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OPENING HOURS
Monday: 9 am-6 pm
Tuesday: 9 am-5 pm
Wednesday: 9 am-4 pm
Thursday: 9 am-3 pm
Friday: 9 am-2 pm
Saturday: 9 am-1 pm*
Sunday: Closed
* By appointment only
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CONTACT US
LONDON OFFICE:
Taxfile,
25 Thurlow Park Road,
Tulse Hill, London
SE21 8JP.
Tel: +44(0)20 8761 8000
Email: info@taxfile.co.uk
EXETER OFFICE:
For accounting help and tax advice in Devon, the West Country and the South West, visit guybridger.com
We’re Open on Sunday Mornings in January — Perfect for 2022-23 Tax Returns
/in Accountancy, Accountants, Self-assessment, South London, Tax advisors, Tax returns, Taxfile, Tulse Hill/by MarkWith the self-assessment tax return deadline almost upon us, we are opening our Tulse Hill office* on Sunday mornings, 9 am to 1 pm, for the remainder of January. That’s as well as the previously announced Saturday morning opening during the same hours. It’s the perfect opportunity to discuss your tax return with us or bring in figures and records without having to disturb your working week. Weekend time slots are limited, though, so please book a free 20-minute appointment as soon as possible if you’d like to visit.
Information You Need to Supply for Professional Help with Your Tax Return
/in Accountancy, Accountants, Dulwich, Income tax, Self-assessment, Self-employed, Sole traders, South London, Tax, Tax advice, Tax advisors, Tax return, Tax returns, Tulse Hill/by MarkIf you’re self-employed in the UK, you need to file a self-assessment tax return each year. It’s not only the self-employed, though. If you are on a higher income* or receive untaxed income from property rental, savings, investments, or dividends, you also have to submit a return. Getting all the fields filled in properly and the figures right can sometimes be difficult, though. That’s where professional help will be worth its weight in gold. But what information will your accountant or tax advisor need from you? That’s what today’s post is all about, and we’ll explain exactly what information you’ll need to supply.
* (Those earning more than £100,000 currently, or over £150,000 from next year).
Basis Reform and Spreading
/in Basis Period, Self-assessment, Spreading Tax, Tax, Tax accountant, Tax accountants, Tax advice, Tax advisors, Tax calculation, Tax liability, Tax planning, Tax returns, Taxation, Taxfile, Transitional Profits, Tulse Hill/by TaxfileAs of April 6, 2023, the Self-Assessment (SA) for income tax has undergone a significant transformation, known as Basis Period Reform. This change aims to align the taxation of business profits with the standard April-April tax year, rather than any other accounting periods that may have been required by the taxpayer.
While the transition to the new basis period has introduced certain complexities, it also presents opportunities for businesses to manage their tax liabilities more effectively. One such opportunity lies in the spreading of tax arising from transitional profits.
Transitional profits refer to the profits that arise from the transition between the old and new basis periods. These profits can be spread over
Saturday Appointments in January – Book Now for Tax Returns Etc.
/in 2022, 2022-23, 2023, 2024, Accountancy, Accountants, Accounts, Annual Return, Self-assessment, Self-employed, tax rebates, Tax refunds, Tax return, Tax returns, Taxes, Taxfile, Tulse Hill/by MarkTaxfile is open on Saturday mornings in January, by appointment. Saturdays might be useful if you need to see us for your 2022/23 tax return, or any other accountancy work, but can’t do it on a weekday. Saturday slots are limited; there are only 4 Saturdays available in January and opening times will be from 9am until 1pm. So, please book in today if a weekend appointment suits you — before slots are all taken. Late appointments are also available on Mondays, when we open until 6pm, or choose any other weekday if you can come earlier. Please see the footer of our website for latest opening times.
Book in on 0208 761 8000 or book your appointment online (here). We are happy to do virtual (video/phone) or physical appointments at our Tulse Hill office in Thurlow Park Road — whichever suits you best.
Understanding Basis Period Reform for Self-Assessment Tax in the UK
/in 2023, 2023-24, 2024, Accountancy, Accountants, Basis Period, Bookkeeping, Making Tax Digital, MTD, Partnership, Self-assessment, Self-employed, Sole traders, Tax, Tax accountants, Tax calculation/by TaxfileAre you a sole trader or in a partnership?
Do you have different accounting dates from the standard 6th of April to the 5th of Apri?
If you answered YES to both questions, some IMPORTANT changes will apply for the tax year 2023-24.
The concept of the basis period determines the time frame used to calculate taxable profits or losses for self-employed individuals, partnerships, and some trusts. It marks a departure from the traditional “current year” basis, where business profits were taxed based on the accounting period ending within the tax year. Instead, it introduces a “tax year” basis, aligning taxable profits with the UK’s standard tax year, running from 6 April to 5 April.
Boost Your State Pension with Voluntary National Insurance Contributions
/in 2025, National Insurance, NI, NIC, NIC's, pension contributions, Pensions, State Pension/by TaxfileAs we approach retirement, ensuring a comfortable financial future becomes a top priority. The state pension, a crucial source of retirement income, is dependent on the number of qualifying years of National Insurance (NI) contributions you have made. While gaps in your NI record can diminish your state pension entitlement, there’s a solution: voluntary NI contributions.
To receive the full state pension, you need 35 qualifying years of NI contributions. These years typically accumulate as you work, with contributions automatically deducted from your salary. However, there may be instances where you may not have earned enough to make mandatory NI contributions, leading to gaps in your record.
Tax Return Accountants
/in Accountancy, Accountants, Dulwich, London, Self-assessment, Self-employed, South London, Tax, Tax advisors, Tax returns, Tulse Hill/by Guy BridgerHMRC issues tax returns each year to those who meet the criteria; you may be self-employed or a higher earner from employment income. The tax return software available online will calculate your tax liability if you fancy giving it a try yourself. However, most people use accountants and tax advisors who might, in their wisdom, be able to save you money and in some circumstances give you guidance and good advice. Indeed, Taxfile can help in all these areas and we explore this in today’s article.
Navigating the VAT Landscape in the UK: A Comprehensive Guide
/in Cash basis, Flat rate scheme, HM Revenue and Customs, HMRC, Making Tax Digital, MTD, Value Added Tax, VAT, VAT annual accounting, VAT cash accounting, VAT for retailers, VAT margin schemes, VAT returns/by TaxfileValue Added Tax (VAT), a consumption tax levied on most goods and services in the UK, plays a significant role in the nation’s economy. Whether you’re a sole trader, limited company business owner or simply a curious consumer, understanding VAT is crucial for navigating the UK’s tax system effectively. Today’s comprehensive guide explains what it is, the various VAT rates, when you need to be registered for the tax, VAT schemes, and more.
Deadline for Voluntary Insurance Contributions Extended to 5th April 2025
/in 2023, Class 2 NICs, National Insurance, NI, NIC, NIC's, pension contributions, Pensions, State Pension/by TaxfileThe original deadline for buying National Insurance ‘credit’ was 31st July 2023, but you can now ‘buy’ incomplete years to boost your state pension until 5th April 2025. The extension was approved by the Government, giving HMRC more time to deal with the process.
You can view our original blog on what you need to do to plug the gaps in your National Insurance contributions here.
How do I pay myself as a Director?
/in 2023, Directors, HMRC, NI, NIC, Pay-as-you-earn, PAYE, PAYE threshold, Payroll/by TaxfileThis is a question we often face from new company directors, how to pay yourself from the company. As part of our £375+VAT package for a new limited company we offer the following; company formation (including the option to have the company phrased as a special purpose vehicle for a property rental company) we will […]