Small traders with very modest incomes are currently eligible for a couple of very useful allowances. Both of these could save them money — and some paperwork: 1. Tax-Free Allowance for small traders If you receive income of no more than £1000 per annum (before expenses) from property or trading income, you don’t need to […]
Mark helps companies market themselves online, through search-engine-friendly copywriting, search engine optimisation (SEO) and content writing for websites, blogs and social media. This radically improves search engine rankings and increases qualified traffic and enquiry levels for any business. Other creative services include high quality graphic design and the design and build of responsive websites. We also specialise in social media marketing (SMM) and the management of pay-per-click advertising campaigns including Google Ads. Learn more here.
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The standard Self-Assessment Tax Return includes all the usual areas that you’d expect to have to confirm to HMRC. These include the obvious things like personal details, information about income for the period in question, any assets, dividends, interest received, pensions and so on. However, there are a number of additional areas that you need […]
If your small or medium-sized business has struggled due to adverse trading conditions caused by the pandemic, it may be eligible for a support loan through the Government’s Bounce Back Loan Scheme (‘BBLS’). However, time is running out — you only have until 4 November 2020* to arrange the loan with a lender. That’s just […]
Have you noticed a significant increase in the number of scam calls, phishing emails and dodgy texts to your mobile in recent weeks? We certainly have. Some of Taxfile’s customers have been asking if any are genuine, so we thought we’d send out this warning …
If you receive a call, email or text from HMRC asking for your personal or financial details, it’s simple: DO NOT to give ANY information away via text, email or to someone calling you by telephone. They could be anyone! Your information will be used against you if it gets into the wrong hands — and that could potentially cost you a LOT of money. So if they call, text or email you out of the blue:
- don’t confirm your date of birth,
- don’t confirm your National Insurance Number,
- don’t tell them your your mother’s Maiden name,
- don’t confirm your Unique Taxpayer Reference (‘UTR’) or any other piece of personal or financial information,
- … even if they say it’s urgent (most fraudsters will say it is, so as to panic you into divulging your information).
Even one bit of data given away can be dangerous these days. ‘Social Engineering’ scams can use one bit of information as a starting point to eventually build a more complete picture of your sensitive data. Once they have enough pieces of the jigsaw, they can potentially take over your identity, empty your bank account or go on a spending spree with a credit or debit card issued in your name. People have lost thousands! So, the message is to be careful not to give anything away via email, SMS/text or to someone who has telephoned you out of the blue.
If HMRC do send you a genuine email, text your mobile or call you, they will never ask for personal information, financial information or payment details. It may help you to check here to see a list of genuine communications that HMRC has recently sent.
If you’re going to give HMRC information and want to be sure it’s genuine, you need to
Are you self-employed? Are you late filing your 2018/19 Self-Assessment tax return? If so, now is the time to get Taxfile to sort it out for you.
There are 4 important reasons why you should file your tax return now:
1. Save money, with our special offer!
For a very limited time, we are offering to do 2018-19 Self-Assessment tax returns for self-employed Londoners for just £199 + VAT (our usual pricing is from £277 + VAT). That’s a saving of nearly £94 including VAT.
2. Stay eligible for Government Help during the lock-down
Self-employed people who are struggling financially during the coronavirus lock-down may be eligible for financial help from the Government. This is in the form of their recently announced Self-Employed Income Support Scheme (‘SEISS’). However, to remain eligible, you must have filed your 2018/19 Self-Assessment tax return by 23 April. If you miss that deadline, you will no longer be eligible for that Government assistance.
3. Avoid severe fines from HMRC for being so late
The original deadline for submission of your 2018/19 Self-Assessment tax return was actually 31 January 2020. So, if you didn’t already file your tax return by that date, you already owe HMRC a fine of £100 minimum. That’s nothing, though, compared to the penalties they will start charging you after April. From 1 May, you will owe an additional £10 per day, every day from that date if you still haven’t filed your 2018/19 tax return. So, for example, after a week you’ll owe the original £100 plus an additional £70 as a minimum, or the £100 plus a further £140 after two weeks and so on. You may also be charged interest on top of all of that if you owed HMRC a tax payment on the original 31 January deadline and still haven’t paid it.
4. You may be due a tax rebate
Some self-employed people may be due a tax rebate. This depends upon your
Taxfile prepared and submitted more than 400 Self-Assessment tax returns for clients during January. That’s about a hundred a week and goes to show just how busy it gets for us during January, the busiest month in our accounting calendar.
Did you submit your tax return on time?
The deadline for submission of your tax return (and payment of any tax due) was 31st January at midnight. Did you manage to submit yours in time? If not, you’re already into the ‘penalty’ period where HMRC basically fine you for being late. The penalty comes in the form of an initial £100 fine but that increases, potentially very significantly, as you get later and later with your tax return submission. If you look at the table below, it’s safe to say that you can end up owing a thousand pounds or more if you bury your head in the sand and are 3 months late, or more. If you continue to leave your tax payment and tax return submission outstanding for six months or more, the penalty is £1300 as a minimum – perhaps more (it depends upon how much tax you owe).
Is your tax return & tax payment late? Taxfile can help!
If you are late submitting your tax return or paying tax and don’t know how to straighten things out, don’t
[Updated August 2020] 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 there is a genuine reason why you were late with your return, and it fits certain criteria, you have the option to appeal …
Circumstances that are taken into account by HMRC when considering appeals include:
- if a close relative or partner died shortly before the tax return or payment deadline;
- if you had to stay in hospital unexpectedly;
- if you had a life-threatening or serious illness;
- if your computer or software failed at the time you were preparing your online return;
- if HMRC’s online services were disrupted;
- if you were prevented from filing your return or paying your tax because of a fire, flood or theft;
- if there were unexpected postal delays;
- and occasionally other reasons which, if genuine, HMRC may deem to be relevant.
Excuses that aren’t usually accepted by HMRC include:
[As at 31 January 2020]: 31st January was the last day to file your Self Assessment tax return on time with HMRC. Did you miss the deadline? If so, you’ll straight away be in for a £100 fine from HRMC, and if you continue not to submit your return, other penalties will soon also be added to your debt (click here for more details). So don’t delay — contact Taxfile to book an appointment with one of our helpful tax advisors and accountancy experts.
We’ll make filling in and filing your tax return a breeze and what’s more, we’re currently open 6 DAYS A WEEK from now until the end of January (Saturday mornings by appointment only). Don’t leave it to the last minute, though, as there is always a bottleneck for those who do — so come in as early as you can this week.
It doesn’t matter if you have zero tax to pay – you still need to submit your tax return on time! You also need to have paid HMRC any tax due for the 2018-19 financial year by the same 31 January deadline.
So get our professional help with filing of your tax return — you can book an appointment online, drop by the Tulse Hill shop or the Battersea office to book one, send us an email message via our contact form or, better still, simply call us on 0208 761 8000 and we’ll book you in and help sort out your tax return accurately and on time. Don’t delay — time is quickly slipping by and if you leave it too late you’ll be caught in the last minute bottleneck!
We’ll require your records, figures and receipts for the financial year 6 April 2018 to 5 April 2019.
* Please note: in extremely busy times such as January, a deposit may be required before commencement of appointments.
Urgent: rather than waiting until January, start sorting out your Self-Assessment Tax Return out right now.
Why now? Well, because every tax expert and accountant in the land is about to hit their busiest month in the accounting year — January. For tax professionals, January is a frantic time because everyone wants their tax matters sorted out at the same time due to HMRC’s deadlines. So, we have to take on extra staff, extend our opening hours and open at weekends — just to keep up with the demand. All of this costs extra money, so we have to increase charges a little during January to cater for the enormous increase in workload. January also becomes quite a bottleneck. In January alone, we are likely to have to prepare and submit around 500 Self-Assessment tax returns for our customers and that’s a very tall order.
So — act now & save money on your tax return
You can avoid extra charges by coming in to see us for your tax return now — well before January. It makes sense to come in early in November or December if you can. That way, we can have your tax affairs sorted in time for Christmas, avoiding the bottleneck. You can then relax in the knowledge that your tax matters have been sorted, ahead of the rush, at the best possible price.
We’re open Saturday mornings at Tulse Hill from 9am until 1pm for a limited time. So, make the most of this opportunity and book a weekend appointment now, while it costs nothing extra.
Get a tax refund for Christmas!
We can help prepare and submit your Self-Assessment tax return and let you know the all-important amount of tax you need to pay or, indeed, may even be owed by HMRC. If you’ve overpaid tax, we could even get your refund for you in time for Christmas — what a
[As at 31 January]: TODAY IS THE FINAL DAY to file your Self Assessment tax return with HMRC. Miss the deadline (11.59pm on 31st January 2019) and you’ll straight away be in for a £100 fine from HRMC, so don’t delay — contact Taxfile AFTER 9AM to book an appointment with one of our helpful […]
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