by Mark Phillips | May 2, 2023 | Pension Allowance, accountancy, hmrc, Income Tax, MTD ITSA, Pension, tax, tax rebate
Accountants Chester | Tax Tip No. 17 In his March Budget, the Chancellor announced a number of changes to the pension tax rules, including an increase in the annual allowance and the abolition of the lifetime allowance. Accountants Chester | Annual allowance The...
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 Mark Phillips | Apr 17, 2023 | expense claims, accountancy, Employer, Employment, expenses, hmrc, Income Tax, making tax digital, MTD ITSA, National Insurance, tax, tax rebate
Accountants Chester – Tax Tip No. 15 The pandemic changed the way in which many people worked, forcing them to work from home if they could. Post-pandemic, many employees have continued to work from home some or all of the time. Under hybrid working...
by Mark Phillips | Apr 11, 2023 | Family Business, accountancy, Business Owner, director, dividends, hmrc, Income Tax, making tax digital, MTD ITSA, Profit Extraction, tax, tax rebate
Accountants Chester – Tax Tip No. 14 A popular profit extraction strategy is to pay a small salary and to extract further profits as dividends. Accountants Chester – Why pay a salary? There are a number of benefits of paying a small salary in order to take...
by Terry Phillips | Apr 3, 2023 | dividends, accountancy, Business Owner, director, Income Tax, MTD ITSA, tax, tax rebate
Accountants Chester – Tax Tip No. 13 Accountants Chester – Taxation of dividends in 2023/24 If you have a personal or family company, taking dividends is a popular and tax-efficient way to extract profits. However, while they remain tax efficient, recent...
by Terry Phillips | Mar 28, 2023 | accountancy, Income Tax, National Insurance, tax, tax rebate
Accountants Chester – Tax Tip No. 12 As far as National Insurance was concerned, the 2022/23 tax year was a tricky one featuring in-year changes to the primary threshold and in-year changes to the Class 1, 1A, 1B and 4 rates. This resulted in some strange...
