Tax Services

Tax Accountants Chester: Unlock Tax Savings

Slash Your Tax Bill with Phillips & Co Accountants

Tired of overpaying your taxes? Accountants Chester are here to change that! Our expert strategies will help you keep more of your hard-earned money where it belongs – in your pocket.

Why Choose Phillips & Co?

Need accountants Chester to navigate complex tax laws? Our Chartered Certified Accountants are here to maximize your savings and minimize your stress. With deep knowledge of the latest tax regulations, we’ll create a personalized strategy that works for your unique situation in Chester.

    • Certified Tax Experts: Our Chartered Certified Accountants navigate the ever-changing tax code, uncovering every legal advantage for you.
    • Your Plan, Our Execution: We tailor tax-saving solutions to YOUR unique needs in Chester – businesses and individuals both.
    • Worry-Free Compliance: Perfect paperwork, timely filing. Avoid those penalties – we keep you on the right side of the law.
    • No Pricing Games: Honest, upfront fees mean zero surprises.
    • Focus on What Matters: Leave the tax headaches to us, and get back to growing your business or enjoying your hard-earned money.

What You Gain:

Tired of overpaying on taxes? Accountants Chester can put more money back in your pocket! We specialize in tax savings strategies, expert cash flow management, and personalized growth planning for Chester businesses and individuals.

    • Big Savings: More money stays where it belongs – with YOU.
    • Cash Flow Boost: Manage tax obligations wisely, avoid surprises, keep your finances flowing.
    • Smart Growth Planning: Our advice optimises your tax position for the long haul, aligned with your goals.

Ready to Save? Get Started Today!

Free Consultation: +44(1244) 220-062

We’ll show you how much you could be saving.

An accountant completing a self-assessment tax return

Self-Assessment

Ensure accurate and timely Self-Assessment with Phillips & Co. Whether you’re self-employed with income exceeding £1,000, a business partner, or earn over £100,000, we’ve got you covered.

Why File Self-Assessment?

    • Settle your tax liabilities: Ensure you pay the correct amount due on your income.
    • Maximise your benefits: Claim all eligible tax reliefs and deductions.
    • Demonstrate compliance: Show HMRC you’ve paid the right amount of tax.
    • Avoid penalties and interest: Timely filing saves you from unnecessary charges.

Our Self-Assessment Services:

    • Expert guidance: Navigate the complexities with personalised advice and support.
    • Accurate filing: Ensure meticulous preparation and error-free returns.
    • Maximised deductions: Identify and claim all eligible expenses to optimise your tax position.
    • Transparent fees: Know what you’re paying upfront, with no hidden costs.
        Capital gains spelt out on wooden blocks

        Capital Gains Tax

        Buying and selling assets? Capital Gains Tax (CGT) might apply. Let Phillips & Co. ensure you optimise your CGT position and navigate the complexities with ease.

        What is CGT?

        It’s a tax levied on the profit you make when you sell certain assets like properties, shares, or valuable items.

        How can we help?

          • Precise Liability Calculation: Get a clear picture of your CGT liability, maximising your financial clarity.
          • Relief & Exemption Assistance: We help you claim all applicable reliefs and exemptions, minimising your tax burden.
          • Compliance Guarantee: Stay compliant with the latest CGT regulations, avoiding penalties and legal issues.
          • Pitfall Prevention: Our experts guide you through the nuances of CGT, including when a married couple separates or gets divorced.

        Stay Informed:

          • Read our insightful tax blog article on CGT implications for separation and divorce.

        Ready to connect?

        3 generations of a family taking a selfie

        Inheritance Tax

        Facing complex Inheritance Tax (IHT) matters can be overwhelming. At Phillips & Co., we offer trusted guidance and solutions to help you minimise your IHT burden and ensure a smooth financial future for your loved ones.

        What is IHT?

        It’s a tax levied on the value of your estate (assets like cash, property, investments) upon your passing. The taxable amount exceeds a threshold currently set at £325,000.

        Why Choose Us?

          • Clear Understanding: We explain IHT complexities in terms you understand, empowering informed decisions.
          • Tax Minimisation Strategies: We explore various options like charitable gifts, trusts, and lifetime planning to reduce your IHT liability.
          • Seamless Execution: Our experienced team handles all aspects with meticulous attention to detail and compliance.
          • Peace of Mind: We ensure your estate is managed thoughtfully, giving you and your family peace of mind.
              A tax advisor completing a vat return

              Value Added Tax

              Navigating VAT complexities? Accountants Chester take the stress out of VAT compliance, allowing you to focus on running your business.

              Understanding VAT:

                • Value Added Tax (VAT): A tax added to the price of most goods and services in the UK.
                • Standard Rate: Currently 20%, but some categories enjoy exemptions or reduced rates (e.g., food, books, energy-saving products).

              Your VAT Responsibilities:

                • Registration: Businesses exceeding £90,000 (from 1 April 2024) taxable turnover in a 12-month period must register for VAT.
                • Charging VAT: Registered businesses must add VAT to all sales.
                • VAT Returns: Submit quarterly returns to HMRC detailing VAT collected and paid.
                • Self Serve Time: set up a Time to Pay arrangement

              Don’t worry about:

                • We ensure timely filings, avoiding these penalties.
                • Complexities: Our VAT experts handle everything, from registration to returns, saving you time and ensuring compliance

              Partner with us for:

                • Free Consultation: Discuss your specific needs and get expert advice.
                • Seamless Registration: We handle the entire VAT registration process efficiently.
                • Accurate Returns: Our meticulous approach ensures error-free VAT returns.
                • Proactive Guidance: Stay informed about VAT changes and optimise your financial position.
                    A number of tall office buildings against a blue sky

                    Corporation Tax

                    Corporation Tax Rates in the UK:

                    The UK operates a tiered system for Corporation Tax, with different rates applying based on your company’s annual profits. Here’s a breakdown:

                    • Main Rate (25%): Applies to companies with profits exceeding £250,000.
                    • Small Profits Rate (19%): Applies to companies with profits of £50,000 or less.
                    • Marginal Relief: A gradually increasing tax rate applicable to companies with profits between £50,000 and £250,000. This helps ease the transition from the small profits rate to the main rate.

                    Important Notes:

                    • The £50,000 and £250,000 thresholds are proportionately reduced for shorter accounting periods and by the total number of associated companies your company has.

                    Your Mitigation Toolkit:

                      • Expert Review: We analyse your business expenses, identifying areas for optimisation.
                      • Strategic Investments: Leverage tax-efficient investments to enhance your financial position.
                      • Maximised Reliefs & Allowances: Our expertise ensures you claim all eligible tax benefits. Tell HMRC when you have no corporation tax to pay.

                    Partner with Confidence:

                      • Free Consultation: Discuss your specific situation and get expert guidance.
                      • Comprehensive Analysis: We assess the Corporation Tax impact and tailor mitigation strategies.
                      • Proactive Planning: Stay ahead of the curve.
                          A business owner reviewing her personal tax records

                          Employee Benefits

                          Managing P11D forms can be a time-consuming and complex task for busy businesses. Phillips & Co. simplifies the process, ensuring accurate reporting and compliance while saving you valuable time and resources. Employers also have the option to handle taxable benefit in kind through their payroll system instead of reporting on the P11D.

                          What is a P11D form?

                          It’s a document used by employers to report taxable benefits provided to employees, like company cars, medical insurance, or accommodation. Timely filing with the tax office is crucial for both employers and employees.

                          Benefits of P11D:

                            • Clarity for Employers: Track and manage taxable employee benefits effectively.
                            • Transparency for Employees: Understand the tax implications of received benefits.
                            • Compliance Assurance: Stay on top of regulations and avoid penalties.

                          Our P11D services:

                            • Data Accuracy: Meticulous collection and verification of employee benefit information.
                            • Error-Free Forms: Expert completion of P11D forms, minimising submission errors.
                            • Timely Filing: Ensure adherence to submission deadlines, avoiding penalties.
                            • Proactive Guidance: Stay informed about changes in P11D regulations.

                          Partner with us for:

                            • Free Consultation: Discuss your specific needs and get expert P11D advice.
                            • Efficient Processing: We handle the entire P11D process from start to finish.

                              Tax Accountants Chester: FAQ’S

                              Chester Tax FAQs

                              Navigating tax complexities can be overwhelming for Chester businesses and individuals. That’s why your local accountants Chester are here to help! Get quick answers to your most pressing questions with our comprehensive Tax FAQs.

                              The cost of a tax advisor in the UK varies based on several things:

                                • Complexity of Your Situation: Simple tax returns for an individual cost much less than advising a business with multiple employees and income streams.
                                • Advisor’s Experience: Newly qualified accountants will be cheaper than those with years of tax specialisation.
                                • Location: Fees in London tend to be higher than in other regions, including Chester potentially.
                                • Specific Services Needed: Just filing a return is vastly different to proactive tax planning advice throughout the year.

                              Here’s a rough guide to give you an idea:

                                • Simple self-assessment tax return: Expect to pay between £200 – £300 on average.
                                • Small businesses or self-employed with more complex finances: Fees can rise to £500+ annually.
                                • Large businesses or high-net-worth individuals: Costs may get into the thousands for in-depth tax strategies.

                              Smart Tip: Always get quotes from a few Chester-based accountants comparing fee structures, NOT just hourly rates.

                              Looking for a Tax Advisor Chester? Accountants Chester offer transparent pricing and tailor services to your needs.

                              Tax Accountants Chester

                              Several sources offer free tax advice in the UK, but the best option depends on your situation:

                                • GOV.UK: The official website has comprehensive information on taxes and guidance on simple queries.
                                • HMRC: HM Revenue & Customs offers basic tax support: 0300 200 3300
                                • TaxAid: Charity supporting those on low incomes who can’t resolve issues with HMRC.
                                • Tax Help for Older People: Specialised help for senior citizens on lower incomes (01308 488066)
                                • Citizens Advice: Offer wider support, sometimes including tax-related matters.

                              When Free Advice Might Not Be Enough:

                                • Complicated Taxes: If your situation involves multiple income sources, business ownership, or past HMRC disputes, free resources might not have the in-depth knowledge required.
                                • Peace of Mind: Accountants Chester offer personalised advice and can handle things on your behalf, which many find to be worth the cost, especially during stressful tax periods.

                              Accountants Chester often provide a free initial consultation. Consider this if you need tailored guidance or to help avoid costly tax mistakes.

                              Tax Accountants Chester

                              Accountants Chester fees for self-assessment tax returns in Chester typically range from £200 to £300+, depending on the complexity of your financial situation. Here’s why:

                                • Income Sources: More income sources (employment, self-employment, rental income, investments) lead to more complicated returns, justifying a higher fee.
                                • Record-Keeping: If your records are well-organised, the accountant spends less time and charges less. Messy records take far longer to prepare.
                                • Specialist Knowledge: Tax laws are complex. If you have unusual circumstances (ex: overseas income), a specialist accountant may be needed, costing more.
                                • The Firm: Highly-experienced firms, or those in expensive city centres, tend to charge more.

                              Tax Accountants Chester

                              Choosing the right tax advisor Chester is crucial to ensure your financial well-being and avoid costly mistakes. Here’s what to consider:

                                • Qualifications & Experience: Look for registered professionals (Chartered Certified Accountants, or those with tax-specific qualifications). In Chester, ask if they specialise in the tax issues relevant to your business or personal situation.
                                • Reputation: Check online reviews (many accountants use Google My Business, Trustpilot, etc). A history of excellent client service is a great sign. Ask around too – word-of-mouth in Chester’s business community is valuable.
                                • Approach: Do they offer fixed fees? Are initial consultations free? Good advisors work proactively with you throughout the year, not just at tax-filing time.
                                • Local Knowledge (Chester bonus!): While tax basics are national, understanding local issues (like schemes that benefit Chester businesses) or knowing specifics of your industry makes a difference.
                                • “The Feel Factor”: Tax can be stressful – you need an advisor you can communicate with easily.

                              Important: Avoid anyone promising unrealistic tax results or dodgy loopholes. A good tax advisor Chester focuses on legitimate planning within the law, maximising your money safely.

                              Where to Search:

                                • Professional bodies’ directories let you filter by location and specialty.
                                • Networking: Meetups for Chester businesses, your bank manager, even your lawyer might have leads.

                              Don’t delay! The earlier you get organised, the better your tax outcomes.

                              Tax Accountants Chester

                              How much a tax advisor Chester charges in the UK depends on several factors, including:

                              • Complexity of your Situation: Individuals with simple tax returns will pay much less than those with complex situations like multiple income streams, investments, or business ownership.
                              • Advisor's Experience and Reputation: Highly qualified tax advisors, specialists, or those associated with large firms generally charge more.
                              • Location: Advisors in London and major cities often have higher rates than those in less expensive areas.
                              • Type of Service: A one-off tax return preparation will cost less than ongoing tax planning and advisory services.

                              Here's a rough cost estimate to give you an idea:

                              • Basic Self-Assessment Tax Return: £150 - £300 (typically a one-off fee)
                              • Complex Tax Situations: Fees can easily exceed £300, potentially significantly more.
                              • Hourly Rates: Some advisors charge hourly, ranging from £25 - £50 for standard services and potentially £150+ for specialised tax advice.
                              • Business Tax Advisory: Monthly fees for business tax planning and advisory can vary depending on the business's size and complexity.

                              Important Things to Remember:

                              • Get Quotes: Always compare quotes from several tax advisors to find the best fit for your needs and budget.
                              • Clarify Fees: Make sure you understand the advisor's fee structure (hourly, fixed, etc.) and what services it includes before signing anything.
                              • Value vs. Cost: A good tax advisor can potentially save you far more money than their fees cost by identifying legal deductions and optimising your tax situation.

                              Note: Accountants Chester can offer valuable expertise in saving you money and ensuring compliance with complex tax laws. It's worth considering if you have anything beyond a very straightforward tax return.

                              Tax Accountants Chester

                              No, a tax advisor and an accountant are not the same, although their roles can overlap.

                              • Accountants Chester handle a broad range of financial tasks for businesses and individuals. This includes:

                              • Tax advisors are specialists in tax law and planning. They provide in-depth expertise on:

                                • Complex tax returns for individuals and businesses
                                • Strategic tax planning to minimise tax liabilities
                                • Representing clients before HMRC in disputes

                              When to choose each:

                              • Accountants: Suitable if you need general financial management or basic tax return preparation.
                              • Tax Advisor Chester: Ideal if you have complex tax situations (multiple income sources, investments, overseas interests) or need guidance on minimising your tax burden.

                              Important Note: Some accountants offer tax advisory services, and some tax advisors have accounting qualifications. When choosing a professional, focus on their experience and specialisation in the specific areas where you need help.

                              Tax Accountants Chester

                              There is no one-size-fits-all answer to this question, as the cost of hiring Accountants Chester for taxes in the UK depends on:

                              • Complexity of Your Tax Situation:
                                • Basic Self Assessment: If you have simple income sources (employment, some interest, etc.), expect to pay around £150 - £300.
                                • Complex Scenarios: Multiple income streams, business ownership, investments, or property income can lead to fees exceeding £300.
                              • Accountant's Experience and Location: Tax specialists, and those in major cities (like London) will typically charge more.
                              • Scope of Work: A single tax return will cost less than ongoing advisory services or complex tax planning for a business.

                              Price Structures:

                              • Fixed Fee per Return: The most common for individual tax returns.
                              • Hourly Rates: Ranges from £25 - £50 for general accounting work, and £125+ for specialised tax advice.
                              • Monthly Retainer Packages: Popular with businesses needing regular accounting support, often ranging from £60 - £450+ depending on the size and complexity of the business.

                              Important:

                              • Get Multiple Quotes: Compare prices and services before making a decision.
                              • Cheapest Isn't Always Best: Accountants Chester should save you more in taxes than their fees cost you.

                              Remember, investing in a qualified accountant can save you significant time, money, and stress when navigating tax complexities in the UK.

                              Tax Accountants Chester

                              Absolutely! Accountants Chester are specifically trained and qualified to handle tax returns in the UK. Here's why hiring Accountants Chester for your tax return might be a great idea:

                              • Complexity: If you have multiple income sources, investments, business income, property income, or any complex tax circumstances, Accountants Chester expertise is invaluable.

                              • Accuracy and Avoiding Penalties: Accountants Chester understand the intricacies of tax laws and ensure your return is accurate and complete, minimising your risk of errors that could lead to HMRC penalties.

                              • Maximise Savings: Accountants Chester can identify deductions and credits you may not be aware of, potentially saving you significant amounts of money in taxes.

                              • Save Time and Stress: Handling your own tax return, especially a complex one, can be time-consuming and stressful. Accountants shoulder this burden so you can focus on other things.

                              • Peace of Mind: Knowing that a qualified professional has taken care of your taxes gives peace of mind and protects you from any potential issues with HMRC.

                              Note: Even if your taxes are relatively simple, Accountants Chester can provide valuable advice and ensure you're on the right track.

                              Tax Accountants Chester

                              The cost of tax advice in the UK varies widely depending on the type of advice you need, the complexity of your situation, and the advisor's experience. Here's a general breakdown:

                              Simple Tax Queries

                              • Free resources: HMRC websites and helplines offer information on basic tax issues.
                              • Accountant hotlines: Accountants Chester provide short consultations for free or a small fee.

                              Individual Tax Return Help

                              • Accountants: Fees usually range from £150 to £300+ for a standard self-assessment return. Complex situations will cost more.
                              • Online tax software: Subscription-based software can be more affordable for simple tax affairs.

                              Specialised Tax Advice (Capital gains, inheritance tax, etc.)

                              • Hourly rates: Expect to pay between £125 and £250+ per hour for expert advice from chartered tax advisors or specialist accountants.
                              • Fixed-fee projects: Some advisors offer a fixed price for specific tax planning scenarios or handling tax disputes with HMRC.

                              Business Tax Advice

                              • Accountant packages: Small businesses often opt for monthly packages covering bookkeeping, tax returns, and ongoing advice, starting from around £60 per month.
                              • Corporate tax specialists: Larger businesses will likely require more tailored advice and pay higher fees.

                              Factors Affecting Cost:

                              • Complexity: Complex tax situations with multiple income streams or international elements will naturally cost more.
                              • Advisor's expertise: Highly specialised tax advisors or those based in major cities tend to charge higher fees.
                              • Time spent: If your case requires extensive research or negotiation with HMRC, your costs will increase.

                              Important Notes:

                              • Get quotes: Always compare quotes from at least two or three advisors, and make sure you understand their fee structures.
                              • Offset costs against savings: While tax advice involves an upfront cost, a good advisor will usually identify legal ways to reduce your tax bill, potentially saving you much more than their fees.

                              Tax Accountants Chester

                              In the UK, several resources can provide tax advice. Here's a breakdown of who you can approach for guidance:

                              Qualified Professionals

                              • Chartered Certified Accountants: Experts in all aspects of taxation, providing comprehensive advice, tax planning, and compliance services.
                              • Chartered Tax Advisers (CTA): Specialists in tax matters, offering advice on personal and business tax issues. Find them through the Chartered Institute of Taxation (CIOT).
                              • Taxation Technicians: Provide tax advice with a focus on compliance and tax return preparation. Members of the Association of Taxation Technicians (ATT).

                              HMRC

                              • HMRC Help and Support: HMRC (Her Majesty's Revenue and Customs) has online resources and helplines for basic tax questions regarding income tax, VAT, Self Assessment, etc. However, they cannot offer tailored advice on complex scenarios.

                              Other Resources

                              • Citizens Advice: Offers free, general advice on tax matters and can help with understanding your tax affairs.
                              • Tax Charities (like TaxAid or Tax Help for Older People): Support taxpayers on low incomes with free tax advice and resolution of tax issues.
                              • Accountancy Firms: Many offer initial consultations where you can get a quick assessment of your tax situation and the support needed.

                              Important Considerations

                              • Complexity of your Needs: For straightforward tax situations, HMRC or general advice resources might suffice. For complex scenarios involving business tax, investments, or tax planning, a qualified tax professional is essential.
                              • Cost: Advice from charities is often free. Qualified professionals usually charge based on their expertise and services rendered.
                              • Credentials: When choosing a professional, verify their membership in professional bodies like ACCA.

                              Tax Accountants Chester

                              Accountants Chester can assist with your tax needs:

                              • Chartered Certified Accountants: These are fully qualified accountants with in-depth knowledge of tax laws and regulations. They can prepare your tax returns, advise on tax-efficient strategies, and represent you in dealings with HMRC (the UK's tax authority).

                              • Tax Advisors: Tax advisors specialise in providing tax advice and planning. They may or may not be chartered accountants, but their focus is on helping you minimise your tax liability within the law.

                              • Bookkeepers: While not tax experts, bookkeepers can help you by maintaining accurate financial records throughout the year. This organised information makes tax preparation much easier for you or an accountant.

                              When choosing a tax professional, consider:

                              • Qualifications and experience: Look for chartered certified accountants or certified tax advisors. Ask about their experience in dealing with tax situations similar to yours.
                              • Services offered: Some professionals focus on tax return preparation, while others provide a broader range of tax planning and advisory services.
                              • Fees: Be sure to get quotes and understand the fee structure before engaging a professional.

                              Tax Accountants Chester

                              Accountants Chester: Boost Your Business with Expert Support!

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                              Call/WhatsApp: +44(1244) 220-062