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 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...
by Terry Phillips | Mar 2, 2023 | Uncategorized, hmrc, Income Tax, making tax digital, MTD ITSA, tax, tax rebate
Accountants Chester – Tax Tip No. 7 If you have paid too much tax, you will be able to get a refund from HMRC. The mechanics for obtaining your refund depending on how the overpayment arose. Claims must be made within four years from the end of the tax year to...
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...
