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Furlough Scheme Extended until End of September

March 3, 2021 in 2021, Coronavirus, COVID-19, Employee, Employer, Government support, Pandemic, Pay-as-you-earn, PAYE, Payroll, Payroll bureau /by Taxfile

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

March 1, 2021 in 2021, Land and property, Landlords, Lettings, property /by Taxfile

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

March 1, 2021 in 2021, BBLS, Bounce Back Loan Scheme, Interest rates, Self-employed, Small traders, Sole traders /by Taxfile

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 […]

5% Late Payment Penalty Relief Announced by HMRC

February 23, 2021 in 2020, 2021, Deadline, Filing deadlines, Income tax, Late return, payments on account, penalties, penalty, Self-assessment, Self-employed, Sole traders /by Taxfile

HM Revenue and Customs (HMRC) has announced that Self Assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1st April 2021. Normally, a 5% late payment penalty is also charged on any unpaid tax that is still outstanding on 3rd […]

Domestic Reverse Charge for the Construction Sector

February 10, 2021 in 2021, Accountants, CIS, Construction Industry Scheme, Flat rate scheme, MTD, Subcontractor, Taxfile, Value Added Tax, VAT /by Taxfile

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

January 26, 2021 in 2019, 2020, 2021, Appeal, Coronavirus, COVID-19, Deadline, Late return, Self-assessment, Self-employed, UTR /by Taxfile

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

January 8, 2021 in 2020, 2021, Advice, BBLS, Bounce Back Loan Scheme, coronavirus, Coronavirus, COVID-19, COVID-19, HM Revenue and Customs, HMRC, Income & Expenditure, Income tax, London, Pandemic, Pandemic, SEISS, Self-assessment, Self-employed, Sole traders, South London, Uncategorized /by Taxfile

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

November 25, 2020 in 2020, 2021, Accountants, coronavirus, Coronavirus, COVID-19, COVID-19, Income & Expenditure, Income tax, Pandemic, Pandemic, Self-assessment, Self-employed, Tax, Tax accountant, Tax accountants, Tax agents, Tax calculation, Tax return, Tax returns, Uncategorized /by Taxfile

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 […]

Bounce Back Loan Scheme Deadline Extended

November 25, 2020 in 2020, 2021, BBLS, Bounce Back Loan Scheme, Coronavirus, COVID-19, Pandemic /by Taxfile

[UPDATED FEBRUARY 2021] The Bounce Back Loan Scheme (BBLS) was an initiative struck up between the Government and banks to enable small businesses to access finances more quickly through the pandemic. It allowed businesses to have access to 25% of their 2018/19 turnover, with a minimum loan of £2,000 and a maximum amount of £50,000. […]

Coronavirus Job Retention Scheme Extended

November 25, 2020 in 2020, 2021, Pay-as-you-earn, PAYE, Payroll, Payroll bureau, Taxfile /by Taxfile

[UPDATED FEBRUARY 2021] The Coronavirus Job Retention Scheme is being extended until 30 April 2021. As a result of the ongoing pandemic, the Government’s response has been to extend the furlough scheme at the original 80% level. For now we know this will extend through to the end of April 2021. From 1st November 2020 […]

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