by Mark Phillips | 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...
by Terry Phillips | Apr 3, 2023 | dividends, accountancy, Business Owner, director, Income Tax, MTD ITSA, tax, tax rebate
Accountants Chester – Tax Tip No. 13 Accountants Chester – Taxation of dividends in 2023/24 If you have a personal or family company, taking dividends is a popular and tax-efficient way to extract profits. However, while they remain tax efficient, recent...
by Terry Phillips | Mar 28, 2023 | accountancy, Income Tax, National Insurance, tax, tax rebate
Accountants Chester – Tax Tip No. 12 As far as National Insurance was concerned, the 2022/23 tax year was a tricky one featuring in-year changes to the primary threshold and in-year changes to the Class 1, 1A, 1B and 4 rates. This resulted in some strange...
by Mark Phillips | Mar 22, 2023 | tiktok, hmrc, Income Tax, MTD ITSA, Self employed, social media, Sole trader, tax rebate
Accountants Chester – Tax Tip No. 11 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...
by Terry Phillips | Mar 18, 2023 | corporation tax, accountancy, Business Owner, hmrc, tax, tax rebate
Accountants Chester – Tax Tip No. 10 Changes to the corporation tax regime come into effect from 1 April 2023 – the start of the financial year (FY) 2023. From that date there will no longer be a single rate of corporation tax; rather, the rate at which a...
by Mark Phillips | Mar 13, 2023 | alphabet shares, dividends, Income Tax, Shares, tax, tax rebate
Accountants Chester – Tax Tip No. 9 In an alphabet share structure, each shareholder has a different class of share. For example, one shareholder may have A ordinary shares, another B ordinary shares, another C ordinary shares, and so on. The benefit of an...
