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...
Mileage Allowances – What Can You Pay Tax-Free?

Mileage Allowances – What Can You Pay Tax-Free?

by | May 8, 2023 | mileage rates, accountancy, business management, Business Owner, Employer, Employment, Employment Allowance, expense claims, expenses, hmrc, Income Tax, making tax digital, partner, tax, tax rebate

Accountants Chester | Tax Tip No. 18 Employees often need to undertake business trips and it is common practice to reimburse the employee’s fuel costs by means of a mileage allowance. The tax rules allow mileage payments to be made tax-free up to certain limits....
Claiming relief for employment expenses

Claiming relief for employment expenses

by | Apr 28, 2023 | accountancy, accountancy software, bookkeeping, Business Owner, corporation tax, Employer, Employment, Employment Allowance, expense claims, expenses, hmrc, Income Tax, tax, tax rebate

Accountants Chester | Tax Tip No. 16 If you incur expenses in doing your job, you may be able to claim tax relief. While the rules governing the availability of relief are strict, the process for claiming relief where it is available is relatively straightforward....