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# Phillips & Co Accountants: Trusted accountants Chester businesses & individuals rely on. Phillips & Co offers expert tax advice, accounting, bookkeeping & startup support. Est. 2012. Get your free consultation today!

## Sitemaps
[XML Sitemap](https://phillipsco-accountants.co.uk/sitemap_index.xml): Includes all crawlable and indexable pages.

## Posts
- [The First MTD ITSA Deadline (August 2026): Do You Actually Have to Pay Tax?](https://phillipsco-accountants.co.uk/blog-august-2026-mtd-itsa-payment-deadline/): Author: Phillips & Co Accountants, Chester
- [Director Wealth Extraction 2026: The Optimal Salary vs. Dividend Split](https://phillipsco-accountants.co.uk/director-salary-dividend-strategy-2026/): Author: Phillips & Co Accountants, Chester
- [The August 2026 MTD Deadline is Here: What Sole Traders and Landlords Must Do Now](https://phillipsco-accountants.co.uk/mtd-itsa-first-quarterly-deadline-august-2026/): We are officially in the Making Tax Digital (MTD) era for Income Tax. If you are a sole trader or landlord with a gross annual income over £50,000, the new rules legally took effect on 6 April 2026.
- [Statutory Mileage Allowance Uplift (55p) & May 2026 Fiscal Adjustments](https://phillipsco-accountants.co.uk/statutory-mileage-allowance-uplift-55p-may-2026-fiscal-adjustments/): Author: Phillips & Co Accountants, Chester
- [Statutory Update: 2026/27 Profit Extraction and the Dividend Tax Rate Hike](https://phillipsco-accountants.co.uk/statutory-update-2026-27-profit-extraction-and-the-dividend-tax-rate-hike/): Author: Phillips & Co Accountants, Chester
- [Can I Claim That? 5 Common Expense Traps Tripping Up UK Directors](https://phillipsco-accountants.co.uk/can-i-claim-that-5-common-expense-traps-tripping-up-uk-directors/): Author: Phillips & Co Accountants, Chester
- [The April 2026 MTD Mandate is Now Live: What Sole Traders & Landlords Must Do Next](https://phillipsco-accountants.co.uk/the-april-2026-mtd-mandate-is-now-live-what-sole-traders-landlords-must-do-next/): The dust has settled on the start of the new tax year, but for high-earning sole traders and property investors, the landscape has fundamentally shifted. As of April 6th, 2026, the long-anticipated Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) mandate officially became active law.
- [Making Tax Digital (MTD) Starts April 2026: The Ultimate Guide for Chester Sole Traders & Landlords](https://phillipsco-accountants.co.uk/making-tax-digital-mtd-starts-april-2026-the-ultimate-guide-for-chester-sole-traders-landlords/): Author: Phillips & Co Accountants, Chester
- [Missed the January 31st Tax Deadline? Here’s How to Stop the Fines Snowballing](https://phillipsco-accountants.co.uk/missed-the-january-31st-tax-deadline-heres-how-to-stop-the-fines-snowballing/): January 31st has come and gone, and if you didn’t quite manage to submit your Self Assessment tax return on time, take a deep breath—you are far from alone.
- [Do You File Your Own Company Returns? Read This Important Update](https://phillipsco-accountants.co.uk/do-you-file-your-own-company-returns-read-this-important-update/): Author: Phillips & Co Accountants, Chester
- [A 15% ‘Partnership Tax’? Why Chester’s LLPs and Partnerships Must Act Now.](https://phillipsco-accountants.co.uk/a-15-partnership-tax-why-chesters-llps-and-partnerships-must-act-now/): Westminster is alive with whispers of a new tax that could fundamentally change the landscape for professional partnerships. If you are a partner in an LLP or general partnership, you need to pay immediate attention.
- [The New Optimal Director’s Salary for the 2025/26 Tax Year](https://phillipsco-accountants.co.uk/the-new-optimal-directors-salary-for-the-2025-26-tax-year/): Author: Phillips & Co Accountants, Chester
- [The Sole Trader’s Guide to Claiming Work-From-Home Expenses](https://phillipsco-accountants.co.uk/the-sole-traders-guide-to-claiming-work-from-home-expenses/): For thousands of sole traders and self-employed professionals, the home office has replaced the traditional workplace. While the commute might be shorter, the line between domestic and business costs can become blurred, especially when it comes to your tax return. One of the most common questions we receive is, "How do I claim for my home expenses without falling foul of HMRC?"
- [Companies House Identity Verification for Directors & PSCs — What to Do and When (from 18 Nov 2025)](https://phillipsco-accountants.co.uk/companies-house-identity-verification-for-directors-pscs-what-to-do-and-when-from-18-nov-2025/): From 18 November 2025, Companies House will begin mandatory identity verification for all company directors and people with significant control (PSCs). The change is part of the Economic Crime and Corporate Transparency Act 2023 and will roll out with a 12-month transition period.
- [Do I Need to File Self Assessment if I’m on PAYE with a Side Hustle?](https://phillipsco-accountants.co.uk/do-i-need-to-file-self-assessment-if-im-on-paye-with-a-side-hustle/): As Accountants in Chester, we’re often asked: “I’m on PAYE but earn on the side — do I need to file Self Assessment?” Often, yes. If you have untaxed income, certain thresholds mean you’ll need to register and submit a return. Use the checks below to decide quickly.
- [Self Assessment made simple: a friendly guide for first-timers](https://phillipsco-accountants.co.uk/self-assessment-made-simple-a-friendly-guide-for-first-timers/): 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 who just needs a tax return filed (no business).
- [Making Tax Digital for Income Tax: it’s coming — here’s how to get ready](https://phillipsco-accountants.co.uk/making-tax-digital-for-income-tax-its-coming-heres-how-to-get-ready/): MTD for Income Tax (MTD ITSA) starts soon. If your qualifying income (gross self-employment + UK property) is over £50,000 on your 2024/25 return, you’ll need to use MTD from 6 April 2026. Those over £30,000 on 2025/26 join from 6 April 2027.
- [AI + Self Assessment: smart to use—but don’t file blind](https://phillipsco-accountants.co.uk/ai-self-assessment-smart-to-use-but-dont-file-blind/): AI tools can speed up your Self Assessment prep—sorting receipts, explaining jargon and drafting checklists. But generic tools can also misapply UK rules and miss reliefs. Here’s how to use AI safely—and where a qualified review saves you money and stress.
- [VAT Direct Debit not taken? When a missing HMRC letter can be a “reasonable excuse” — and what to do next](https://phillipsco-accountants.co.uk/vat-direct-debit-not-taken-when-a-missing-hmrc-letter-can-be-a-reasonable-excuse-and-what-to-do-next/): If HMRC doesn’t collect your VAT Direct Debit after you’ve filed a return, panic is understandable. In some cases HMRC has cancelled the DD (for example, when moving a business onto payments on account) and sent a letter you never received. Where a notice genuinely didn’t arrive, a carefully evidenced reasonable-excuse appeal can succeed — especially if you acted quickly once you spotted the missed collection.
- [Limited company vs sole trader: a practical guide for Chester businesses](https://phillipsco-accountants.co.uk/limited-company-vs-sole-trader-a-practical-guide-for-chester-businesses/): Limited company route
- [MTD for Income Tax: who’s exempt — and what to do now](https://phillipsco-accountants.co.uk/mtd-for-income-tax-whos-exempt-and-what-to-do-now/): 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 out of scope — and what evidence you’ll need.
- [Self Assessment for First-Timers: Register by 5 October](https://phillipsco-accountants.co.uk/self-assessment-for-first-timers-register-by-5-october/): If this is your first Self Assessment (new sole trader, new landlord, or you’ve got untaxed income such as dividends or gains), you must register with HMRC by 5 October following the end of the tax year. Miss that and you risk delays getting your UTR and a last-minute scramble.
- [Property Tax Reform 2025: What Homeowners and Sellers Need to Know](https://phillipsco-accountants.co.uk/property-tax-reform-2025-what-homeowners-and-sellers-need-to-know/): The UK property tax system could be about to change in a big way. In August 2025, reports indicated that Chancellor Rachel Reeves is exploring sweeping reforms designed to increase revenues and close the fiscal gap.
- [Is Your Chester Business Ready for Making Tax Digital? The End of the Shoe box Receipt is Here](https://phillipsco-accountants.co.uk/is-your-chester-business-ready-for-making-tax-digital-the-end-of-the-shoe-box-receipt-is-here/): For decades, the "shoebox method" has been a familiar, if chaotic, staple for many self-employed individuals and landlords in Chester. The annual ritual of gathering a year's worth of crumpled receipts and invoices is a stressful tradition. However, the era of the shoebox is officially coming to an end. HM Revenue and Customs (HMRC) is rolling out its Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) initiative, a change that will fundamentally reshape how small businesses manage their finances.
- [Top 10 Questions to Ask Your Accountant in Chester](https://phillipsco-accountants.co.uk/top-10-questions-to-ask-your-accountant-in-chester/): Author: Phillips & Co Accountants, Chester
- [5 Essential Tax Tips for Chester Businesses](https://phillipsco-accountants.co.uk/5-essential-tax-tips-for-chester-businesses/): Mistakes can be costly, not just in penalties from HMRC but in missed opportunities for savings. That’s why having a plan and understanding the key areas of focus is so important. To help you, we’ve put together five essential tax tips.
- [Understanding Your Income Tax: A Guide to Rates & Allowances for Chester Businesses & Individuals](https://phillipsco-accountants.co.uk/understanding-your-income-tax-a-guide-to-rates-allowances-for-chester-businesses-individuals/): Understanding your Income Tax can feel like deciphering a complex puzzle. With rates, bands, and various allowances, it’s easy to get lost. But for every sole trader, small business owner, and individual in Chester, knowing these fundamentals is key to effective financial planning and ensuring you don't pay more tax than you need to.
- [Navigating Finances: A Guide for Sole Traders and Small Businesses in Chester](https://phillipsco-accountants.co.uk/navigating-finances-a-guide-for-sole-traders-and-small-businesses-in-chester/): Author: Phillips & Co Accountants, Chester
- [Starting Up in Chester? Your Business Plan’s Financial Foundations are Key!](https://phillipsco-accountants.co.uk/starting-up-in-chester-your-business-plans-financial-foundations-are-key/): Author: Phillips & Co Accountants, Chester
- [Going Self-Employed in Chester? Your Quick Start Guide!](https://phillipsco-accountants.co.uk/self-employed-quick-start-guide/): What Does "Self-Employed" Mean for Tax?
- [Essential Financial Strategies for Your Chester Business to Thrive in 2025](https://phillipsco-accountants.co.uk/essential-financial-strategies-for-your-chester-business-to-thrive-in-2025/): The business landscape in 2025 continues to present both exciting opportunities and unique challenges for local enterprises here in Chester. As we move further into the year, ensuring your business not only survives but thrives requires robust financial planning and strategic agility. For fellow Chester businesses, proactive financial management is more critical than ever.
- [Get Ready for MTD for Income Tax!](https://phillipsco-accountants.co.uk/get-ready-for-mtd-for-income-tax/): The way self-employed individuals and landlords manage and report their taxes is undergoing a significant transformation. Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) is on the horizon, marking a major shift towards a fully digital tax system in the UK.
- [Smart Profit Extraction: Strategies for UK Business Owners in 2025/26 Smart Profit Extraction](https://phillipsco-accountants.co.uk/smart-profit-extraction-strategies-for-uk-business-owners-in-2025-26/): The new 2025/26 tax year is upon us (starting April 6th, 2025), and for business owners, it's the perfect time to think strategically about how you take money out of your company. Efficient profit extraction isn't just about accessing your hard-earned cash; it's about doing so in the most tax-efficient way possible. The 'best' method depends heavily on your business structure, profit levels, personal circumstances, and goals. Let's explore the common options.
- [Self-Assessment Tax Year End 2024/25 Guide](https://phillipsco-accountants.co.uk/tax-year-end-2024-25-guide-for-chester-clients/): Date: April 04, 2025
- [National Insurance Changes 2025/26](https://phillipsco-accountants.co.uk/national-insurance-changes-2025-26/): For businesses in Chester, the upcoming 2025/26 tax year (starting April 6th) brings significant changes to National Insurance Contributions (NICs). To navigate these changes, which will directly impact payroll, having expert advice from accountants Chester is essential.
- [Trading and Property Allowances](https://phillipsco-accountants.co.uk/trading-and-property-allowances/): The 2023/24 tax year presents valuable opportunities for small businesses and property owners to reduce their tax liabilities through the Trading and Property Allowances.
- [Cash Accounting Becomes the Default for Sole Traders](https://phillipsco-accountants.co.uk/cash-accounting-becomes-the-default-for-sole-traders/): 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.
- [Are You Missing Out on a Tax Refund?](https://phillipsco-accountants.co.uk/are-you-missing-out-on-a-tax-refund/): It's a question that likely pops into every UK employee's mind at some point: "Am I paying the right amount of tax?" This blog will delve into what is often an overlooked subject, and explain what tax codes are, how they work, and how a simple check could mean a nice tax refund.
- [Understanding Payments on Account](https://phillipsco-accountants.co.uk/understanding-payments-on-account/): 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.
- [Navigating Self-Employment National Insurance](https://phillipsco-accountants.co.uk/navigating-self-employment-national-insurance/): As a self-employed professional in Chester, understanding National Insurance Contributions (NICs) is crucial for accurate tax calculations and avoiding future surprises. Let's break down the nuances of Class 4 NICs:

## Pages
- [Payroll Setup & HMRC Registration](https://phillipsco-accountants.co.uk/limited-company-payroll-setup-hmrc-registration/): Whether you are a sole trader hiring your first employee or a limited company director setting up your own payroll, our team will handle every detail. Complete the form below so that we can register you with HMRC and ensure you are fully compliant from day one.
- [Who Are We?](https://phillipsco-accountants.co.uk/who-are-we/): Established in 2012, Phillips & Co is a trusted father-and-son accountancy firm based on Chester Business Park. We combine the technical precision of a large practice with the dedicated, personal care of a family-run business.
- [Get in Touch](https://phillipsco-accountants.co.uk/get-in-touch/): Get in touch with Phillips & Co — trusted, family-run accountants in Chester. Whether you are looking to switch from your current accountant, need help navigating strict HMRC mandates, or want to arrange a free consultation, our friendly local team is here to help you with clear, professional guidance.
- [Landlord Services](https://phillipsco-accountants.co.uk/landlord-services/): Maximise your rental yields and eliminate tax season stress. We manage your property accounting, HMRC compliance, and MTD transition in plain English.
- [Personal Tax Fees](https://phillipsco-accountants.co.uk/personal-tax-fees/): Expert tax return services for company directors, high earners, and investors. We make filing your Self-Assessment simple, accurate, and completely stress-free—ensuring you claim every allowable relief and never overpay HMRC.
- [Accountant FAQs](https://phillipsco-accountants.co.uk/frequently-asked-questions/): Looking for an accountant in Chester or want to know more about our services?Find clear, honest answers to the most common questions we receive at Phillips & Co - Accountants Chester, from fixed-fee packages and tax returns to how we support local clients.
- [Self-Assessment Form](https://phillipsco-accountants.co.uk/self-assessment-form/): Thank you for choosing us to prepare your Self-Assessment tax return for tax year 22-23.
- [Accountants Chester](https://phillipsco-accountants.co.uk/): Accountants Chester | Phillips & Co | Accountancy & Tax provide accounting, tax and business services in Chester. Call Accountants Chester on +44(1244) 220-062.
- [About Us](https://phillipsco-accountants.co.uk/chester-accountants/): Accountants Chester | About Us. We are a firm of accountants in Chester serving Chester, Wirral and beyond. Our services include accounting & tax compliance.
- [Landlord Fee Packages](https://phillipsco-accountants.co.uk/landlord-fee-packages/): Most people in the UK do not need to file a Self Assessment tax return. However, if you are a company director, or have untaxed income, you may need to file a return.
- [Limited Company Fee Packages](https://phillipsco-accountants.co.uk/limited-company-fee-packages/): Ready to Unleash Your Limited Company’s Potential? Predictable Pricing: No hidden fees. Plans starting at £60/month, tailored to your company’s needs.
- [Partnership Fee Packages](https://phillipsco-accountants.co.uk/partnership-fee-packages/): Expert accountancy for Chester partnerships and LLPs. Choose clear, fixed-fee pricing and tailored support to keep your business fully compliant, freeing you and your partners to focus entirely on growth.
- [Sole Trader Fee Packages](https://phillipsco-accountants.co.uk/sole-trader-fee-packages/): Are you a sole trader? If so, you know that it can be a lot of work to keep your business’s finances in order. That’s where our sole trader accountancy service comes in. We can take care of all of your bookkeeping, payroll, and tax preparation, so you can focus on running your business.
- [Our Fees](https://phillipsco-accountants.co.uk/our-fees/): Our monthly accounting fees are transparent and affordable. We offer a variety of plans to fit your needs, so you can be sure to find one that is right for you.
- [Client Reviews](https://phillipsco-accountants.co.uk/chester-accountant-reviews/): Phillips & Co Accountants have successfully helped many businesses, landlords, and individuals meet their statutory accounting and tax obligations. Despite these successes, we value client feedback as an opportunity to hone our services and customer interaction skills.
- [Tax Blog](https://phillipsco-accountants.co.uk/chester-tax-blog/): UK tax news and updates. This page is dedicated to sharing the latest UK tax news and developments. We also feature tax tips for sole traders, employed individuals, limited company directors, and partners in a partnership.
- [New Client Onboarding](https://phillipsco-accountants.co.uk/new-client-onboarding/): Please complete this form, providing as much information as possible. We take your privacy very seriously and your information will be kept confidential and will not be shared with any third parties. See our privacy policy for more information.
- [Cookie Policy](https://phillipsco-accountants.co.uk/cookie-policy/): We use cookies to make your experience on our website better
Cookies are small files that websites store on your computer or mobile device when you visit the site. They help the site remember your preferences, such as login status and language preferences.
- [Partnership Services](https://phillipsco-accountants.co.uk/partnership-accountants-chester/): Self-Assessment tax is based on your income from the last tax year - not on the calendar year. The tax year runs from 6 April to 5 April, and your tax return will be due the following January.
- [Terms of Service](https://phillipsco-accountants.co.uk/terms-of-service/): Who We Are
2.1 Phillips & Co Accountants is the trading name of TPP Accountants Limited. 2.2 TPP Accountants Limited is registered in England and Wales. 2.3 Company number 11050963. 2.4 All director names are available for inspection at the Company’s Registered Office; 85 Great Portland Street, London, United Kingdom, W1W 7LT.
- [Limited Company Services](https://phillipsco-accountants.co.uk/chester-limited-company-accountants/): At Phillips & Co Accountants, we know that tax compliance can be a challenge for small business owners. We can help you understand your tax obligations, develop a plan to meet them, and file your taxes on time. We can also help you avoid penalties and interest.
- [Our Services](https://phillipsco-accountants.co.uk/our-services/): Phillips & Co Accountants Chester provide a wide range of Accounting, business, tax, payroll and virtual services. From statutory accounts production to start-up business services, there’s a tailored financial solution to help your business thrive.
- [Startup Business Services](https://phillipsco-accountants.co.uk/startup-accountants-chester/): There are a number of ways in which Phillips & Co Accountants can help your business, including: Increase efficiency: We can help you identify areas where your business can be more efficient, and we can implement solutions to improve your processes.
- [Privacy Policy](https://phillipsco-accountants.co.uk/privacy-policy/): We respect your privacy and understand that how your personal information is used and shared online matters to you. We will not collect any personal information other than when you contact us and we will always process that information in accordance with the law.
- [Personal Tax Services](https://phillipsco-accountants.co.uk/personal-tax-accountants-chester/): Phillips & Co Accountants are a Xero Partner, Xero Certified Advisor, and Making Tax Digital Ready. We can take care of your bookkeeping so you can focus on your business. We’ll ensure your finances are recorded and kept up-to-date, and that your business complies with Making Tax Digital regulations.
- [Company Formation Services](https://phillipsco-accountants.co.uk/company-formation/): Phillips & Co Accountants can help you set up your limited company quickly and easily. We offer a comprehensive service.
- [Sole Trader Services](https://phillipsco-accountants.co.uk/sole-trader-accountants-chester/): Phillips & Co's Accountancy services include two main types of financial accounts: statutory accounts and management accounts. Statutory accounts are required by law and provide a high-level overview of your business’s finances. They include information such as your assets, liabilities, income, and expenses.
- [Sole Trader Expense Guide](https://phillipsco-accountants.co.uk/sole-trader-expense-guide/): Sole Trader Expense Guide. When you’re completing your tax return, this list includes typical costs that usually count as allowable business expenses. Also, scroll down the page for additional tips for completing your Self-Assessment tax return, a list of the records you will need to provide to your accountants, and ways to keep your files organised.