Income - Phillips & Co Accountants

Self Assessment made simple: a friendly guide for first-timers

by Terry Phillips | Sep 25, 2025 | Self-Assessment, hmrc, Income, Self employed, Sole trader

Author: Phillips & Co Accountants, Chester Date: 25 September, 2025 Self Assessment can feel intimidating the first time you do it. Good news: it’s just a series of small steps. Below we explain the process two ways—first for a sole trader, and then for someone...

MTD for Income Tax: who’s exempt — and what to do now

by Terry Phillips | Sep 8, 2025 | making tax digital, Income, Income Tax, MTD ITSA

Author: Phillips & Co Accountants, Chester Date: 08 September, 2025 MTD for Income Tax (MTD ITSA) arrives from April 2026 for many sole traders and landlords. But not everyone has to join. Before you buy software or rewire your bookkeeping, check whether you’re...

Cash Accounting Becomes the Default for Sole Traders

by Terry Phillips | May 13, 2024 | Cash Accounting, accountancy, Accountants, bookkeeping, Business Owner, Chester, Family Business, hmrc, Income, Income Tax, Self employed, Self-Assessment, Sole trader, tax, Tax return, Trading Expenses

As of 2024, a significant change has been implemented in the way you manage your accounting: cash accounting is now the default method for your business.

Understanding Payments on Account

by Terry Phillips | Apr 28, 2024 | Payments on Account, accountancy, Accountants, Business Owner, Chester, director, Employer, hmrc, Income, Income Tax, Influencers, Self employed, Self-Assessment, Sole trader, tax, Tax return

Navigating Payments on Account can feel daunting for self-employed individuals. This initial instalment of our self-assessment series aims to clarify this frequently misunderstood part of the tax system.

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Self Assessment made simple: a friendly guide for first-timers

MTD for Income Tax: who’s exempt — and what to do now

Cash Accounting Becomes the Default for Sole Traders

Understanding Payments on Account

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