Entries by Taxfile

Job Support Scheme Replaces the Job Retention Scheme from 1st November 2020

Job Retention Scheme (JRS) winds down at the end of October, it will be followed, for the next six months, by a new job support scheme which subsidises the wages of employees working at least a third of their normal hours to further support viable UK employers who face lower demands due to COVID-19. In […]

Making Tax Digital for Income Tax Self Assessment (MTDfITSA). Are you ready?

The Government has now pencilled in what they regard as a firm date to implement MTD for ITSA, for all landlords and business owners that have an income above £10,000. The next accounting period starting on or after 06/04/2023 that meet the above mentioned criteria will need to be compiled & submitted via MTD-compatible software. […]

Further Delays on the Roll-Out of the Domestic Reverse Charge for the Building & Construction Services.

The domestic reverse-charge is a major change to the way VAT is collected by HMRC in the building and construction industry reporting under the Construction Industry Scheme (CIS).

It was being introduced to combat VAT fraud in the sector and the initial roll-out on 1st October 2019 was delayed due to a combination of the sector being ill-prepared for the change and Brexit. The date was moved forward 12-months to 1st October 2020 but due to COVID-19 the start date has been further advanced to 1st March 2021.

At Taxfile, we will start contacting our VAT clients working under the CIS, in preparation for the 1st March 2021 start date.

If you would like to know how to prepare your business for this, you will need to:

Making Tax Digital – A New Time Line

Making Tax Digital (‘MTD’) was announced as the new initiative by HMRC to revolutionise and modernise the tax system in the UK. MTD centres around keeping digital financial records that can then be accessed by software to calculate and submit taxes through to HMRC. The goal is that there will be direct ‘digital link’ between the financial […]

Income Tax – Second Payment on Account Deferral

The self-assessment tax line usually follows the process outlined in the image below, with 31st July signalling the last day you can make your second payment on account before interest would be charged. However, due to COVID-19, the 2nd payment on account can now be deferred till 31/01/2021.  This means that the amount needs to […]

2nd SEISS Grant Applications – NOW OPEN!

The Government previously announced that, much like the furlough scheme, the Self-Employment Income Support Scheme (‘SEISS’) is to be extended for a second period and in fact it’s now open for applications. If your business has been adversely affected as a result of COVID-19 on or after 14th July 2020 you can make a claim […]

First SEISS Grant Application Deadline Day Looms

Back in April, as a result of the Coronavirus pandemic, the Government announced the Self Employment Income Support Scheme (‘SEISS’), a taxable grant to support self-employed individuals and businesses affected by COVID-19. The deadline for claiming this initial grant has been set as Monday 13 July 2020. After this date you will no longer be […]

Wandsworth Council chooses Taxfile for its Tax Return Support Scheme

In an extraordinary measure to help its community, Wandsworth council has set up a Tax Return Support Scheme for those needing to do a 2018/19 tax return in order to qualify for the Self-employment Income Support Scheme (SEISS). In response to COVID-19, SEISS will provide direct cash grants worth 80% of trading profits up to […]

Coronavirus: Government Support for the Self-Employed

Rishi Sunak, the UK Chancellor of the Exchequer has announced the self-employed and those who run a business as a partnership are to receive 80% of earnings, calculated from the mean average of their trading profits for the 3 previous tax returns (2016/17, 2017/18, & 2018/19).  The trading profit is the taxable profit that is […]

Landlords & Property Investors Take Note: New Capital Gains Tax Rules for 2020

The new capital gains tax (CGT) rules will come into effect on April 2020, which will more than likely impact the sales of most additional properties in the UK. CGT is paid on profits from the sale of investment properties that are not the sellers main place of residence. The amount of CGT paid is […]