on August 16, 2018 by Kirk Rice LLP

    The fuel benefit charge is very expensive and in many cases you can be paying more tax on the fuel than on the company car. The fuel benefit is based on a fixed value set by HMRC each year, for this current tax year 2018/19 this is £23,400. The percentage benefit charge based on the […]

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  • Furnished Holiday Lets (FHL) – What Does This Mean For Tax?Written on May 23, 2018 by Kirk Rice LLP

    A holiday home, or what is technically known as a ‘furnished holiday let’ (FHL), has a number of advantages over other types of lettings. The main advantages are: Entitlement to plant and machinery capital allowances on furniture, furnishings and fixtures in the let property, as well as on plant and machinery used outside the property; […]

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  • Income In Excess of £100,000 – Are There Tax Efficiencies For A Higher Earner?Written on May 8, 2018 by Kirk Rice LLP

    If someone is a higher earner and earns more than £100,000  then they may be paying tax at a whopping 60%! You will not find this rate listed on the HMRC website, but because the personal tax allowance is withdrawn for income over £100,000, earnings of between £100,000 and £123,700 (2018/19) will be taxed at […]

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