by Terry Phillips | Feb 27, 2023 | accountancy, accountancy software, bookkeeping, expenses, hmrc, Income Tax, making tax digital, mileage rates, MTD ITSA, partner, Partnership, Self employed, Sole trader, tax, Uncategorized
Accountants Chester – Tax Tip No. 6 As part of the move to Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA), the basis period rules are being reformed. Despite the delay to the MTD for ITSA start date – which will now take effect from April 2026...
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...
by Mark Phillips | Feb 21, 2023 | tax, accountancy, expenses, hmrc, making tax digital, tax rebate, Uncategorized
Accountants Chester – Tax Tip No. 4 For a brief period it seemed that the days were numbered for the additional rate of tax following the announcement in the ill-fated mini Budget that it was to be scrapped. Like much of the mini Budget, its planned abolition...
by Terry Phillips | Feb 8, 2023 | accountancy, accountancy software, bookkeeping, business management, hmrc, tax
Accountants Chester – Tax Tip No. 2 Directors’ loans can be tricky from a tax perspective. Specific tax charges apply where loans to director shareholders of close companies (broadly those under the control of five or fewer shareholders) are not repaid by the...
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...
by Mark Phillips | Dec 12, 2022 | accountancy, accountancy software, business management, hmrc, making tax digital, scamming, tax, tax rebate
Accountants Chester – Tax Tip No. 1 If you’re one of the 12.2 million individuals who are due to file a self-assessment tax return this year, you need to be aware of potential scams out there. Unfortunately, numerous fraudsters out there will contact you and...
