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,
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SE21 8JP.
Tel: +44(0)20 8761 8000
Email: info@taxfile.co.uk
Don’t Miss Out! Your Future Pension Needs YOU! – Check Your NI Contributions by April 5th, 2025
/in 2024-25, 2025, National Insurance, NI, NI Class 3, NIC, NIC's/by TaxfileHave you ever thought about your pension? It might seem far away, but it’s super important to start thinking about it now! One of the key things that helps build your future pension is your National Insurance (NI) contributions. In today’s post, we explain an important deadline that you won’t want to miss out on if you have gaps in your NI contributions and would like to potentially boost your state pension.
Lowering the Secondary Threshold for Employer NI – What You Need to Know
/in 2025, Accountancy, Employment allowance, National Insurance, NI, NIC's/by TaxfileFrom April 2025, the secondary threshold for employer National Insurance (‘NI’) will be lowered. This means that employers will need to start paying employer NI contributions on their employees’ earnings sooner. In today’s post we explain how this will affect employers, how much the employer NICs will increase, changes to the Employment Allowance, and more.
Missed the Tax Return Deadline? What Happens Now?
/in 2021-22, 2022-23, 2023-24, 2024, 2025, Accountancy, Accountants, Deadline, Filing deadlines, HM Revenue and Customs, HMRC, Late return, London, Online returns, penalties, Self-assessment, South London, Tax, Tax accountants, Tax advice, Tax advisers, Tax advisors, Tax bill, Tax returns, Taxfile, Tulse Hill/by Mark[Updated February 2025]: If you missed the 31 January deadline to submit your self-assessment tax return, you are now into the penalty stage. HMRC applies an automatic £100 penalty to those who are anywhere from 1 day to 3 months late. Further penalties are then added if you take even longer to comply. It’s even worse if you haven’t paid the tax owed to HMRC by 31 January because you’ll then owe interest on that too.
Our Advice if You’re Late
If you are late submitting your tax return and/or paying the tax owed, our advice is to:
By doing both, you’ll minimise the penalty and interest payable to HMRC.
* Payment of any historic tax for 2023/24 and prior years is best dealt with by the last day of February at the latest. Any amount that remains due for 2023/24 is considered late thereafter and will attract an automatic HMRC charge of 5%.
31 January Was the Tax Return Deadline!
/in 2023, 2023-24, 2024, 2025, Accountancy, Accountants, Deadline, Dulwich, HMRC, Self-assessment, South London, Tax accountant, Tax accountants, Tax advice, Tax advisers, Tax return, Tax returns, Taxfile, Tulse Hill/by Mark[As at 31 January 2025]: The 31st January is THE FINAL DEADLINE by which you need to file your Self Assessment tax return with HMRC. If you miss that deadline (11.59pm on 31st), you risk a £100 HMRC fine right away plus other significant penalties thereafter. Interest will also be charged from 1 February if tax is not paid by midnight on 31 January (rules apply).
Time is running out, so contact Taxfile for help with your tax return as soon as possible please. Book an appointment* with one of our helpful tax advisors and accountancy experts TODAY and we’ll make filling in and submitting your tax return simple!
Saturday Appointments in January – Book Now for Tax Returns Etc.
/in 2023, 2023-24, 2024, 2025, Accountancy, Accountants, Accounts, Annual Return, Self-assessment, Self-employed, tax rebates, Tax refunds, Tax return, Tax returns, Taxes, Taxfile, Tulse Hill/by MarkTaxfile is open on Saturday mornings in January, by appointment. Saturdays might be useful if you need to see us for your 2023/24 tax return, or any other accountancy work, but can’t do it on a weekday. Saturday slots are limited; there are only 4 Saturdays available in January and opening times will be from 9am until 1pm. So, please book in today if a weekend appointment suits you — before slots are all taken. Late appointments are also available on Mondays, when we open until 6pm, or choose any other weekday if you can come earlier. Please see the footer of our website for latest opening times.
Book in on 0208 761 8000 or book your appointment online (here). We are happy to do virtual (video/phone) or physical appointments at our Tulse Hill office in Thurlow Park Road — whichever suits you best.
Capital Gains Tax Hike: A Blow to Investors
/in 2024, Accountancy, Autumn Budget 2024, Capital gains tax, CGT, Chancellor's Autumn Statement, Crypto Assets, Stocks & Shares/by TaxfileOctober 2024’s Autumn Budget delivered a significant blow to investors with the announcement of increased Capital Gains Tax (CGT) rates. Today, we explore the new rates, how they will affect the sale of assets, and how investors can mitigate their effects.
Accountants for Uber Drivers – Are They Needed?
/in Accountancy, Accountants, Driving for a Living, Self-assessment, Tax returns, The Gig Economy, Uber Drivers/by MarkAre you an Uber driver? If so, you need to ensure that you submit an accurate self-assessment tax return each year and, with new rules and data sharing now in place, it’s never been more important to get your figures right. You may therefore be wondering whether you need an accountant. Today’s guide gives Uber drivers an overview of the main rules for complying with HMRC, what they need to supply, and how accountants like Taxfile can help drivers with accounting, bookkeeping and self-assessment tax returns each year. By getting these right, Uber drivers will keep on the good side of HMRC and fulfil their tax obligations. Doing so will also help them avoid a financial mess and, potentially, nasty penalties from HMRC.
VAT Schemes in the UK: A Guide for Businesses
/in 2024, Bookkeeping, Flat rate scheme, HMRC, VAT, VAT annual accounting, VAT cash accounting, VAT for retailers, VAT margin schemes, VAT returns/by TaxfileFor businesses operating in the UK, understanding Value Added Tax (VAT) schemes is crucial. Not only does VAT impact your cash flow, but navigating the different options can feel overwhelming. This blog post simplifies VAT schemes in the UK, helping you choose the most suitable one for your business.
A Brit’s Guide to Value Added Tax Returns
/in 2023-24, 2024, Book keeping, Bookkeeping, HMRC, Software packages, Taxfile, Value Added Tax, VAT, VAT returns/by TaxfileVAT — the three little letters that strike fear into the hearts of many a Brit. But fear not, fellow taxpayer! Today, we’re taking a break from the spreadsheets and diving into the delightfully quirky world of UK VAT returns. Let’s take a look.
The Early Bird Catches the Worm — The Benefits of Acting on Taxes Sooner
/in 2023-24, Filing deadlines, HMRC, Self-assessment, Self-employed, Sole traders, Tax, Taxfile/by Taxfileby Ali at Taxfile.
For many self-employed UK taxpayers, the January Self-Assessment deadline looms like a tax-shaped storm cloud. But what if you could banish that pre-deadline panic and transform tax season into a breeze?
Psychology tells us that we are motivated when one set of thought processes outweighs the opposing ones, tipping the balance to make us act. With that in mind, here are 7 key things that may motivate you to act on your taxes sooner rather than later.