by Terry Phillips | May 18, 2023 | accountancy, Accountants, Income Tax, Marriage, tax, tax rebate
Accountants Chester | Tax Tip No. 20 Spouses and civil partners enjoy certain tax breaks, including the ability to transfer assets between them at a value that gives rise to neither a gain nor a loss. Prior to 6 April 2023, a couple are only able to benefit from no...
by Terry Phillips | 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...
by Terry Phillips | May 8, 2023 | mileage rates, accountancy, business management, Business Owner, Employer, Employment, Employment Allowance, expense claims, expenses, hmrc, Income Tax, making tax digital, partner, tax, tax rebate
Accountants Chester | Tax Tip No. 18 Employees often need to undertake business trips and it is common practice to reimburse the employee’s fuel costs by means of a mileage allowance. The tax rules allow mileage payments to be made tax-free up to certain limits....
by Mark Phillips | May 2, 2023 | Pension Allowance, accountancy, hmrc, Income Tax, MTD ITSA, Pension, tax, tax rebate
Accountants Chester | Tax Tip No. 17 In his March Budget, the Chancellor announced a number of changes to the pension tax rules, including an increase in the annual allowance and the abolition of the lifetime allowance. Accountants Chester | Annual allowance The...
by Terry Phillips | Apr 28, 2023 | accountancy, accountancy software, bookkeeping, Business Owner, corporation tax, Employer, Employment, Employment Allowance, expense claims, expenses, hmrc, Income Tax, tax, tax rebate
Accountants Chester | Tax Tip No. 16 If you incur expenses in doing your job, you may be able to claim tax relief. While the rules governing the availability of relief are strict, the process for claiming relief where it is available is relatively straightforward....
by Mark Phillips | Apr 17, 2023 | expense claims, accountancy, Employer, Employment, expenses, hmrc, Income Tax, making tax digital, MTD ITSA, National Insurance, tax, tax rebate
Accountants Chester – Tax Tip No. 15 The pandemic changed the way in which many people worked, forcing them to work from home if they could. Post-pandemic, many employees have continued to work from home some or all of the time. Under hybrid working... 
