Entries by Taxfile

Furlough Scheme Extended until End of September

In The Chancellor’s 2021 budget speech it was announced that the furlough scheme would be extended until the end of September 2021, to protect the jobs and livelihoods of the UK population during the pandemic. The Government will pay employees 80% of the hours not worked through to the end of June 2021.  As the […]

Mortgage Holiday Deadline Looming

The availability of a three month mortgage holiday was first announced in March 2020, as part of a package of support for individuals as COVID-19 spread rapidly through the UK.  For the 1.8M people that took up the initiative in March, the holidays came to an end in June 2020, while the pandemic still raged […]

Bounce Back Loan Applications & Top-Ups Deadline

Applications for the Bounce Back Loan Scheme (BBLS) come to a close on 31st March 2021. The purpose of the scheme was to allow small businesses, regardless whether they were sole traders, partnerships, or limited companies, a way of getting a cash flow worth 25% of their turnover (within the range of £2-£50k) to support […]

Domestic Reverse Charge for the Construction Sector

The Domestic Reverse Charge (DRC) for the construction sector comes into effect as of 01/03/2021. What does this mean for you? If you are VAT registered & you work falls under the Construction Industry Scheme (CIS) then from the 1st of March you will need a written declaration from your contractor that they are classified […]

HMRC Extends the Self-Assessment Submission Deadline to 28th February BUT Payments still need to be made by 31st January

Yesterday HMRC made an 11th hour decision to give the remaining 3 million tax payers an additional 28-days to file their tax return electronically. For most, a submission after the 31st of January would have resulted in a £100 late filing penalty.  With planning already underway at HMRC on how to cope with the administrative […]

Taxfile Partners with Local Government to Offer Self Assessment Assistance

With the self-assessment tax deadline looming in the midst of a global pandemic and no announcement of an extension from the government (28 days would do), 5.4m* taxpayers (45%) still needing to submit a tax return before the 31st January and many of those are left feeling hopeless and helpless, unsure how to complete it […]

Self Assessment Income Tax Returns 2019/20 – COVID Edition

  To date there has been no change on the deadline to submit and pay your 2019/20 Self Assessment Income Tax return by 31st January 2021. In preparation for our busiest period in the year we have been doing everything to ensure both our offices and business practices are ready to cope with the changes […]