The Chester Tax & Business Blog
As ACCA-certified accountants, we deliver the expert insights and HMRC updates you need. From sole traders to limited companies, find actionable advice designed to help you stay compliant, save money, and build your business with confidence.
Recent Tax News & Advice
Welcome to our knowledge hub, a dedicated resource for the latest tax news and business advice from our expert team. The worlds of tax and finance are always changing, so we’re here to break down complex topics into clear, practical guidance. Whether you’re an individual, a sole trader, or a growing business in Chester, you’ll find articles designed to help you navigate your finances with confidence.
Understanding Your Income Tax: A Guide to Rates & Allowances for Chester Businesses & Individuals
Author: Phillips & Co Accountants, Chester Date: June 11, 2025 Understanding your Income Tax can feel like deciphering a complex puzzle. With rates, bands, and various allowances, it’s easy to get lost. But for every sole trader, small business owner, and...
Navigating Finances: A Guide for Sole Traders and Small Businesses in Chester
Author: Phillips & Co Accountants, Chester Date: June 03, 2025 As a sole trader or small business owner, you're likely juggling many tasks. While focusing on your core business is crucial, neglecting your finances can lead to serious problems down the line....
Starting Up in Chester? Your Business Plan’s Financial Foundations are Key!
Author: Phillips & Co Accountants, Chester Date: May 12, 2025 Launching a new business in Chester is an exciting prospect! But turning a great idea into a successful venture requires careful planning. A comprehensive business plan is your roadmap, essential not...
Going Self-Employed in Chester? Your Quick Start Guide!
Author: Phillips & Co Accountants, Chester Date: May 9, 2025 Taking the leap into self-employment is an exciting step. Whether you're starting a new business, freelancing, or becoming a sole trader in Chester, getting your affairs in order from the outset is...
Essential Financial Strategies for Your Chester Business to Thrive in 2025
Author: Phillips & Co Accountants, Chester Date: May 6, 2025 The business landscape in 2025 continues to present both exciting opportunities and unique challenges for local enterprises here in Chester. As we move further into the year, ensuring your business not...
Get Ready for MTD for Income Tax!
Date: April 22, 2025 The way self-employed individuals and landlords manage and report their taxes is undergoing a significant transformation. Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) is on the horizon, marking a major shift towards a fully...
Smart Profit Extraction: Strategies for UK Business Owners in 2025/26 Smart 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 perfect time to think strategically about how you take money out of your company. Efficient profit extraction isn't just about accessing your...
Self-Assessment Tax Year End 2024/25 Guide
Date: April 04, 2025 As the 2024/25 tax year officially ends on April 5th,2025, and the new 2025/26 tax year begins on April 6th, 2025, we're writing with some important reminders and information to help you prepare for your accounts and tax return preparation. Action...
National Insurance Changes 2025/26
Accountants Chester: National Insurance Changes 2025/26Date: March 25, 2025 For businesses in Chester, the upcoming 2025/26 tax year (starting April 6th) brings significant changes to National Insurance Contributions (NICs). To navigate these changes, which will...
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.