LATEST POSTS
- 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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Taxfile,
25 Thurlow Park Road,
Tulse Hill, London
SE21 8JP.
Tel: +44(0)20 8761 8000
Email: info@taxfile.co.uk
CIS Tax Rebates
/in 2019/by TaxfileThe Construction Industry Scheme (CIS) is where a construction contractor deducts, at source, a portion of the money due to their subcontractor. Whatever amount is deducted is then passed directly to HMRC which is then counted towards the tax and National Insurance of a subcontractor. This effectively pays the tax element in advance. How much […]
Making Tax Digital for VAT
/in 2019, Flat rate scheme, HM Revenue and Customs, Standard VAT accounting, Value Added Tax, VAT, VAT cash accounting/by TaxfileFrom 1st of April 2019 HMRC’s VAT Notice 700/22 will come into effect; Making Tax Digital (MTD) for Value Added Tax (VAT). The MTD initiative is believed to benefit HMRC on two levels. It will help to ensure the correct VAT is being paid to HMRC, & seeing that VAT accounts for the highest unpaid […]
Christmas & New Year Opening Times at Taxfile
/in 2017, 2018, 2019, Accountancy, Accountants, Accounts, Christmas, New Year, Opening Times, Self-assessment, Tax returns/by MarkPlease take a look at the calendar above and note our opening times over Christmas and New Year. As you can see, we’re closed on several days over the festive period. This is particularly important for those who need to come to see us for help with time-sensitive accounting and tax-related services in the run-up […]
Autumn Newsletter 2018
/in 2017, 2018, 2019, Accountancy, Bookkeeping, Income tax, London, Newsletter, Self-assessment, Tax, Tax advice, Tax advisers, Tax return, Tax returns, Tulse Hill/by MarkThose of you who are not on our mailing list may be unaware of our latest newsletter. So, we thought we’d post a little about it here, along with a link where you can download an Acrobat PDF version to read at your leisure. Keep on Top of your Taxes The Autumn 2018 Newsletter is […]
A Tax Guide for Landlords with Holiday Lets
/in Accountancy, Accountants, Battersea branch, Dulwich, Holiday lettings, Lettings, Lettings income, property, Tulse Hill/by MarkDo you have a holiday cottage, flat or apartment that you rent out to holidaymakers? If so, our handy ‘Holiday lettings’ guide for landlords could be very useful to you — and it could save you money. It’s packed full of useful information and tax tips that will help you to make the most of your holiday property, at the same time as keeping on the right side of the tax man.
The Pros
We’ve written a section all about the tax breaks that apply to qualifying holiday lets. These include capital allowances for things you pay for when fitting out your holiday property, the tax treatment of expenses, the ability to pay pension contributions on your profits, several types of relief (some of which may affect your exposure to Capital Gains Tax) and small business rate relief.
The Cons
There’s also a section in the guide that covers some of the downsides to tax on holiday lettings. These include the need to get your VAT Registration status and charges right (where applicable) and also the tax treatment of any trading losses.
Qualifying Conditions
Lastly, there’s a section that outlines the qualifying conditions that apply if you want to treat your property as a holiday let rather than as an ordinary rental property. That’s important because different tax rules apply to each category and you could miss out on some excellent tax breaks if you don’t get it right. For example, the holiday rental property must be fully furnished and allow for self-catering holidays. Also, the property must be available for a particular number of days per year and be rented out in a particular way. It should not be occupied by the same tenant(s) for more than
Letting a Room through Airbnb? HMRC Tracks your Income!
/in 2016, 2017, 2018, Airbnb, Battersea branch, Dulwich, Land and property, Landlords, property, Rent a Room Scheme, Tulse Hill/by MarkBack in late 2015, we forewarned that HMRC was planning to force on-line companies like Airbnb to share customer income data with them. That plan has come to fruition and HMRC is now receiving detailed information from Airbnb and other online providers. The data will tell HMRC about lettings income that may have been previously […]
Tax Credits Renewal Deadline Just Days Away – Don’t Miss Out!
/in 2018, Accountancy, Accountants, Child Tax Credit, Tax credits, Working Tax Credit/by MarkIf you’re claiming tax credits and haven’t yet renewed, then you’d be wise to pay very close attention to the following …
Don’t Miss Out
Tax Credits are payments made to eligible people with children and/or very low incomes. Examples include Tax Credits and Child Tax Credits and the payments are made by the UK Government. However, the scheme rules are complex and part of that includes a strict renewal process, with a built-in deadline.
Renewal Deadline
Alarmingly, even if you are already claiming tax credits, there’s a high likelihood that your payments will cease completely unless you take proactive steps to renew your claim to them by 31st July* 2018 — that’s just a few days away at time of writing, so there is no time to lose.
* If your renewal pack states a different deadline, then that applies instead of 31st July in your case.
How to Renew Tax Credits
If you are claiming tax credits, you will be sent a renewal pack.
If your renewal pack has a red line across the first page, then you will need to send a reply.
Note that you can only renew your claim once you have received your renewal pack. Having received the pack, you should then ideally renew your tax credits online although see below for other options.
Automatic Renewal
If your form shows the code ‘TC 603 R’, you do not need to send a reply and your tax credits will be renewed automatically. However, you must make sure that you check the form carefully in case any of your details are incorrect. Should you fail to report any errors or to confirm any changes in your circumstances, your tax credits could stop or you could receive a fine. You can report errors and changes in circumstances using the Tax Credits Online Service.
Online Renewals
Renewing online is HMRC’s preferred method of renewal, via the Gov.UK website.
Telephone Renewals
To renew your claim to tax credits via telephone, simply contact the Tax Credit Helpline on 0345 300 3900 or textphone: 0345 300 3909.
Postal Renewals
You can also renew your tax credits claim by post. Send your claim to: Comben House, Farriers Way, Netherton L75 1AX. Make sure that your renewal claim arrives by 31 July and we also recommend sending by recorded delivery so you have some proof of the arrival date.
What Next?
You should hear back from HMRC within
Undeclared Overseas Assets? Beware the ‘Requirement to Correct’ Deadline!
/in Offshore assets, Overseas assets, Requirement to correct, RTC, Undeclared assets, Undeclared income/by MarkWhat does this mean for me?
If you are a taxpayer with overseas assets which are undeclared as regards income tax, capital gains tax or inheritance tax, you have an obligation to sort things out by 30 September 2018.
People who ignore this requirement and whose income or assets subsequently come to light will face much, much higher penalties and sanctions after the deadline.
Why bother now?
The United Kingdom has signed up for information exchange with a whole host of other countries. The information it receives from them will be input into its intelligence system known as Connect. This increases the likelihood of undeclared sources coming to light.
What if I do nothing?
After the deadline date, if your undeclared sources of income or gains come to light, you will face potential penalties as follows:
If you have a reasonable excuse for failing to correct your tax position, such as failing health for example, then penalties may be reduced or not charged in exceptional circumstances.
Get Started:
If you think you might be affected or are in any doubt, we suggest you act now to avoid any problems before the deadline.
Call Taxfile on 0208 761 8000 for a no-obligation discussion if you want to put things right. Alternatively, book an appointment here. We have a wealth of experience in dealing with voluntary disclosures and negotiating settlements with HMRC, so can definitely help you. We offer tax advice and accountancy services from our offices in Tulse Hill, Dulwich and Battersea in South and South West London.
Second Property & Rented Property ‘Tax Trap’ for the Unwary
/in 2020, Accountancy, Battersea branch, Capital gains tax, CGT, Dulwich, Lettings, London, London SW8, Property investment, property investor, South London, Tulse Hill/by MarkOwners of second properties and let properties need to be aware that HMRC is planning to introduce new rules from 6 April 2020 to require payment of Capital Gains Tax much, much earlier! The window of payment will be reduced from 31 January following the year of the gain to a mere 30 days from the date of the sale.
Effectively, ‘in year’ reporting of the estimated gains – and payment of the tax – is mandatory under the new rules. Failure to report the gains and pay the tax will lead to penalties for landlords and second home owners.
You will only be able to offset losses accrued at the time of the disposal, so losses later in the year will not be available against the payment on account.
Summing Up:
The other difficulty is knowing what rate to apply because a higher rate taxpayer has to pay 28% on a gain but a basic rate taxpayer has to pay tax at 18% up to the limit of the basic rate band that is unused. This is, of course, one situation where Taxfile can help to work out the tax implications for its customers. Tax calculations are what we do best and we’re here to help you!
Note that Scottish tax rates may vary.
HMRC is currently assessing feedback on their consultation, which closed on 6 June 2018.
If you believe this change of rules is wrong, one option is to write to your MP to complain.
Professional Help with Tax & Accountancy – for Landlords & More
For help with accountancy and tax for any property, lettings or any capital gains situation you may find yourself in, contact your nearest branch of Taxfile. We have London offices in Tulse Hill, and Dulwich, in London SE21. Call 0208 761 8000 for an introductory chat or appointment, contact us here or click the bold links for more information. We’ll be happy to help and to get your tax affairs in order.
Making the Most of your Tax Allowances for Small Trading?
/in Accountancy, Accountants, Saving tax, Tax, Tax allowance, Tax calculation, tax experts, Trading Income Allowance/by MarkAre you making the most of your tax allowances for small trading? If you have small earnings from self employment, then it may be advantageous to make a claim for Trading Income Allowance i.e. to claim a flat rate deduction of £1,000 for expenses instead of claiming the actual expenses incurred.
This is just one simple way in which Taxfile’s knowledge of the tax system can help its customers pay less tax in a totally acceptable way from HMRC’s perspective.
Contact your nearest Taxfile branch
Please do contact us for any accountancy work that you or your business(es) require. We’re tax experts and are also very well trusted by HMRC because we deal with them on a daily basis on behalf hundreds of clients. We have several UK branches including…