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Understanding Your Income Tax: A Guide to Rates & Allowances for Chester Businesses & Individuals

Jun 11 | Income Tax, MTD ITSA, tax

Author: Phillips & Co Accountants, Chester Date: June 11, 2025 Understanding your Income Tax can feel like...

Navigating Finances: A Guide for Sole Traders and Small Businesses in Chester

Jun 3 | Sole trader, Self employed

Author: Phillips & Co Accountants, Chester Date: June 03, 2025 As a sole trader or small business owner, you're...

Starting Up in Chester? Your Business Plan’s Financial Foundations are Key!

May 12 | Startup

Author: Phillips & Co Accountants, Chester Date: May 12, 2025 Launching a new business in Chester is an exciting...

Going Self-Employed in Chester? Your Quick Start Guide!

May 9 | Self employed

Author: Phillips & Co Accountants, Chester Date: May 9, 2025 Taking the leap into self-employment is an exciting...

Essential Financial Strategies for Your Chester Business to Thrive in 2025

May 6 | Business Owner

Author: Phillips & Co Accountants, Chester Date: May 6, 2025 The business landscape in 2025 continues to present...

Get Ready for MTD for Income Tax!

Apr 22 | Self-Assessment

Date: April 22, 2025 The way self-employed individuals and landlords manage and report their taxes is undergoing a...

Smart Profit Extraction: Strategies for UK Business Owners in 2025/26 Smart Profit Extraction

Apr 17 | Profit Extraction

Date: April 17, 2025 The new 2025/26 tax year is upon us (starting April 6th, 2025), and for business owners, it's the...

Self-Assessment Tax Year End 2024/25 Guide

Apr 4 | Self-Assessment

Date: April 04, 2025 As the 2024/25 tax year officially ends on April 5th,2025, and the new 2025/26 tax year begins...

National Insurance Changes 2025/26

Mar 25 | National Insurance, Accountants, Uncategorized

Accountants Chester: National Insurance Changes 2025/26Date: March 25, 2025 For businesses in Chester, the upcoming...

Trading and Property Allowances

May 27 | accountancy, Allowances, business management, Business Owner, Chester, expenses, hmrc, partner, Self employed, Self-Assessment, Sole trader, tax, Tax planning, Tax return

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

May 13 | Cash Accounting, accountancy, Accountants, bookkeeping, Business Owner, Chester, Family Business, hmrc, Income, Income Tax, Self employed, Self-Assessment, Sole trader, tax, Tax return, Trading Expenses

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?

May 8 | tax, accountancy, Accountants, Chester, employee, Employer, hmrc, part time, PAYE, Self-Assessment, tax rebate, Tax return

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

Apr 28 | Payments on Account, accountancy, Accountants, Business Owner, Chester, director, Employer, hmrc, Income, Income Tax, Influencers, Self employed, Self-Assessment, Sole trader, tax, Tax return

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

Apr 22 | Self employed, ACCA, accountancy, Chester, hmrc, Income Tax, National Insurance, Self-Assessment, Sole trader, tax, Tax return

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: