Take Advantage of the Tax Exemption for Mobile Phones

Take Advantage of the Tax Exemption for Mobile Phones

by | Sep 18, 2023 | tax exemption, accountancy, Accountants, bookkeeping, business management, Business Owner, Company Expenses, director, employee, Employer, expense claims, expenses, Family Business, hmrc, mobile phone, Partnership, Profit Extraction, Self employed, Self-Assessment, Sole trader, tax, Tax return

Accountants Chester – Tax Tip No. 38 The tax legislation contains a number of exemptions which allow benefits in kind to be provided to employees without a tax charge arising. Some of the exemptions are more useful than others. One of the more valuable ones is...
Self-Serve Time to Pay for VAT

Self-Serve Time to Pay for VAT

by | Sep 10, 2023 | VAT, accountancy, Accountants, bookkeeping, Business Owner, Family Business, hmrc, Limited Company, MTD for VAT, MTD ITSA, Partnership, Self employed, Sole trader, tax, VAT late submission penalties

Accountants Chester – Tax Tip No. 37 For some time, taxpayers within Self Assessment have been able to set up a Time to Pay arrangement online, allowing them to pay their tax bill in instalments if they cannot pay it in full and on time. The facility to set up...
Preserving the personal allowance

Preserving the personal allowance

by | Jun 25, 2023 | Personal Allowance, accountancy, Accountants, Business Owner, director, dividends, Employment, hmrc, Income Tax, making tax digital, MTD ITSA, partner, Self employed, Sole trader, tax

Accountants Chester – Tax Tip No. 26 The personal allowance is set at £12,570 for 2023/24. However, not everyone is able to benefit from the personal allowance. A taper applies which gradually reduces the personal allowance until it is lost. The taper applies...
Mileage Allowances – What Can You Pay Tax-Free?

Mileage Allowances – What Can You Pay Tax-Free?

by | May 8, 2023 | mileage rates, accountancy, business management, Business Owner, Employer, Employment, Employment Allowance, expense claims, expenses, hmrc, Income Tax, making tax digital, partner, tax, tax rebate

Accountants Chester | Tax Tip No. 18 Employees often need to undertake business trips and it is common practice to reimburse the employee’s fuel costs by means of a mileage allowance. The tax rules allow mileage payments to be made tax-free up to certain limits....