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Tax Time! Opening on Saturdays as of November.

October 15, 2019 in 2018, 2019, Book keeping, Bookkeeping, payments on account, Personal allowance, Self-assessment, Self-employed, Tax, Tax calculation, UTR /by Taxfile

Need Help Filing Your Tax Return? Make an Appointment NOW! Your Self Assessment Income Tax for 2018-19 will need to be submitted and an initial payment be made to HMRC by no later than 31/01/2020. This means that if you need to calculate your income tax for the period 06/04/2018 through to 05/04/2019, time is running […]

Domestic Reverse Charge for VAT within the Construction Industry Scheme

September 5, 2019 in 2019, CIS, Construction Industry Scheme, Contractor, Contractor Monthly Return, Flat rate scheme, HMRC, Value Added Tax, VAT /by Taxfile

IMPORTANT UPDATE! On 06/09/2019 HMRC announced that the Domestic Reverse Charge will be postponed for 12 months and will come into effect 01/10/2020. Their official statment; “To help these businesses and give them more time to prepare, the introduction of the reverse charge has been delayed for a period of 12 months until 1 October […]

The Early Bird Gang

June 7, 2019 in 2019, Band rates, CIS, HM Revenue and Customs, HMRC, Income tax, Landlords, PAYE, PAYE threshold, Personal allowance, Self-assessment, Self-employed, Sole traders, Tax, Tax calculation, Taxfile /by Taxfile

HMRC expects people to do tax returns for various reasons; Those that have an income outside of a PAYE scheme (i.e. self-employed) High earners on PAYE schemes, earning above £100K Company Directors & Shareholders Landlords who have rental incomes The tax returns calculated generally run between the dates 06/04/xx through to 05/04/xy, the calculation, submission, […]

HMRC’s Anti-Money Laundering Fees Increase

June 6, 2019 in 2020, Accountancy, HM Revenue and Customs, HMRC /by Taxfile

In December 2018, the Financial Action Task Force (FATF), an organisation founded on the initiative of the G7 to develop policies to combat money laundering, stated; ‘…the UK had a well developed & robust regime to effectively combat money laundering & terrorist financing. However, it needed to strengthen its supervision, & increase the resources of […]

Making Tax Digital (MTD) delayed due to Brexit

June 5, 2019 in 2020, Corporation tax, HM Revenue and Customs, HMRC, Income tax, Making Tax Digital, MTD, Self-assessment, Tax, Value Added Tax, VAT /by Taxfile

HMRC delays the rollout of Making Tax Digital (MTD) for businesses & individuals beyond 2021: Even though MTD for VAT has been rolled out, the wider extension of the MTD scheme for individuals & businesses has been delayed till at least 2021. The Chancellor’s 2019 Spring Statement mentioned; “The focus will be on supporting businesses […]

CIS Tax Rebates

March 15, 2019 in 2019 /by Taxfile

The Construction Industry Scheme (CIS) is where a construction contractor deducts, at source, a portion of the money due to their subcontractor. Whatever amount is deducted is then passed directly to HMRC which is then counted towards the tax and National Insurance of a subcontractor. This effectively pays the tax element in advance. How much […]

Making Tax Digital for VAT

March 15, 2019 in 2019, Flat rate scheme, HM Revenue and Customs, Standard VAT accounting, Value Added Tax, VAT, VAT cash accounting /by Taxfile

From 1st of April 2019 HMRC’s VAT Notice 700/22 will come into effect; Making Tax Digital (MTD) for Value Added Tax (VAT). The MTD initiative is believed to benefit HMRC on two levels. It will help to ensure the correct VAT is being paid to HMRC, & seeing that VAT accounts for the highest unpaid […]

£10/day penalty

May 8, 2012 in Tax /by Taxfile

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 […]

Back Taxes: Filing Late Tax Returns

February 22, 2012 in Tax /by Taxfile

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 […]

Private tutors & coaches with undeclared tax liabilities

October 21, 2011 in Tax /by Taxfile

The Tax Catch up Plan (TCP) is for people with any undeclared income, from tuition and coaching as a main or secondary income, on which the correct tax has not been issued. This is a great opportunity for a large number of South London residents who supply tuition in traditional subjects; instruction or coaching, fitness […]

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