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TaxFile are offering a 5% reduction for clients who can submit their accounts to us before December 21st this year. This helps both of us — you receive a 5% reduction in your bill and it eases the rush in the New Year, our busiest time. For example you could use this opportunity to reduce […]
Check out Taxfile’s latest e-newsletter to find out our latest tax news and easy ways you can save money — but only if you act fast. Taxfile’s friendly staff are always available to help on all matters regarding tax and if you come in before 21st December we’ll give you a discount – check out […]
In an almost unprecedented move, the House of Lords has backed a motion asking the government to revise its proposed tax credit cuts. This is the first time in 100 years that the lords have voted down a financial package and this is an embarrassing blow to George Osborne. The Chancellor has been asked to […]
A warning and reminder to landlords: the Chancellor’s Summer budget back in July will hit buy-to-let investors’ profits once the changes kick in, so now is the time to start planning ahead. Not all landlords will be affected though; if their rental property is mortgage free or if they sell within the next 2 years […]
Hosts who rent out a spare room could soon see themselves being straddled with an unexpected tax bill if companies like ‘Airbnb’ are forced to share data with UK authorities. Airbnb, the website that allows you to list, find or rent a room in a private residence, has announced that it now has to share […]
If you have paid either too much or too little tax during the financial year, HMRC will send you a ‘P800 Tax Calculation’ some time between now and October 2015. If you’ve paid too much tax If you’ve paid too much tax then you will receive a cheque for the overpayment within 2 weeks of […]
The Summer Budget was announced last week and in this blog post we’ll take a look at only those changes which will affect ordinary taxpayers and SMEs. In his opening remarks, the Chancellor of the Exchequer, George Osborne, promised: A Budget … to keep moving us from a low wage, high tax, high welfare economy; […]
The Client A new client, Mr ‘K’, is a higher rate taxpayer who previously used to file his own tax returns. The Problem Mr K got into a complicated financial situation in 2013/14 due to having received redundancy pay, severance pay waiver, investment income, PAYE income and pension income. He needed professional guidance and advice […]
If you STILL haven’t filed your tax return despite the end of May being almost upon us, you’ll owe £410 in HMRC penalties by the end of this week. Continue to throw money down the drain at the rate of £10 extra per day thereafter if you still don’t submit your return. As we explained […]
If you still haven’t filed your tax return for the financial year up to 5 April 2014 you can expect the penalties from HMRC to begin racking up daily — and potentially very significantly — starting from Friday 1 May. If you missed the 31 January Tax Return deadline … If you missed the 31 […]
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