Beware of Diverting Dividends to Minor Children to Fund Education

Beware of Diverting Dividends to Minor Children to Fund Education

by | Oct 22, 2023 | alphabet shares, accountancy, Accountants, Business Owner, director, dividends, Employer, Family Business, hmrc, Limited Company, Shares, tax

Accountants Chester – Tax Tip No. 44 Owners of personal and family companies frequently pay themselves a small salary and extract further profits as dividends. To utilise the unused personal and dividend allowances of other family members, an alphabet share...
Key Person Insurance – When Can You Claim A Deduction?

Key Person Insurance – When Can You Claim A Deduction?

by | Oct 8, 2023 | Insurance, accountancy, Accountants, Business insurance, Business Owner, Company Expenses, expense claims, expenses, Family Business, Income Tax, Key Person insurance, Self employed, Sole trader, tax

Accountants Chester – Tax Tip No. 42 The profitability or earning capacity of a business may depend on one person or on a small number of people. Where this is the case, the business may be seriously compromised if that person, or one of those persons, falls...
Take Advantage of the Tax Exemption for Mobile Phones

Take Advantage of the Tax Exemption for Mobile Phones

by | Sep 18, 2023 | tax exemption, accountancy, Accountants, bookkeeping, business management, Business Owner, Company Expenses, director, employee, Employer, expense claims, expenses, Family Business, hmrc, mobile phone, Partnership, Profit Extraction, Self employed, Self-Assessment, Sole trader, tax, Tax return

Accountants Chester – Tax Tip No. 38 The tax legislation contains a number of exemptions which allow benefits in kind to be provided to employees without a tax charge arising. Some of the exemptions are more useful than others. One of the more valuable ones is...
Self-Serve Time to Pay for VAT

Self-Serve Time to Pay for VAT

by | Sep 10, 2023 | VAT, accountancy, Accountants, bookkeeping, Business Owner, Family Business, hmrc, Limited Company, MTD for VAT, MTD ITSA, Partnership, Self employed, Sole trader, tax, VAT late submission penalties

Accountants Chester – Tax Tip No. 37 For some time, taxpayers within Self Assessment have been able to set up a Time to Pay arrangement online, allowing them to pay their tax bill in instalments if they cannot pay it in full and on time. The facility to set up...