Understanding Your Tax Code: A Key to Accurate Tax Payments

Understanding Your Tax Code: A Key to Accurate Tax Payments

by | Mar 24, 2024 | Self-Assessment, accountancy, Accountants, Income, Income Tax, influencer tax, making tax digital, partner, Self employed, Sole trader, tax, Tax planning, tax rebate, Tax return

Accountants Chester – Tax Tip No. 65 As a taxpayer in the UK, understanding your tax code is essential for ensuring you pay the correct amount of tax throughout the year. Your tax code is a combination of letters and numbers that directly influence how your...
Mobile phones – a worthwhile benefit

Mobile phones – a worthwhile benefit

by | Jul 2, 2023 | accountancy, Business Owner, Company Expenses, director, Employer, Employment, expense claims, expenses, hmrc, Income Tax, making tax digital, Mobile phone benefit, tax, tax rebate

Accountants Chester – Tax Tip No. 28 The tax system contains a number of exemptions, some of which are more useful than others. One of the more valuable exemptions is that for mobile telephones. As long as the associated conditions are met, an employee can use...
Preserving the personal allowance

Preserving the personal allowance

by | Jun 25, 2023 | Personal Allowance, accountancy, Accountants, Business Owner, director, dividends, Employment, hmrc, Income Tax, making tax digital, MTD ITSA, partner, Self employed, Sole trader, tax

Accountants Chester – Tax Tip No. 26 The personal allowance is set at £12,570 for 2023/24. However, not everyone is able to benefit from the personal allowance. A taper applies which gradually reduces the personal allowance until it is lost. The taper applies...
Beware the new VAT late submission penalties

Beware the new VAT late submission penalties

by | Jun 18, 2023 | VAT, accountancy, accountancy software, Accountants, bookkeeping, Business Owner, hmrc, making tax digital, MTD for VAT, Self employed, Sole trader, tax, VAT late submission penalties

Accountants Chester – Tax Tip No. 25 A new penalty regime was introduced for VAT from 1 January 2023. The new regime comprises late submission penalties and late payment penalties. Here we look at the penalty regime for late returns. Accountants Chester | Late...