Accountants Chester –
Welcome to Phillips & Co.
- Chartered Certified Accountants Chester
- Serving Chester & Beyond Since 2012
- Xero Partner & Certified Advisor
- Join Our Team
Accountants Chester: Why Clients Choose Phillips & Co.
Chester businesses trust Accountants Chester for reliable accounting solutions. Hear from our clients themselves:
“After 40 odd years and countless accountants, I’ve never experienced such brilliant, professional service!“
“Over 50 years of using accountants, and this company stands out as the best ever!“
“Friendly, professional, and easy to communicate with – Accountants Chester are a perfect combination!”
“They are so prompt, helpful, organised…I feel really looked after and in very safe hands.“
Accountants Chester – Phillips & Co: Grow Your Business with Confidence.
- Chartered Certified Accountants Chester
- Xero Partner & Certified Advisor
- 130+ 5-Star Reviews
- Serving Chester and Beyond Since 2012
Accountants Chester You Can Trust: Phillips & Co.
Since 2012, we’ve been the go-to choice for businesses and individuals needing:
- Chester Business Tax Returns & Accounting
- Individual Self-Assessment Support
- Time-Saving Bookkeeping Solutions
- Company Secretarial Compliance
- Payroll Done Right
Why Chester business and individuals’ Choose Accountants Chester:
- Tailored Plans for Your Chester Business Growth
- Maximise Tax Savings with Chester’s Accounting Experts
- Latest Cloud Accounting for Accuracy & Efficiency
- 90+ Chester Clients Give Us a Google Rating of 4.9
- ACCA & Xero Certified: Your Guarantee of Quality
Get Your Free Chester Accounting Consultation.
Where are we? (see map)
Accountants Chester: Clear, Affordable Fees
At Phillips & Co., we offer transparent pricing tailored to your unique needs. Accountants Chester provide the support your Chester business deserves. Contact us for a free quote today.
Sole trader
Starting at £30/month
Limited company
Starting at £60/month
Partnership
Starting at £40/month
Individuals'
Starting at £20/month
Accountants Chester: Free Quote. Zero Pressure.
See how our Chester-based accounting experts can simplify your business or personal finances. Your no-obligation quote from Accountants Chester includes:
- Tax, Payroll, & More: Get a quote tailored to YOUR needs.
- No Hassle, No Pressure: Just clear information to help you decide.
- Privacy Guaranteed: Your data is safe, quotes confidential.
- 30-Day Validity: Plenty of time to consider your options.
- Questions? Accountants Chester are here to help! Call or WhatsApp us at +44(1244) 220-062.
Accountants Chester: Trusted By Local Businesses & Individuals
Experienced Accountants Chester. Providing accounting, tax, bookkeeping and company secretarial services. View a selection of our client logos & see how we can help you!
Accountants Chester: Maximise Tax Savings For Your Small Business
Accountants Chester for Individuals & Businesses: Expertise You Can Trust
Need a Chester-based accountant? We deliver accurate financials, strategic tax planning, stress-free bookkeeping, and growth-focused business consulting services.
- Maximise Your Bottom Line: Proactive tax strategies minimise liability.
- Focus on What Matters: We handle the books, you build your business.
- Insight-Driven Advice: Data-backed consulting fuels smart decision-making.
- Payroll Peace of Mind: Compliant payroll management, every time.
- Serving Chester & Beyond: Comprehensive accounting support, near and far.
Discuss Your Accounting Needs With Accountants Chester: +44(1244) 220-062
Accounting
Services
Self –
Assessment
Tax
Services
Payroll
Services
Business
Services
Bookkeeping
Services
Startup
Services
Management
Services
Your Local Experts for Business Success
Founded by a Chester father-son team, Accountants Chester delivers expertise, innovation, and a deep understanding of local business needs.
Benefits:
- Certified Expertise: Ensure accuracy and tax efficiency.
- Up-to-Date Knowledge: Navigate complex regulations with confidence.
- Local Focus: Solutions tailored by Accountants Chester to succeed in the Chester market.
- Xero Certified: Streamlined bookkeeping with leading software.
- Full-Service Accounting: Tax, payroll, consulting, and more.
- Personalised Approach: Accountants Chester are invested in your business goals.
Why Choose Us? 60+ years experience, 4.9-star Google rating, flexible online & in-person service, fair pricing.
Unlock your financial potential – Get your free consultation today! +44(1244) 220-062
Chester Accountants: Simplified Accounting for Your Business
Need Accountants Chester? We make managing your finances hassle-free!
- Smooth Accountant Switching in Chester: Leave the paperwork to us.
- Easy Accounting Setup for New Chester Businesses: Get started right with our guidance.
- Chester-based Personalised Support: Accountants Chester are here to help.
Accountants Chester: Tax Blog
Accountants Chester share regular updates and advice on:
- HMRC Updates: Understand the latest changes and how they affect your business.
- Tax-Saving Strategies: Proactive tips to optimise your finances.
- Chester Business Trends: Stay ahead with local market knowledge.
Why Subscribe to Accountants Chester?
- Free & Informative: No cost, only valuable content.
- Convenient: Actionable advice straight to your inbox.
- Trusted Local Source: Insights tailored to Chester businesses.
Empower Your Finances: Subscribe Now!
Accountants Chester: Tax Tip No. 65
Understanding Your Tax Code
24 March 2024
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 income tax is calculated under the Pay As You Earn (PAYE) system. An incorrect tax code could mean overpaying or underpaying taxes, both of which you likely want to avoid.
Let’s break down the components of your tax code and how to ensure it’s accurate, especially with the help of accountants in Chester!
Accountants Chester: The Anatomy of Your Tax Code
- The Number: Your Tax-Free Allowance
- The number in your tax code typically represents your tax-free personal allowance for the tax year, adjusted for any deductions.
- Standard Allowance: For example, if your tax code is 1257L, this usually indicates the standard personal allowance of £12,570.
- Deductions: If you have taxable benefits like a company car or received untaxed interest…
For more information, see Understanding Your Tax Code by Accountants Chester | Phillips & Co | Accountancy & Tax.
Accountants Chester: Tax Tip No. 64
Sell Assets Before 6th April
19 March 2024
Capital Gains Tax (CGT) applies when you sell or dispose of certain assets for a profit. Understanding how to navigate CGT regulations can significantly minimize your tax bill. This is where the expertise of a Chester accountant becomes invaluable, especially with the recent changes to the annual exempt amount.
Accountants Chester: What is the Annual Exempt Amount?
Think of the annual exempt amount as your personal allowance for capital gains. For the 2023/24 tax year, this amount is £6,000 – a decrease from £12,300 in 2022/23. It will reduce even further to £3,000 in 2024/25. This means strategic timing on disposals is more crucial than ever.
If your net gains (profits after subtracting allowable losses) fall within the annual exempt amount, you don’t pay CGT. Crucially, any unused allowance cannot be carried over to future years. This highlights the importance of timely tax planning with the help of a Chester accountant.
Case Studies: How Accountants Chester Can Help…
For more information, see Sell Assets Before April 6th for Larger Tax Break by Accountants Chester | Phillips & Co | Accountancy & Tax.
Accountants Chester: Tax Tip No. 63
Pre-Election Budget
07 March 2024
The Chancellor’s Spring Budget 2024 was light on surprises, focusing on extending previous measures and making minor adjustments. Here is a breakdown of the key points:
Accountants Chester: Business-Friendly Measures
- Full Expensing Extension: Businesses welcome the permanent extension of full expensing for leased assets.
- Recovery Loan Scheme Extension: This scheme eases access to finance for businesses.
- VAT Threshold Increase: Smaller businesses benefit from the VAT registration threshold rising to £90,000.
Accountants Chester: Tax Changes
- NI Cuts: The 2% reduction in National Insurance for both employees and self-employed individuals eases some tax burden.
- Non-Domiciled Tax Status Abolished: This move aims to simplify the tax system and attract investment.
- Capital Gains Tax Cut: The reduced rate on property capital gains from 28% to 24% could stimulate investment…
For more information, see Pre-Election Budget by Accountants Chester | Phillips & Co | Accountancy & Tax.
Simplifying tax and accounting for Chester businesses – check out our FAQs for quick answers.
How much is an accountant hourly UK?
Accountant fees in Chester can vary considerably depending on factors such as experience, firm size, services offered, and the complexity of your needs. Here’s a general guideline:
- Hourly Rates: Expect to pay around £150-£300 per hour for accountants in Chester.
- Project-Based Fees: Many accountants offer fixed fees for specific projects like tax returns or annual accounts. These can range from £500-£5000, depending on the work involved.
Accountants Chester | Phillips & Co | Accountancy & Tax
Why are accountants so expensive?
Accountant fees can seem high, and there are legitimate reasons why this might be the case:
- Complexity of your finances: The more complex your tax situation (business ownership, investments, multiple income streams), the more time and expertise your accountant needs, increasing costs.
- Experience and location: Highly qualified accountants in areas like Chester may charge more due to their expertise and overheads.
- Scope of services: If you require services beyond basic tax returns (payroll, bookkeeping, financial advising), those add to the fees.
What to do if you’re concerned about costs:
- Ask for transparency: Request a clear breakdown of your accountant’s fees and an explanation of what each service covers.
- Compare quotes: Get quotes from several Chester-based accountants to find competitive rates.
- Discuss potential savings: Ask your accountant if there are ways to simplify your financial records to reduce the time they spend on your account.
- Consider alternatives: For simpler tax situations, you might explore online tax preparation software or less experienced accountants with lower fees.
Remember, a good accountant can save you money in the long run by ensuring compliance, finding deductions, and providing valuable financial advice. The initial investment may be worth it.
Accountants Chester | Phillips & Co | Accountancy & Tax
What do accountants do?
Accountants in the UK play a crucial role in ensuring that businesses and individuals understand and manage their finances effectively. Here's a breakdown of what they do:
- Financial Reporting: They prepare financial statements, like balance sheets and income statements, giving a clear picture of an organization's or individual's financial health.
- Taxation: Accountants help navigate complex UK tax laws. They calculate and file tax returns (both corporate and personal), and offer advice to minimize tax liabilities legally and ethically.
- Auditing: They meticulously examine financial records to ensure accuracy, detect errors or potential fraud, and verify compliance with accounting standards.
- Business Advice: Accountants help in decision-making by providing insights on costs, profitability, cash flow management, and budgeting. They often act as strategic financial advisors for companies.
- Forensic Accounting: These specialized accountants investigate financial discrepancies, often aiding in legal cases involving fraud or embezzlement.
- Insolvency Services: They offer support to businesses facing financial difficulties, with expertise in restructuring or liquidation procedures.
Where do UK accountants work?
- Public Practice: Accounting firms offering services to a range of clients.
- Industry & Commerce: Within businesses of all sizes, handling internal financial management.
- Government and Public Sector: Ensuring tax collection and the responsible use of public funds.
Accountants Chester | Phillips & Co | Accountancy & Tax
How do I find a personal accountant UK?
Finding the right personal accountant is important for managing your finances effectively. Here’s how to find one in the UK:
Determine your needs: Consider the specific services you’ll require:
Self-assessment tax returns
Business tax advice
Payroll
Financial planning
Specialist areas (e.g., property investment, capital gains)
Qualifications matter: Look for accredited accountants:
Chartered Accountant (ACA or FCA)
Certified Chartered Accountant (ACCA) – such as Accountants Chester.
These designations mean they meet rigorous professional standards.
Local or online? Decide what works best for you:
Local accountants (like those in Chester) offer face-to-face meetings and a possible familiarity with your area.
Online accountants often provide cost-effective services and flexibility.
Get recommendations:
Ask trusted friends, family, or colleagues for referrals.
Check online review sites, but use them with caution.
Schedule consultations:
Meet with a few accountants to discuss your needs, their fees, and how they work.
Ask about their experience with clients similar to you.
Important Factors:
Communication style: You need an accountant you can communicate with easily.
Fee structure: Ensure you understand their charges and billing methods.
Technology: Do they use modern accounting software and offer secure online communication?
Finding a personal accountant near you, such as in Chester, offers the added benefit of potential in-person support. Use directories or search terms like “accountants Chester” to get started.
Accountants Chester | Phillips & Co | Accountancy & Tax
Will an accountant save me money?
Yes, an accountant can save you money in a number of ways. Here are a few examples:
- Helping you avoid penalties. Accountants are experts in tax law and can help you ensure that you are filing your taxes correctly and on time. This can save you from costly penalties.
- Helping you be more tax-efficient. Accountants can help you identify tax deductions and credits that you may be eligible for. This can save you money on your taxes.
- Freeing up your time. Bookkeeping and accounting can be time-consuming tasks. An accountant can take over these tasks for you, freeing up your time to focus on other aspects of your business.
- Providing business advice. Accountants can provide you with valuable advice on a variety of business matters, such as financial planning, investment strategies, and risk management. This advice can help you make better decisions that can save you money in the long run.
For more information, see Will an accountant save me money?
Accountants Chester | Phillips & Co | Accountancy & Tax
Should I hire an accountant?
Whether or not you should hire an accountant depends on a number of factors, including the size and complexity of your business, your own financial knowledge and experience, and your budget.
If you are a small business owner with a relatively simple financial situation, you may be able to handle your own accounting without too much difficulty. However, if your business is growing or if you have complex financial needs, hiring an accountant can be a wise investment.
Accountants can provide a number of valuable services, including:
- Bookkeeping
- Tax preparation
- Financial planning
- Auditing
- Business consulting
For more information, see Should I hire an accountant?
Accountants Chester | Phillips & Co | Accountancy & Tax
How do I find an accountant for a small business UK?
Finding the right accountant is crucial for your small business's financial health. Here's a step-by-step guide:
1. Define Your Needs
- Services: Do you need basic bookkeeping, tax returns, payroll, or more specialised advice on growth and strategy? Knowing your needs will help narrow down your search.
- Industry Expertise: An accountant familiar with your industry can better understand your challenges and opportunities.
- Budget: Determine what you can afford to spend on accounting services.
2. Where to Look
- Recommendations: Ask fellow business owners, your bank manager, or solicitor for referrals. Strong recommendations are a great starting point.
- Online Directories: Websites like Unbiased (https://www.unbiased.co.uk/) or the Institute of Chartered Accountants in England and Wales (ICAEW) (https://www.icaew.com/) offer searchable directories of qualified accountants.
- Specialist Small Business Accounting Firms: Companies like The Accountancy Partnership (https://www.theaccountancy.co.uk/) or Gorilla Accounting (https://gorillaaccounting.com/) cater specifically to small businesses.
3. Evaluate Your Options
- Qualifications: Look for chartered accountants (ICAEW, ACCA, etc.) to ensure a high level of expertise.
- Experience: Inquire about their experience with businesses similar to yours.
- Communication Style: Choose someone you feel comfortable communicating with openly.
- Fee Structure: Get clear, transparent quotes and understand how you'll be charged (hourly, fixed fees, packages).
- Technology: Find out if they utilie scloud-based accounting software that you're comfortable with for efficient collaboration.
4. Meet Potential Candidates
- Initial Consultation: Most accountants offer free introductory consultations. This is your chance to assess their personality, communication style, and whether they understand your business needs.
- Ask Questions: Prepare a list of questions about their services, fees, and experience specific to your business.
Important Considerations
- Local vs. Remote: Decide if a local accountant is important or if you're comfortable working with someone remotely.
- Chemistry: A good working relationship is vital. Choose an accountant you trust and feel comfortable working with.
Remember, a good accountant is an investment rather than a cost. They'll help you navigate tax complexities, save you money, and support your business's growth.
Accountants Chester | Phillips & Co | Accountancy & Tax
How do i find a good tax advisor UK?
Finding a qualified and reputable tax advisor can save you money, minimise tax liabilities, and give you peace of mind when it comes to complex tax regulations. Here's how to find the right one for you:
1. Determine Your Needs:
- Simple Returns: If your tax affairs are straightforward, you might consider online tax services or software, or potentially handle it yourself.
- Complex Situations: For businesses, multiple income sources, investments, or any unusual tax circumstances, a professional tax advisor is essential.
2. Seek Recommendations and Referrals
- Ask Around: Talk to your friends, family, business associates, or your lawyer/solicitor for recommendations.
- Professional Networks: Utilise your connections in professional networks or organisations related to your industry.
3. Verify Credentials and Memberships
- Professional Bodies: Look for advisors who are members of respected professional bodies like:
- Chartered Institute of Taxation (CIOT) - (https://www.tax.org.uk/)
- Association of Taxation Technicians (ATT) - (https://www.att.org.uk/)
- Institute of Chartered Accountants in England and Wales (ICAEW) - (https://www.icaew.com/)
- Regulation: Check if the advisor is registered with HMRC for anti-money laundering supervision.
4. Research and Compare
- Online Reviews: Search for reviews on websites like Trustpilot or Google. Remember, some reviews might be biased, but it's a good way to get an initial impression.
- Websites: Review their website for professionalism, services offered, areas of specialization, and pricing information (if available).
5. Schedule Consultations
- Meet With Multiple Advisors: Interview at least two or three advisors to compare expertise and personalities.
- Questions to Ask:
- What is your experience in areas relevant to my needs?
- How do you structure your fees (fixed fee, hourly, percentage)?
- What are your communication methods and availability?
- Can you provide references from current clients?
Important Considerations
- Specialisation Look for advisors with experience in your specific tax needs (business, personal, property, expatriate taxes, etc.).
- Accessibility and Communication: Ensure your advisor is responsive and aligns with your communication preferences.
- Avoid Fee-Only Promises: Be wary of advisors who guarantee large refunds or reductions, as ethical practice prioritizes compliance over unrealistic outcomes.
Red Flags
- No Credentials or Memberships: Reputable advisors usually belong to professional bodies.
- Unrealistic Promises: Steer clear of those guaranteeing unrealistic tax results.
- Pressure to Sign Immediately: Take your time to make a considered decision.
Remember, a good tax advisor is an investment. Their expertise can save you significant money and stress in the long run!
Accountants Chester | Phillips & Co | Accountancy & Tax
What is the average charge rate for accountants?
The average charge rate for accountants in Chester can vary depending on several factors, including:
- Experience and Qualifications: More experienced accountants, especially those with specialist qualifications (e.g., Chartered Certified Accountants), naturally command higher rates.
- Services Required: Complex tasks like tax planning or auditing will cost more than basic bookkeeping.
- Firm Size: Larger accountancy firms often have higher overheads, reflected in their fees.
Pricing Models:
- Hourly Rates: This is the most traditional method. In Chester, expect to pay anywhere from £30 - £250+ per hour. Lower rates are typical for routine admin, while top rates apply to specialised advice.
- Fixed Fees: Many accountants now offer fixed fees for specific services (like preparing your tax return). This provides price predictability.
- Retainers: For ongoing support, some businesses prefer a monthly retainer ensuring access to accounting services whenever needed.
Approximate Price Guide
- Basic Self-Assessment Tax Return: £150 - £300+
- Small Business Accounts & Tax: £60 - £250+ per month
Getting the Best Value
- Ask about fee structures upfront. Understand if they charge hourly or use fixed fees.
- Request quotes from multiple accountants to compare prices and services offered.
- Clearly define the scope of work to avoid unexpected charges.
Remember, choosing an accountant is not just about price. Look for a qualified professional who understands your business needs.
Accountants Chester | Phillips & Co | Accountancy & Tax
Who are the Big 4 accounting firms?
The Big 4 accounting firms in the UK are:
- Deloitte Touche Tohmatsu Limited (Deloitte)
- PricewaterhouseCoopers (PwC)
- Ernst & Young (EY)
- KPMG
These firms are recognised globally as the leaders in the accounting and professional services industry. They offer a vast range of services, including:
- Auditing and assurance
- Tax consulting
- Advisory services
- Risk management
- Management consulting
The Big 4 are popular employers for those seeking a career in accountancy due to their prestige, training opportunities, and experience with large, complex clients.
Accountants Chester | Phillips & Co | Accountancy & Tax
What is the average cost of an accountant in the UK?
There's no simple average cost for accountants in the UK. Costs vary significantly based on:
- Type of Services:
- Basic bookkeeping or tax returns are less expensive than complex financial planning or tax investigations.
- Advisor's Experience and Qualifications:
- Highly qualified and specialized advisors (e.g., chartered tax advisors) will charge more.
- Business Size and Complexity:
- Larger companies with more transactions generally incur higher accountancy fees.
- Location:
- London tends to be more expensive than other regions of the UK.
Here's a general fee guide to give you an idea:
- Hourly Rates: £25-£150+ per hour. Lower end for basic tasks, higher end for specialized advice.
- Fixed Fees: Common for specific services like annual tax returns or company accounts preparation. Prices can range from a few hundred to several thousand pounds depending on complexity.
- Monthly Retainers: Many businesses prefer this for ongoing support and predictable costs. Can range from £60-£450+ per month, with larger enterprises potentially paying much more.
Important:
- Always get quotes from multiple accountants. Compare services and fees to find the best fit for your needs.
- Price shouldn't be the only factor. Consider the accountant's qualifications, experience, and communication style. A good accountant can save you far more than their fees cost.
Accountants Chester | Phillips & Co | Accountancy & Tax
How much does it cost to hire an accountant personally?
The cost of hiring an accountant personally in the UK depends on several factors:
- Your Needs: The complexity of your tax affairs is the biggest factor. Simple tax returns for individuals tend to be cheaper than complex returns involving multiple income sources, investments, or business ownership.
- Accountant's Experience and Location: Highly experienced accountants or those in London and major cities usually charge more than those with less experience or in areas with a lower cost of living.
- Type of Service: A one-time tax return will cost less than ongoing accounting services for a business, which might require monthly packages including bookkeeping, payroll, and VAT returns.
- Fee Structure: Some accountants charge hourly rates, others offer fixed fees per task, and some may have monthly retainer packages.
Here's a rough guide to help you estimate costs:
Self-Assessment Tax Returns:
- Simple returns: £150 - £300 (one-off fee)
- Complex returns: Can exceed £300
Hourly rates:
- Average: £25 - £50 per hour
- Specialized tax advice: £125 - £150+ per hour
Business Accounting Packages:
- Small businesses: £60 - £250+ per month
- Larger businesses: Can exceed £450 per month
Important Notes:
- Always get quotes from several accountants for comparison, and make sure you understand their fee structure upfront.
- Consider value over price alone. Hiring a good accountant can save you far more in taxes than their fees.
Accountants Chester | Phillips & Co | Accountancy & Tax
How much do accountants charge per hour UK?
The cost of an accountant in the UK, including the Chester area, varies based on several factors:
- Experience: More experienced accountants, especially those with specialised qualifications, naturally charge higher hourly rates.
- Location: London and other big cities tend to have higher fees than smaller towns or less central areas of the UK.
- Type of service: Basic bookkeeping is typically less expensive per hour than complex tax advice or business consulting.
Typical Hourly Ranges:
- Bookkeepers: £20-£35 per hour
- General Accountants: £30-£50 per hour
- Tax Specialists/Advisors: £45-£70+ per hour
Important Note: Many accountants now offer fixed-fee packages for services like annual tax returns or recurring bookkeeping. This can offer better predictability and budgeting compared to purely hourly billing.
Tips for finding an accountant in Chester:
- Get Referrals: Ask other business owners or your network for recommendations.
- Check Qualifications: Look into professional accreditations (ACA, ACCA, etc.) to ensure the accountant is qualified.
- Compare Quotes: Obtain estimates from several accountants before making a decision.
Accountants Chester | Phillips & Co | Accountancy & Tax
Need Accountants Chester? Contact Phillips & Co. for personalised accounting advice. While our website offers helpful information, always consult a professional for decisions impacting your finances. Laws and regulations change, and we cannot be liable for outdated information. External links are for reference but may not be secure. Accountants Chester | Phillips & Co | Accountancy & Tax