Tax Services
At Phillips & Co Accountants, we know that tax compliance can be a challenge for small business owners. We can help you understand your tax obligations, develop a plan to meet them, and file your taxes on time. We can also help you avoid penalties and interest.
Our tax service can help you work towards your financial goals and minimize your tax liability. We strive to build long-term relationships with our clients and gain insights into potential tax saving strategies and forward planning.
Here are some additional details about our tax compliance services:
- We can help you understand your tax obligations and develop a plan to meet them.
- We can help you file your taxes on time and avoid penalties and interest.
- We can help you identify potential tax saving strategies.
- We can help you with forward planning to minimize your tax liability.
We offer a free consultation so you can learn more about our services and how we can help you. Please call us at +44 (1244) 220-062 to schedule a consultation.
Accountants Chester – Corporation tax rates: 2023 update
The current rate of Corporation Tax in the UK is 19%. However, from April 2023, the rate will increase to 25%. This is part of the UK government’s plan to reduce the deficit and fund public services.
The increase in the Corporation Tax rate is likely to have a significant impact on businesses, particularly those with higher profits. Businesses with profits of £50,000 or less will continue to be taxed at 19%.
Here are some steps that businesses can take to mitigate the impact of the increase in the Corporation Tax rate:
- Plan ahead. Businesses should start planning for the increase in the Corporation Tax rate as soon as possible. This will give them time to make changes to their finances and to identify ways to reduce their tax liability.
- Invest in tax planning. Businesses should invest in tax planning advice from a qualified accountant. This will help them to identify ways to reduce their tax liability and to comply with the new tax rules.
- Take advantage of tax reliefs. Businesses should take advantage of all available tax reliefs. This will help to reduce their tax liability and to make the increase in the Corporation Tax rate more manageable.
- Consider restructuring. Businesses should consider restructuring their business to reduce their tax liability. This may involve changing the way that they trade or the way that they are structured.
- Talk to your employees. Businesses should talk to their employees about the increase in the Corporation Tax rate. This will help them to understand the impact of the increase and to provide them with support.
The increase in the Corporation Tax rate is a significant change for businesses. By taking steps to mitigate the impact, businesses can help to protect their profits and their future.
Accountants Chester – Tax Compliance
Phillips & Co Accountants can help you with all your personal tax needs. We understand that personal taxes can be complex and time-consuming, so we offer a wide range of services to make the process as easy as possible for you.
We can help you with:
- Preparing your Income and Expenditure accounts
- Filing your tax return
- Claiming all available tax reliefs
- Agreeing your tax liabilities with HMRC
We are committed to providing our clients with the best possible service, and we are confident that we can help you get the most out of your personal tax affairs.
Contact us today to discuss your needs and find out how we can help you.
Accountants Chester – Tax planning and strategies
Tax planning is essential to minimising your tax liability. By carefully planning your finances, you can take advantage of tax allowances and deductions that can help you save money.
Our tax service can help you reduce your tax liability in a number of ways:
- Inheritance Tax: If you inherit property or assets, we can help you use the Inheritance Tax allowance to reduce your tax liability.
- Capital Gains Tax: If you sell an asset that has increased in value, we can help you use the Capital Gains Tax allowance to reduce your tax liability.
- Stamp Duty Land Tax: If you buy a property, we can help you use the Stamp Duty Land Tax allowance to reduce your tax liability.
It is important to seek professional advice when it comes to tax planning. A tax advisor can help you identify areas where you can reduce your tax liability and develop a plan going forward.
Here are some tips for tax planning:
- Start early: The earlier you start planning for taxes, the more time you will have to take advantage of tax allowances and deductions.
- Keep good records: It is important to keep good records of all of your income and expenses. This will help you track your tax liability and make it easier to file your taxes.
- Stay informed: It is important to stay informed about changes to the tax laws.
- Seek professional advice: If you have any questions about our tax service, please call +44 (1244) 220-062.
We hope this information is helpful. Please do not hesitate to contact us if you have any further questions.
Accountants Chester – Reducing your tax bill
Phillips & Co Accountants have a wealth of experience and expertise in tax planning and preparation. We are committed to providing our clients with the highest quality of service, and we will work with you to understand your individual needs and goals.
Personal tax
If you were self-employed and earned more than £1,000, or you were a partner in a business partnership or you earned £100,000 or more, you need to file a Self-Assessment tax return by January 31st.
There are a few reasons why you need to file a Self-Assessment tax return:
- To pay any tax you owe on your income.
- To claim any tax reliefs you are eligible for.
- To prove to HMRC that you have been paying the correct amount of tax.
- To avoid penalties and interest if you do not pay your tax on time.
Check out our Self-Assessment guide for details of the types of expenses that can be claimed.
Capital gains tax
If you buy and sell property, shares, or other large items of capital, you need to be aware of Capital Gains Tax (CGT). CGT is a tax that you pay on the profit you make when you sell an asset.
Here are some of the ways that we can help you with CGT and ensure that you are paying the correct amount of tax:
- Calculate your CGT liability
- Help you to claim reliefs and exemptions
- Make sure that you are complying with the latest legislation
- Provide you with advice on how to avoid CGT pitfalls
In a recent tax blog article, we explained the Capital Gains Tax on separation and divorce.
Inheritance tax
Inheritance tax is a tax that is paid on the value of your estate when you die. Your estate is made up of all of your assets, including cash, property, and investments. The amount of Inheritance Tax that you pay depends on the value of your estate. If the value of your estate is below £325,000, you will not have to pay any Inheritance Tax. However, if the value of your estate is above £325,000, you will have to pay Inheritance Tax on the amount that is above the threshold.
There are a number of ways to reduce the amount of Inheritance Tax that you pay. For example, you can give away gifts to charity or to your family before you die. You can also set up a trust to hold your assets, which can help to reduce the value of your estate for Inheritance Tax purposes.
Value added tax
Value Added Tax (VAT) is a tax that is added to the price of goods and services sold in the UK. The amount of VAT you pay depends on the type of goods or service you are buying.
The standard rate of VAT in the UK is 20%. However, there are a number of goods and services that are exempt from VAT, such as food, books, and children’s clothing. There are also a number of goods and services that are subject to a reduced rate of VAT, such as energy-saving products and children’s car seats.
If you are a business that sells goods or services in the UK, you may need to register for VAT if your taxable turnover exceeds £85,000 in a 12-month period. Once you are registered for VAT, you will need to charge VAT on all of your sales and submit VAT returns to HM Revenue and Customs (HMRC) on a quarterly basis. From 1st January 2023 there are new VAT late submission penalties to be aware of.
Corporation tax
UK limited companies pay Corporation Tax on their annual profits. The current rate is 19%, but this will increase to 25% in 2023. However, businesses with profits of £50,000 or less (which accounts for around 70% of actively trading limited companies) will continue to be taxed at 19%.
The increase in the Corporation Tax rate is likely to have a significant impact on businesses, particularly those with higher profits. Businesses should carefully consider the impact of the increase on their finances and take steps to mitigate the impact.
Here are some tips for businesses on how to mitigate the impact of the increase in Corporation Tax:
- Review your business expenses;
- Invest in your business;
- Make use of tax reliefs and allowances.
Employee benefits
The P11D form is a document that employers use to report benefits that they provide to their employees. These benefits can include company cars, medical insurance, and more. The P11D form is required to be filed with the tax office by the employer for each director and employee.
The P11D form is a valuable tool for both employers and employees. For employers, it helps to keep track of the benefits that they provide to their employees. For employees, it helps to understand the tax implications of the benefits that they receive.
Here are some of the benefits that are typically reported on a P11D form:
- Company cars
- Medical insurance
- Private healthcare
- Pension contributions
- Accommodation
- Education expenses
- Travel expenses
- Meals and entertainment expenses