Take Advantage of the Tax Exemption for Mobile Phones

Take Advantage of the Tax Exemption for Mobile Phones

by | Sep 18, 2023 | tax exemption, accountancy, Accountants, bookkeeping, business management, Business Owner, Company Expenses, director, employee, Employer, expense claims, expenses, Family Business, hmrc, mobile phone, Partnership, Profit Extraction, Self employed, Self-Assessment, Sole trader, tax, Tax return

Accountants Chester – Tax Tip No. 38 The tax legislation contains a number of exemptions which allow benefits in kind to be provided to employees without a tax charge arising. Some of the exemptions are more useful than others. One of the more valuable ones is...
Trivial Benefits – make use of the exemption

Trivial Benefits – make use of the exemption

by | May 12, 2023 | accountancy, Business Owner, director, Employment, expense claims, expenses, Family Business, Income Tax, MTD ITSA, Profit Extraction, tax, tax rebate

Accountants Chester | Tax Tip No. 19 Trivial benefits have their own tax exemption, which if used wisely can be used to treat employees. The exemption can also be used by personal and family companies as part of a tax-efficient profit extraction strategy. Accountants...
Family and personal companies – optimal salary for 2023/24

Family and personal companies – optimal salary for 2023/24

by | Apr 11, 2023 | Family Business, accountancy, Business Owner, director, dividends, hmrc, Income Tax, making tax digital, MTD ITSA, Profit Extraction, tax, tax rebate

Accountants Chester – Tax Tip No. 14 A popular profit extraction strategy is to pay a small salary and to extract further profits as dividends. Accountants Chester – Why pay a salary? There are a number of benefits of paying a small salary in order to take...