LATEST POSTS
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- 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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Monday: 9 am-6 pm
Tuesday: 9 am-6 pm
Wednesday: 9 am-5 pm
Thursday: 9 am-5 pm
Friday: 9 am-2 pm
Saturday: Answerphone
Sunday: Answerphone
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CONTACT US
LONDON OFFICE:
Taxfile,
25 Thurlow Park Road,
Tulse Hill, London
SE21 8JP.
Tel: +44(0)20 8761 8000
Email: info@taxfile.co.uk
Wandsworth Council chooses Taxfile for its Tax Return Support Scheme
/in 2020, Accountants, Advice, HMRC, Income tax, London, Self-assessment, Self-employed, Sole traders, South London, Tax, Tax advice, Tax calculation, Tax returns/by TaxfileIn an extraordinary measure to help its community, Wandsworth council has set up a Tax Return Support Scheme for those needing to do a 2018/19 tax return in order to qualify for the Self-employment Income Support Scheme (SEISS). In response to COVID-19, SEISS will provide direct cash grants worth 80% of trading profits up to […]
Coronavirus: Government Support for the Self-Employed
/in 2020, Cash flow, Chancellor of the Exchequer, Income tax, Landlords, Self-assessment, Self-employed, Sole traders, Uncategorized, Unique Tax Referance Number, UTR, Value Added Tax, VAT/by TaxfileRishi Sunak, the UK Chancellor of the Exchequer has announced the self-employed and those who run a business as a partnership are to receive 80% of earnings, calculated from the mean average of their trading profits for the 3 previous tax returns (2016/17, 2017/18, & 2018/19). The trading profit is the taxable profit that is […]
Landlords & Property Investors Take Note: New Capital Gains Tax Rules for 2020
/in 2020, Budget, Capital assets, Capital gains tax, CGT, Chancellor of the Exchequer, HM Revenue and Customs, HMRC, Land and property, Landlords, Lettings, Lettings income, Limited company, Principal Private Residence, Property investment, property investor, Self-assessment, Sole traders, Stamp Duty, Stamp Duty Land Tax, Stamp Duty Reserve Tax/by TaxfileThe new capital gains tax (CGT) rules will come into effect on April 2020, which will more than likely impact the sales of most additional properties in the UK. CGT is paid on profits from the sale of investment properties that are not the sellers main place of residence. The amount of CGT paid is […]
We Submitted Over 400 Tax Returns in January!
/in 2016, 2017, 2018, 2019, 2020, Accountancy, Accountants, Battersea, Deadline, Dulwich, HMRC, penalties, Self-assessment, Tax advice, Tax returns, Tulse Hill/by MarkTaxfile 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
Your Tax Return – All Wrapped Up for Christmas!
/in 2018, 2019, 2020, Accountancy, Accountants, Income tax, London, Save money, Self-assessment, South London, Tax refunds, Tax return, Tax returns, Tulse Hill/by MarkUrgent: 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.
Saturday opening
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
Tax Time! Opening on Saturdays as of November.
/in 2019, 2020, Book keeping, Bookkeeping, payments on account, Personal allowance, Self-assessment, Self-employed, Tax, Tax calculation, UTR/by TaxfileNeed Help Filing Your Tax Return? Make an Appointment to Beat the Rush! Your Self Assessment Income Tax for 2019-20 will need to be submitted and an initial payment be made to HMRC by no later than 31/01/2021. This means that you need to calculate your income tax for the period 06/04/2019 through to 05/04/2020. […]
Domestic Reverse Charge for VAT within the Construction Industry Scheme
/in 2019, CIS, Construction Industry Scheme, Contractor, Contractor Monthly Return, Flat rate scheme, HMRC, Value Added Tax, VAT/by TaxfileIMPORTANT UPDATE! On 06/09/2019 HMRC announced that the Domestic Reverse Charge will be postponed for 12 months and will come into effect 01/10/2020. Their official statment; “To help these businesses and give them more time to prepare, the introduction of the reverse charge has been delayed for a period of 12 months until 1 October […]
The Early Bird Gang
/in 2019, Band rates, CIS, HM Revenue and Customs, HMRC, Income tax, Landlords, PAYE, PAYE threshold, Personal allowance, Self-assessment, Self-employed, Sole traders, Tax, Tax calculation, Taxfile/by TaxfileHMRC expects people to do tax returns for various reasons; Those that have an income outside of a PAYE scheme (i.e. self-employed) High earners on PAYE schemes, earning above £100K Company Directors & Shareholders Landlords who have rental incomes The tax returns calculated generally run between the dates 06/04/xx through to 05/04/xy, the calculation, submission, […]
HMRC’s Anti-Money Laundering Fees Increase
/in 2020, Accountancy, HM Revenue and Customs, HMRC/by TaxfileIn December 2018, the Financial Action Task Force (FATF), an organisation founded on the initiative of the G7 to develop policies to combat money laundering, stated; ‘…the UK had a well developed & robust regime to effectively combat money laundering & terrorist financing. However, it needed to strengthen its supervision, & increase the resources of […]
Making Tax Digital (MTD) delayed due to Brexit
/in 2020, Corporation tax, HM Revenue and Customs, HMRC, Income tax, Making Tax Digital, MTD, Self-assessment, Tax, Value Added Tax, VAT/by TaxfileHMRC delays the rollout of Making Tax Digital (MTD) for businesses & individuals beyond 2021: Even though MTD for VAT has been rolled out, the wider extension of the MTD scheme for individuals & businesses has been delayed till at least 2021. The Chancellor’s 2019 Spring Statement mentioned; “The focus will be on supporting businesses […]