Please do not ignore the yearly e-reminder/letter, from Companies House, to submit the Annual Return/Confirmation Statement for your Company. Hi — I’m Eveline and I am the administrator/coordinator of the Limited Companies business team and this is one problem that we come across too often at Taxfile. As a Director, you just need to confirm […]
HMRC has already started contacting possible eligible sole traders and partnerships for the 5th and final Self Employed Income Support Scheme grant announced by the Government last year. HMRC’s online access for applications is due to open later this month (July) and the grant will cover the period 1st May 2021 through to 30th September […]
The rapid pace of technological change has caused some of the biggest shifts in how we view and process our tax returns. At Taxfile, we’re constantly striving to use technology as effectively as possible to aid us in collecting, analysing, and collaborating when working on your personal data.
Over the pandemic, we’ve had to place our reliance even further on technology to maintain our standards, with regular meetings online. We’re constantly improving the efficiency of our work pipeline and, with the ability to pull figures directly from online bank statements, we can ensure precision in the numbers we present you with. For the last two years, we’ve implemented cloud technology as both a collaborative tool between our senior and junior staff and as storage for various databases used to track everything from employee working hours to the status of your tax return. We’re expanding further on this concept in collaboration with Pure Technology by merging our existing cloud systems with our current remote work solution to form one, all-encompassing workspace environment. Hosting it in the Microsoft Cloud ensures that, with the help of our office staff, your paperwork and bookings can be sent to and viewed by your tax agent as soon as possible. This and a variety of other endeavours are examples of our ambitions to be at the forefront of innovations, and constant review of our policies ensures we remain ahead, or on track, to meet the standards set by Making Tax Digital (MTD) for its 2023 launch.
Taxfile can help you with all your tax or accountancy requirements. We offer
Due to how COVID has changed the landscape of how Taxfile employees work, we now how some beautiful workspaces available at out studios situated at 11a Turney Road, SE21 8LX. We can offer desks and rooms for businesses to rent on a weekly basis. If you are looking for a short-term or long-term inexpensive relaxed […]
Hello; I’m Faiz Mazloumiar. I have been working for Taxfile since May 2005, mostly doing tax returns for subcontractors, self-employed individuals, partnerships and landlords. I specialise in helping clients who, for whatever reason, have fallen behind in their tax affairs, assisting in making disclosures to HMRC whilst trying to minimise the penalties imposed on them […]
Are you self employed? If so, Joe from Taxfile has some quick advice for you: Class 2 National Insurance It is important to register for Class 2 National Insurance. A lot of people don’t have this set up correctly and, if not sorted, then it can greatly affect your pension in the future. Class 2 […]
My name is Daniel and I have been a part of the Taxfile family since 2007. It started as a part-time job doing bookkeeping, but as time went on, I developed new abilities and a deeper understanding of the tax world. PAYE, VAT, and Company Register are now my areas of expertise. I understand how […]
When using Taxfile, you are using an experienced team that will make dealing with your tax affairs seamless. A lot of clients start by coming into our office stressed and overwhelmed, not knowing where to start. Using your current position and needs, we plan a step-by-step approach to keep you on top of your affairs […]
Changes in EU VAT is incoming from 1st July 2021 for Business to Customer (B2C) sales for those operating within the EU. The changes need to also be considered for businesses in the UK, post-Brexit, that wish to sell online directly to the customer.
The new EU VAT E-commerce package is comprised of two key components;
It is not compulsory to report VAT using either of these methods, the option is still available to register for VAT in each EU country you wish to do trade with and account and pay VAT in each of those territories. However, reading that, you would wonder why you would take on such a task, when you can just do one VAT return, where the liabilities are then paid to each country where the B2C transaction occurred. However, importantly, these 2 methods can only be used for
According to HMRC, ‘cryptoassets’ are cryptographically secured digital representations of value or contractual rights that can be:
There are various types of cryptoassets including exchange tokens, utility tokens, and security tokens. HMRC does not consider cryptocurrency to be currency or money & their complete Cryptoassets Manual can be found HERE.
As far taxes are concerned, investing in cryptocurrency is akin to investing in other assets such as stocks, bonds, and the sale of rental properties. This means that capital gains and losses rules apply when you ‘dispose’ your assets, and in this case your cryptocurrency.
HMRC explains that disposals include:
Any of the above situations subject any profits to Capital Gains Tax (CGT) and the simple formula for calculating capital gains (or losses) is:
Fair Market Value – Cost = Profit or Loss
The fair market value is the market price of the asset at the time that you sold, traded, or disposed of it. The cost is the price you paid at the time of the purchase.
Although this is a simple and logical calculation, calculating CGT on your profits becomes a bit more complex when you have multiple transactions to account for. The UK requires a specific type of method for calculating the cost basis of your coins known as Shared Pool Accounting also known as a 104 Pool.
With the shared pooled accounting method, you are essentially
