by Terry Phillips | May 22, 2023 | accountancy, Company Expenses, Employer, Employment, expense claims, expenses, hmrc, Income Tax, Limited Company, MTD ITSA, tax
Accountants Chester | Tax Tip No. 21 The super-deduction, which allowed companies to claim an immediate deduction of 130% of their qualifying expenditure, came to an end on 31 March 2023. It was replaced with full expensing. As with the super-deduction, unincorporated...
by Terry Phillips | May 19, 2023 | accountancy, Accountants, tax
Accountants Chester | Hiring an Accountant Whether or not it is better to hire an accountant depends on a number of factors, including the size and complexity of your business, your own financial knowledge and experience, and your budget. If you are a small business...
by Mark Phillips | May 19, 2023 | accountancy, Accountants, expenses, hmrc, tax, tax rebate
Accountants Chester | Saving Money Yes, an accountant can save you money in a number of ways. Here are a few examples: Helping you avoid penalties. Accountants are experts in tax law and can help you ensure that you are filing your returns correctly and on time. This...
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....
