by Terry Phillips | Sep 29, 2023 | Self-Assessment, accountancy, accountancy software, Accountants, Business Owner, director, dividends, employee, Employer, Family Business, gift aid, hmrc, Income Tax, influencer tax, Inheritance tax, making tax digital, MTD ITSA, partner, Personal Allowance, Profit Extraction, Self employed, Shares, social media, Sole trader, tax, tax rebate, Tax return, tiktok
by Terry Phillips | Jun 18, 2023 | VAT, accountancy, accountancy software, Accountants, bookkeeping, Business Owner, hmrc, making tax digital, MTD for VAT, Self employed, Sole trader, tax, VAT late submission penalties
Accountants Chester – Tax Tip No. 25 A new penalty regime was introduced for VAT from 1 January 2023. The new regime comprises late submission penalties and late payment penalties. Here we look at the penalty regime for late returns. Accountants Chester | Late...
by Terry Phillips | Apr 28, 2023 | accountancy, accountancy software, bookkeeping, Business Owner, corporation tax, Employer, Employment, Employment Allowance, expense claims, expenses, hmrc, Income Tax, tax, tax rebate
Accountants Chester | Tax Tip No. 16 If you incur expenses in doing your job, you may be able to claim tax relief. While the rules governing the availability of relief are strict, the process for claiming relief where it is available is relatively straightforward....
by Terry Phillips | Feb 27, 2023 | accountancy, accountancy software, bookkeeping, expenses, hmrc, Income Tax, making tax digital, mileage rates, MTD ITSA, partner, Partnership, Self employed, Sole trader, tax, Uncategorized
Accountants Chester – Tax Tip No. 6 As part of the move to Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA), the basis period rules are being reformed. Despite the delay to the MTD for ITSA start date – which will now take effect from April 2026...
by Terry Phillips | Feb 14, 2023 | Uncategorized, accountancy, accountancy software, bookkeeping, business management, council tax
To encourage pension savings, tax relief is available on contributions made to registered pension schemes. However, there are limits on the contributions that can qualify for relief, and punishing tax charges can apply if these limits are exceeded. Limit 1 – 100% of...
by Terry Phillips | Feb 8, 2023 | accountancy, accountancy software, bookkeeping, business management, hmrc, tax
Accountants Chester – Tax Tip No. 2 Directors’ loans can be tricky from a tax perspective. Specific tax charges apply where loans to director shareholders of close companies (broadly those under the control of five or fewer shareholders) are not repaid by the... 
