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Capital Gains Tax On UK Property And LandWritten on September 10, 2025 by Kirk Rice LLP
Capital Gains Tax 60-Day Reporting Explained Yes, there is, and quickly! Anyone who sells, gifts or otherwise transfers UK residential property or land on which a capital gain arises is required to report that gain to HMRC within 60 days from the date of completion, and pay the capital gains tax liability arising by the […]
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Higher Rate Tax Earner – What Can I Do To Save Tax?Written on September 11, 2024 by Kirk Rice LLP
As a higher rate tax employee taxed under PAYE you can be limited to the options available to reduce your tax liability, but there are some areas which should not be overlooked to ensure that savings are made where possible. There are a few ‘cliff edge’ thresholds in tax to bear in mind and I […]
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The Abolition of Lifetime Allowance was Heralded as a Great Simplification – But you May End Up Paying More Tax…Written on August 27, 2024 by Michael Powell
Michael Powell – Partner, Financial Planning This article will be of particular interest to you if you have pension savings or deferred/undrawn final salary benefits. The abolition of the Lifetime Allowance means you could pay increased taxes in the future. This new legislation has several issues – but there is a solution. I’m […]
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Cross Border Workers and Non-Domiciled Status: What Does it all Mean?Written on March 13, 2024 by Kirk Rice LLP
Basic principles of cross-border tax on earnings Helpfully, there is a consensus on this point, with most tax authorities agreeing that when an employee spends time working in a country, that country has the primary right to tax their earnings. Where an employee has cross-border employment, then it’s necessary to consider the employee’s residence status […]
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Income In Excess of £100,000 – Are There Tax Efficiencies For A Higher Earner?Written on July 20, 2022 by Kirk Rice LLP
If someone is a higher earner and earns more than £100,000, 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 You will not find this rate listed on the HMRC website, but because the personal tax allowance is withdrawn for income over £100,000, earnings of between £100,000 and £125,140 (2022/23) will be taxed at an […]
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Christmas Gifts For Customers & Staff – Tax Implications?Written on December 3, 2019 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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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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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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Probate Property Sale – Capital Gains Tax ImplicationsWritten on August 2, 2017 by Kirk Rice LLP
I will cut to the chase immediately and say that there will be no CGT to pay on the sale of the probate property. Let me explain why; CGT is payable on gains only, and that means the ‘profit’ made on the sale. If we ignore to begin with that this was an inherited property, and […]
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