expense claims - Accountants Chester | Phillips & Co

Taxation of company vans in 2023/24

by Terry Phillips | Feb 24, 2023 | tax, accountancy, expense claims, expenses, hmrc, tax rebate

Accountants Chester – Tax Tip No. 5 A tax charge may arise under the benefit in kind legislation where a company van is available for an employee’s private use. If fuel is also provided for private journeys, a separate fuel benefit tax charge arises. The van and...

You Have to Declare Your TikTok Income

by Terry Phillips | Dec 19, 2022 | accountancy, business management, expense claims, hmrc, influencer tax, making tax digital, social media, tax, tiktok

Since 2020, millions of us have flocked to the online streets of TikTok and have made a penny or two. But now you have to tell HMRC exactly what you’ve made. TikTok is the world’s largest short-form video-sharing platform with a unique algorithm that helps people...

Submitting Your Self-Assessment Tax Return

by Terry Phillips | Nov 28, 2022 | accountancy, accountancy software, bookkeeping, business management, expense claims, expenses, hmrc, making tax digital, tax

If you’re earning money outside of payroll and you’ve not been taxed on it yet, you’ll need to know everything about doing a self-assessment tax return. A self-assessment tax return is something you’ll need to do every year if you’re self-employed or earning income...

What is Cloud Accounting?

by Terry Phillips | Oct 25, 2022 | accountancy, bookkeeping, business management, expense claims, expenses, making tax digital, tax

As we approach the “Making Tax Digital” (MTD) deadlines, it’s more important than ever for you to know about cloud accounting and cloud bookkeeping. Right now, more than half of the small to medium enterprises (SMEs) across the UK are already doing all of their...

Updates to Company Car Mileage Rates in 2022

by Terry Phillips | Oct 4, 2022 | accountancy, bookkeeping, business management, expense claims, expenses, mileage rates, tax

On 1st June, 2022, HMRC released an update to the rates of mileage for company car drivers. However, these changes have seen a vat of criticism. As a business, you might be providing your employees with a company car, where you’ll have to charge for personal use. Or,...

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