Entries by Taxfile

2nd SEISS Grant Applications to start 17-08-2020

The Government has announced that, much like the furlough scheme, the Self-Employment Income Support Scheme (‘SEISS’) would be extended for a second period. If your business has been adversely affected as a result of COVID-19 on or after 14th July 2020 you will be able to make a claim from 17th August 2020 for the […]

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 […]

Domestic Reverse Charge for VAT within the Construction Industry Scheme

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

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

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

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 […]