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- Information You Need to Supply for Professional Help with Your Tax Return
- Tax Refunds After Redundancy: Claiming Your Cash Back – A Taxfile Guide
- Decoding IR35: Your Guide to Contractor Tax Status
- UK Landlords: Is Your Portfolio Ready for the Digital Tax Revolution? (Making Tax Digital for Landlords)
- Companies House ID Verification 2025: A Director’s Guide to the New UK Rules
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Bounce Back Loans for Struggling Businesses: Ending 30 November!
/in 2020, BBLS, Bounce Back Loan Scheme, Chancellor of the Exchequer, Coronavirus, COVID-19, Government support, Pandemic/by MarkIf 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 a few weeks away at time of writing. There are some great features, so don’t miss out if you need financial support …
Job Support Scheme Replaces the Job Retention Scheme from 1st November 2020
/in 2020, 2021, Chancellor of the Exchequer, coronavirus, COVID-19, Government support, Pandemic, PAYE, Self-assessment, Self-employed, VAT/by TaxfileThe Job Retention Scheme (JRS) winds down at the end of October. It will be followed, for the next six months, by a new job support scheme, which subsidises the wages of employees working at least a third of their normal hours, to further support viable UK employers who face lower demands due to COVID-19.
In an attempt to keep employees attached to the workforce, the Government will be introducing a new Job Support Scheme from 1 November 2020, where employees will need to work a minimum of 33% of their usual hours.
For every hour not worked the employer and the Government will each pay one third of the employee’s usual pay. The government contribution will be capped at £697.92 per month.
Employees using the scheme will receive at least 77% of their pay (where the Government contribution has not been capped) & the employer will be reimbursed in arrears for the government contribution. The employee must not be on a redundancy notice.
The scheme will run for six months from 1 November 2020 and is open to all employers with a UK bank account and a UK PAYE scheme.
All Small and Medium-Sized Enterprises (SMEs) will be eligible. Large businesses will be required to demonstrate that
Making Tax Digital for Income Tax Self Assessment (MTD IT). Are you ready?
/in Buy to let, HM Revenue and Customs, HMRC, Income & Expenditure, Income tax, Landlords, Making Tax Digital, MTD, Self-assessment, Self-employed, Software packages, Sole traders, Tax return, Tax returns, Taxes, Taxfile/by TaxfileThe Government has now pencilled in what they regard as a firm date to implement MTD for IT, for all landlords and business owners that have an income above £10,000. The next accounting period starting on or after 06/04/2023 that meet the above mentioned criteria will need to be compiled & submitted via MTD-compatible software. […]
Further Delays on the Roll-Out of the Domestic Reverse Charge for the Building & Construction Services.
/in 2020, 2021, Accountants, Cash flow, CIS, Construction Industry Scheme, Subcontractor, Value Added Tax, VAT/by TaxfileThe domestic reverse-charge is a major change to the way VAT is collected by HMRC in the building and construction industry reporting under the Construction Industry Scheme (CIS).
It was being introduced to combat VAT fraud in the sector and the initial roll-out on 1st October 2019 was delayed due to a combination of the sector being ill-prepared for the change and Brexit. The date was moved forward 12-months to 1st October 2020 but due to COVID-19 the start date has been further advanced to 1st March 2021.
At Taxfile, we will start contacting our VAT clients working under the CIS, in preparation for the 1st March 2021 start date.
If you would like to know how to prepare your business for this, you will need to:
Making Tax Digital – A New Time Line
/in 2020, 2021, 2022, Accountants, Annual Allowance (AA), Capital gains tax, CGT, Digital tax accounts, HM Revenue and Customs, HMRC, Income & Expenditure, Income tax, Landlords, Lettings, Making Tax Digital, MTD, property, Sole traders/by TaxfileMaking Tax Digital (‘MTD’) was announced as the new initiative by HMRC to revolutionise and modernise the tax system in the UK. MTD centres around keeping digital financial records that can then be accessed by software to calculate and submit taxes through to HMRC. The goal is that there will be direct ‘digital link’ between the financial […]
Watch Out – Fraudsters Are About!
/in Accountancy, Accountants, Deadline, Fraud, HM Revenue and Customs, HMRC, Phishing, Scams, South London, Tax, Tulse Hill/by MarkHave 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:
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 you’re going to give HMRC information and want to be sure it’s genuine, you need to
Income Tax – Second Payment on Account Deferral
/in 2020, 2021, HMRC, Income tax, Self-assessment, Self-employed, Tax, Tax advice, Uncategorized/by TaxfileThe self-assessment tax line usually follows the process outlined in the image below, with 31st July signalling the last day you can make your second payment on account before interest would be charged. However, due to COVID-19, the 2nd payment on account can now be deferred till 31/01/2021. This means that the amount needs to […]
2nd SEISS Grant Applications – NOW OPEN!
/in 2020, HM Revenue and Customs, Income support, Income tax, Self-assessment, Self-employed, Sole traders, Taxfile/by TaxfileThe Government previously announced that, much like the furlough scheme, the Self-Employment Income Support Scheme (‘SEISS’) is to be extended for a second period and in fact it’s now open for applications. If your business has been adversely affected as a result of COVID-19 on or after 14th July 2020 you can make a claim […]
First SEISS Grant Application Deadline Day Looms
/in 2020, Deadline, Income support, SEISS, Self-assessment, Self-employed, Sole traders, Taxfile/by TaxfileBack in April, as a result of the Coronavirus pandemic, the Government announced the Self Employment Income Support Scheme (‘SEISS’), a taxable grant to support self-employed individuals and businesses affected by COVID-19. The deadline for claiming this initial grant has been set as Monday 13 July 2020. After this date you will no longer be […]
Tax Returns for Self-Employed Londoners – Special Offer!
/in 2018, 2019, 2020, Accountants, CIS, Construction Industry Scheme, London, Online returns, penalties, Self-assessment, Special Offers, tax rebates, Tax refunds, Tax returns/by MarkAre 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