-
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 […]
Read More -
What Tax Relief Can I Claim On Startup Costs?Written on September 17, 2026 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 business premises. Either way, you’ll want to ensure you receive the maximum tax relief for these start-up costs. The first point to note is that qualifying pre-trading revenue expenditure may be […]
Read More -
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 […]
Read More -
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, […]
Read More -
Exploring Potential Ways to Reduce Your Capital Gains Tax (CGT) LiabilityWritten on June 22, 2026 by Alex Moody
Key points on CGT for 2026: Capital Gains Tax applies to profits made on the sale or transfer of certain assets, including property that is not your main residence, shares held outside an ISA, and higher-value personal possessions. For the 2025/26 and 2026/27 tax years, the CGT annual exempt amount is £3,000, with tax rates […]
Read More -
Why Might HMRC Enquire Into a Deceased Person’s Tax Affairs?Written on June 10, 2026 by Kirk Rice LLP
However, in a case involving a loss of tax brought about carelessly or deliberately by the deceased (or another person acting on their behalf before their death) the time limit is extended to six years. Therefore, in most cases HMRC will request tax returns going back 4 years. For example, if a person died in […]
Read More -
Earning outside PAYE? What to be aware of in the next few yearsWritten on April 2, 2026 by Kirk Rice LLP
Key Points Income outside PAYE includes rental income, savings interest, and freelance or side earnings, all of which contribute to your overall tax position. Different income streams are combined when determining your tax band, which can affect how much tax you pay across all sources. Making Tax Digital will introduce new reporting requirements for self-employed […]
Read More -
Avoid HMRC Penalties: Why Timely Tax Disclosures MatterWritten on April 2, 2026 by Jane Page
Key Points HMRC now has access to significantly more data through its Connect system and international reporting agreements, making it far more likely that unreported income and gains will be identified. The increased availability of data and automated linking to individuals means the risks of not reporting income on a Self Assessment tax return are […]
Read More -
Returning to the UK: How unexpected time spent here could affect your Tax StatusWritten on March 19, 2026 by Kirk Rice LLP
Key summary: The UK Statutory Residence Test (SRT) determines tax residence based on days spent in the UK and the number of UK ties an individual has. If you have to return to the UK or you’re stuck here unexpectedly then the additional time spent here could affect your tax residence status. The “exceptional circumstances” […]
Read More -
Family Investment Companies (FICs) Explained: Tax, Structure, and SuitabilityWritten on January 6, 2026 by Kirk Rice LLP
Key points Family Investment Companies may be suitable for families with substantial assets who want to pass on wealth while retaining control, but objectives need to be clearly defined first. Compared with trusts, Family Investment Companies involve different inheritance tax, income tax, and capital gains considerations, particularly around control and profit extraction. The type of […]
Read More
Recent Posts
-
Corporate tax planning: what it is, why it matters, and how it can support your businessWritten on October 14, 2026 by Kirk Rice LLP
-
Career Story – Rebecca EvansWritten on October 9, 2026 by Kirk Rice LLP
-
VAT Compliance: What Every SME Should KnowWritten on October 7, 2026 by Jonathan Swarbrick
-
6 Things to Know About Tax on Extra Income: Second Jobs, Freelance Work, & MoreWritten on October 5, 2026 by Jane Page
-
Business Valuation – Where Do I Start?Written on October 2, 2026 by Kirk Rice LLP
