New brochure available for download

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Taxfile's BrochureHave you ever wondered what other services the Taxfile group can help you with? Well, find all the answers in the new downloadable brochure, which outlines services undertaken at the various different offices in both South London and Exeter, Devon. From accountancy and bookkeeping for SMBs to simple tax returns for individuals and right through to the most complex of complicated tax issues – we’re here to help and the new brochure gives you all the contact details for each office including address, email, telephone, Skype ID, how to book appointments on-line and, finally, what discounts are available – both to new and existing customers – it’s all there … or rather I should say … it’s all here! (A4 PDF format, less than 1MB).

HMRC launches site for those with undeclared income

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HMRC has launched a new mini-site aimed at those with undeclared income. “We’re closing in” they say, using new technology and additional staff. They follow it up to say “if you have any income you haven’t told us about, you need to declare it before we catch you”. So the site aims to encourage relevant parties to come forwards voluntarily to declare such income, rather than waiting to be discovered. It’s not quite an ‘amnesty’ but it kind of hints at being a better way to deal with the situation. Links are given such as “How do I put it right” which takes them to the main HMRC website page outlining how to put your tax affairs in order.

Other links on the same mini site take visitors to areas such as ‘Owning up to fraud‘ and ‘Tell us about someone who is not declaring all their income” so the net is clearly closing in*. We took a look at the ‘Owning up to fraud’ page and it makes interesting reading. Read more

£10/day penalty

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HMRC is collecting £10 per day every day from workers who have failed to file their returns on time, Since May 1, officials at HM Revenue and Customs have been thrashing 650,000 late filers with a £10-a-day fine.

Many of those affected are likely to be the self-employed, higher earners with savings and landlords and pensioners make up the rest. Many may not even owe any tax, but have simply failed to file a return to prove their earnings. Their tax returns were originally due on January 31 this year, covering their finances for the 2010-2011 tax years. But after missing the original deadline, and picking up an initial £100 fine, they must now pay a flat £10 a day on top for every further delay of 24 hours.

If they have not filed by the end of July, that bill will stand at £900 – when they will then face yet another penalty, this time for £300.  The tougher rules will even affect those who do not owe a penny to the taxman. Read more

Taxfile: Finalist for 2 more awards!

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Taxfile are finalists in 2 categories at the 2012 Lambeth Business AwardsTaxfile are proud to announce that they are finalists in 2 categories in the 2012 Lambeth Business Awards. The categories are:

  • Best Small Business (which they won last year) and …
  • the Award For Innovation

It would be thrilling to win Best Small Business for a second year running! To have been nominated and actually make it through to being a finalist for the Award for Innovation is also a real honour.

This adds to Taxfile’s already impressive list of awards. Last year they won the ‘Best Small Business’ category (‘2011 Lambeth Business Awards’) and were also nominated as ‘Best Small Business’ in the wider ‘South London Business Awards’.

The Lambeth Business Awards have been developed to reward and celebrate Lambeth’s vibrant and dynamic business community. The Awards are a major annual event and the winners will be announced at a dinner held at the Kia Oval, Kennington on 22nd March 2012.

Back Taxes: Filing Late Tax Returns

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A  record 9.45 million Self Assessment tax returns were filed on time this year, and a record 7.65 million (80.9 per cent of them were filed online, as per HM Revenue & Customs (HMRC).This means that for the first time in seven years 90.4 per cent of taxpayers met the deadline – an increase of four per cent (700,000 returns) on last year. In fact, it’s the highest on-time filing result since HMRC was created.

Although the 31 January deadline was unchanged, HMRC announced that no penalties would be issued for online returns received by midnight on 2 February, due to industrial action at HMRC contact centres. This year’s record numbers show an increase from last year, when around 6.9 million people had filed online by 31 January. The proportion filing online last year was 78 per cent.

James Cross, General Manager of Taxfile, a South London based Tax Accountant said ‘’our extended opening times and constant reminders to clients about the deadline and penalties resulted in a record number of tax returns filed by us in our 16 years of business!’’

With changes to SA penalties this year, everyone who did not file on time will receive a £100 penalty, which increases through the year. Read more

Newsflash: Tax return deadline extended

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It’s not often we receive good news from Her Majesty’s Revenue & Customs, but today is a wonderful exception! In case you haven’t yet heard, the penalty deadline for 2011 tax returns has now been extended to 2nd February 2012. This is due to industrial action at HMRC on the 31st January.

(Information courtesy of Lynsey).

Problems with your tax return?

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  • Running out of time?
  • We’re here to help!
  • We know tax returns back to front!
  • We can deal with the HMRC for you.
  • Fixed fees from £160 + VAT.
  • Simply call us on 0208 761 8000