Author: Phillips & Co Accountants, Chester Date: May 9, 2025 Taking the leap into self-employment is an exciting...
CATEGORY ARCHIVE
accountancy
Trading and Property Allowances
The 2023/24 tax year presents valuable opportunities for small businesses and property owners to reduce their tax liabilities through the Trading and Property Allowances.
Cash Accounting Becomes the Default for Sole Traders
As of 2024, a significant change has been implemented in the way you manage your accounting: cash accounting is now the default method for your business.
Are You Missing Out on a Tax Refund?
It’s a question that likely pops into every UK employee’s mind at some point: “Am I paying the right amount of tax?” This blog will delve into what is often an overlooked subject, and explain what tax codes are, how they work, and how a simple check could mean a nice tax refund.
Understanding Payments on Account
Navigating Payments on Account can feel daunting for self-employed individuals. This initial instalment of our self-assessment series aims to clarify this frequently misunderstood part of the tax system.
Navigating Self-Employment National Insurance
As a self-employed professional in Chester, understanding National Insurance Contributions (NICs) is crucial for accurate tax calculations and avoiding future surprises. Let’s break down the nuances of Class 4 NICs: