Tax and Tips

Tax and Tips

by | Jul 24, 2023 | tax, accountancy, bookkeeping, Business Owner, director, employee, Employer, Family Business, hmrc, Income Tax, Limited Company, MTD for VAT, Self employed, Self-Assessment, Sole trader, Tax return, VAT

Accountants Chester – Tax Tip No. 31 The Employment (Allocation of Tips) Act 2023 sets out a new legal framework for the fair allocation of tips. A new Code of Practice is to be introduced and employers will have a legal obligation to adhere to the Code. It will...
Mobile phones – a worthwhile benefit

Mobile phones – a worthwhile benefit

by | Jul 2, 2023 | accountancy, Business Owner, Company Expenses, director, Employer, Employment, expense claims, expenses, hmrc, Income Tax, making tax digital, Mobile phone benefit, tax, tax rebate

Accountants Chester – Tax Tip No. 28 The tax system contains a number of exemptions, some of which are more useful than others. One of the more valuable exemptions is that for mobile telephones. As long as the associated conditions are met, an employee can use...
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...
Trivial Benefits – make use of the exemption

Trivial Benefits – make use of the exemption

by | May 12, 2023 | accountancy, Business Owner, director, Employment, expense claims, expenses, Family Business, Income Tax, MTD ITSA, Profit Extraction, tax, tax rebate

Accountants Chester | Tax Tip No. 19 Trivial benefits have their own tax exemption, which if used wisely can be used to treat employees. The exemption can also be used by personal and family companies as part of a tax-efficient profit extraction strategy. Accountants...
Family and personal companies – optimal salary for 2023/24

Family and personal companies – optimal salary for 2023/24

by | Apr 11, 2023 | Family Business, accountancy, Business Owner, director, dividends, hmrc, Income Tax, making tax digital, MTD ITSA, Profit Extraction, tax, tax rebate

Accountants Chester – Tax Tip No. 14 A popular profit extraction strategy is to pay a small salary and to extract further profits as dividends. Accountants Chester – Why pay a salary? There are a number of benefits of paying a small salary in order to take...