making tax digital - Accountants Chester | Phillips & Co

Basis period reform – Preparing for the transition

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...

Beat the reduction in the additional rate tax threshold

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...

You Have to Declare Your TikTok Income

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...

How to Avoid Self-Assessment Scammers

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...

Submitting Your Self-Assessment Tax Return

by Terry Phillips | Nov 28, 2022 | accountancy, accountancy software, bookkeeping, business management, expense claims, expenses, hmrc, making tax digital, tax

If you’re earning money outside of payroll and you’ve not been taxed on it yet, you’ll need to know everything about doing a self-assessment tax return. A self-assessment tax return is something you’ll need to do every year if you’re self-employed or earning income...

Is HMRC Changing Accountancy Periods?

by Terry Phillips | Nov 22, 2022 | accountancy, bookkeeping, business management, hmrc, making tax digital, tax

If you’re a sole trader or in a partnership and your accounting period ends between April 6th and March 30th, you need to know HMRC’s latest statement! In brief, HMRC recently released a statement to say they’re wanting to standardise the accounting periods...

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