Entries by Mark

Accountants for Uber Drivers – Are They Needed?

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Accountants for Uber Drivers – Are They Needed?

Are you an Uber driver? If so, you need to ensure that you submit an accurate self-assessment tax return each year and, with new rules and data sharing now in place, it’s never been more important to get your figures right. You may therefore be wondering whether you need an accountant. Today’s guide gives Uber drivers an overview of the main rules for complying with HMRC, what they need to supply, and how accountants like Taxfile can help drivers with accounting, bookkeeping and self-assessment tax returns each year. By getting these right, Uber drivers will keep on the good side of HMRC and fulfil their tax obligations. Doing so will also help them avoid a financial mess and, potentially, nasty penalties from HMRC.

Missed the Tax Return Deadline? What Happens Now?

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Missed the Tax Return Deadline? What Happens Now?

[February 2024]: If you missed the deadline to submit your self-assessment tax return, the first thing to know is that you are now into the penalty stage. HMRC applies an automatic £100 penalty to those who are even 1 day late (the deadline was 11.59pm on 31st January) and further penalties are added if you take even longer to comply. It’s worse, of course, if you also haven’t paid any tax owed as you’ll then owe interest too, so our advice is to pay as much as you can as soon as possible, so you’ll reduce any element of interest. However, if you “took reasonable care to meet” a deadline and there is a genuine reason why you were late, you have the option to appeal if your circumstances fit eligible criteria. Let’s take a look …

Today is the Tax Return Deadline!

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TODAY is the Self-Assessment tax return deadline!

[As at 31 January 2024]: The 31st January is THE FINAL DEADLINE by which you need to file your Self Assessment tax return with HMRC. If you miss(ed) that deadline (11.59pm on 31st), you risk a £100 HMRC fine right away plus other significant penalties thereafter. Interest will also be charged from 1 February if tax is not paid by midnight on 31 January (rules apply).

We’re Open on Sunday Mornings in January — Perfect for 2022-23 Tax Returns

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Taxfile is Open on Sunday Mornings in January — Perfect for 2022-23 Tax Returns

With the self-assessment tax return deadline almost upon us, we are opening our Tulse Hill office* on Sunday mornings, 9 am to 1 pm, for the remainder of January. That’s as well as the previously announced Saturday morning opening during the same hours. It’s the perfect opportunity to discuss your tax return with us or bring in figures and records without having to disturb your working week. Weekend time slots are limited, though, so please book a free 20-minute appointment as soon as possible if you’d like to visit.

Information You Need to Supply for Professional Help with Your Tax Return

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Information You Need to Supply for Professional Help with Your Tax Return

If you’re self-employed in the UK, you need to file a self-assessment tax return each year. It’s not only the self-employed, though. If you are on a higher income* or receive untaxed income from property rental, savings, investments, or dividends, you also have to submit a return. Getting all the fields filled in properly and the figures right can sometimes be difficult, though. That’s where professional help will be worth its weight in gold. But what information will your accountant or tax advisor need from you? That’s what today’s post is all about, and we’ll explain exactly what information you’ll need to supply.

* (Those earning more than £100,000 currently, or over £150,000 from next year).

Saturday Appointments in January – Book Now for Tax Returns Etc.

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Saturday Appointments Available in January - Book Now for Tax Returns Etc.

Taxfile is open on Saturday mornings in January, by appointment. Saturdays might be useful if you need to see us for your 2022/23 tax return, or any other accountancy work, but can’t do it on a weekday. Saturday slots are limited; there are only 4 Saturdays available in January and opening times will be from 9am until 1pm. So, please book in today if a weekend appointment suits you — before slots are all taken. Late appointments are also available on Mondays, when we open until 6pm, or choose any other weekday if you can come earlier. Please see the footer of our website for latest opening times.

Book in on 0208 761 8000 or book your appointment online (here). We are happy to do virtual (video/phone) or physical appointments at our Tulse Hill office in Thurlow Park Road — whichever suits you best.

Boost State Pension by Plugging Gaps in National Insurance

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IMPORTANT: the video mentions the original deadline in April 2023. This has now been extended to 31 July 2023.

Do you have gaps in your National Insurance record? If so, it could mean that you could get a lower State Pension when you reach state retirement age, particularly if you are aged between approximately 45 and 70 at the moment. Generally speaking, you need 10 years of contributions for a basic state pension and around 30 to 35 years for a full state pension. It does vary by circumstance though and, even with gaps, some people might have enough qualifying years for the full state pension already.

Urgently Check Whether You Have National Insurance Gaps

Our advice is to urgently check whether you do have any gaps in your National Insurance record. If so, in many cases it would be wise to make some one-off payments to plug any gaps for the years 2006 to 2016. However, there is limited time to do so despite the deadline for this opportunity having been extended from early April to the end of July 2023 [UPDATE: This has now been extended again to 5th April 2025]. Thereafter, the chance to fix all 11 years from 2006 to 2016 will be gone forever.More information follows, including how to check, how to top up and more.

31st January was the Self Assessment Tax Return Deadline!

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Today (31 January) is the self-assessment tax return deadline!

[As at 1 February 2023]: The 31st January was the Self Assessment tax return and tax payment deadline. Miss the deadline and you’ll be in for a £100 HMRC fine right away. Interest will also be charged from 1 February, as usual, if tax is not paid by midnight on 31 January (rules apply). Time is short, so contact Taxfile for help with your tax return as soon as possible please. Book an appointment* with one of our helpful tax advisors and accountancy experts TODAY — we’ll make it easy!

020 8761 8000
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CIS Sub-contractors – Claim Your Tax Refund Now!

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CIS sub-contractor refunds

[Updated April/May 2022]: It’s now time to start the process of claiming your tax refund if you are a sub-contractor working within the Construction Industry Scheme (‘CIS’). Refunds are usually fast through Taxfile.

What you need to do

Don’t delay – book an appointment with Taxfile today by calling 0208 761 8000 and we’ll sort it all out for you. We have staff who speak English, Polish, Pashto, Dari, Russian, French, and Dutch, should you need them on the day. Our Tulse Hill office is at 25 Thurlow Park Road, London SE21 8JP. Call 0208 761 8000 for an appointment — the first 20 minutes is free! Alternatively, you can have a ‘virtual’ appointment with us on Zoom, Teams, Google Hangouts, Skype, FaceTime, WhatsApp or whatever you prefer.

Outside of London? No problem – click here.

We’re open from Monday to Saturday in April & May (including early evenings Mon/Tues)

Our Tulse Hill office is open 6 days a week during April & May and offers Saturday morning appointments plus early evening appointments on Mondays and Tuesdays if standard office hours do not suit you (please call for details).

Check List …