MTD ITSA - Accountants Chester | Phillips & Co

Hybrid workers and relief for travel expenses

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...

Family and personal companies – optimal salary for 2023/24

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...

Taxation of Dividends in 2023/24

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...

You must declare your TikTok income

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...

How to claim a tax refund

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...

Basis period reform – Preparing for the transition

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...

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