hmrc - Accountants Chester | Phillips & Co

Family and personal companies – optimal salary for 2023/24

by Mark Phillips | 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...

You must declare your TikTok income

by Mark Phillips | Mar 22, 2023 | tiktok, hmrc, Income Tax, MTD ITSA, Self employed, social media, Sole trader, tax rebate

Accountants Chester – Tax Tip No. 11 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...

New corporation tax regime

by Terry Phillips | Mar 18, 2023 | corporation tax, accountancy, Business Owner, hmrc, tax, tax rebate

Accountants Chester – Tax Tip No. 10 Changes to the corporation tax regime come into effect from 1 April 2023 – the start of the financial year (FY) 2023. From that date there will no longer be a single rate of corporation tax; rather, the rate at which a...

Spring Budget 2023

by Terry Phillips | Mar 15, 2023 | Budget, Alcohol Duty, corporation tax, Fuel Duty, hmrc, Pension Allowance, tax

Accountants Chester – Spring Budget Accountants Chester – Tax Highlights Pension contributions lifetime allowance scrapped Annual allowance for pension contributions increased from £40,000 to £60,000 Fuel duty frozen 100% ‘full expensing’ tax relief from 1...

Claim the Employment Allowance for 2023/24

by Mark Phillips | Mar 7, 2023 | Employment Allowance, Business Owner, Employer, Employment, hmrc, making tax digital, tax, tax rebate

Accountants Chester – Tax Tip No. 8 The Employment Allowance is an allowance that eligible employers can claim to set against their secondary (employer’s) Class 1 National Insurance liability. The employment allowance is set at £5,000 for 2023/24, capped at the...

How to claim a tax refund

by Terry Phillips | Mar 2, 2023 | Uncategorized, hmrc, Income Tax, making tax digital, MTD ITSA, tax, tax rebate

Accountants Chester – Tax Tip No. 7 If you have paid too much tax, you will be able to get a refund from HMRC. The mechanics for obtaining your refund depending on how the overpayment arose. Claims must be made within four years from the end of the tax year to...

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