By Guy at Taxfile.
As of 6 April 2024, the cash basis is now the default method for most self-employed people to prepare their tax accounts. At Taxfile, we’re in favour of this change — not because it solves everything, but because it’s a move toward greater simplicity and transparency. In today’s post we explain what it is, its benefits, how it affects the self-employed, and how Taxfile can offer support through the changes.
HMRC 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.
HMRC have announced that those members of the public not able to pay their taxes or submit tax returns on time will be able to appeal against the late filing penalties they will inevitably get this winter. From what we have been hearing HMRC are expecting everyone to have adequate proof of sickness. Does this mean
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Guy Bridger, Taxfile’s founder, has personally delivered a post card to Boris Johnson. He recently slipped it under the door of Number 10 Downing Street (there is no letterbox!).
In his communication to Boris, Guy suggested that the tax return filing deadline should be …