LATEST POSTS
- 1 Week to the Self Assessment Tax Return Deadline!
- We’re Open on Sunday 25 January 2026 — Beat the Tax Return Deadline!
- Saturday Appointments Available — Book Now for Tax Returns & More
- Information You Need to Supply for Professional Help with Your Tax Return
- Tax Refunds After Redundancy: Claiming Your Cash Back – A Taxfile Guide
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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
Stay Ahead of HMRC Compliance Checks for CIS Contractors
/in 2024-25, CIS, Construction Industry Scheme, HMRC, HMRC enquiry, HMRC investigation, Refund, Self-assessment, Self-employed, Sole traders/by TaxfileAs the new tax year approaches, CIS contractors must prepare for the upcoming 2024/25 tax return season. Last year we witnessed a significant increase in HMRC compliance checks delaying refunds, with many contractors being asked to provide detailed CIS pay/deduction slips and bank account transactions to verify their income.
At Taxfile, we are here to help you navigate these challenges and ensure your tax affairs are in order while offering you peace of mind with our unique HMRC investigation cover. Learn more …
Making Tax Digital for Income Tax: Your Friendly Guide
/in FreeAgent, HMRC, Income & Expenditure, Landlords, Making Tax Digital, MTD, Sage, Self-assessment, Self-employed, Software packages, Sole traders, Xero/by TaxfileTax. The very word can sometimes send shivers down your spine! But what if we told you there’s a way to make things a little less… taxing? Enter Making Tax Digital for Income Tax & Self-Assessment (MTD IT)!
Now, before you click away, hear us out. This isn’t about making tax more complicated. It’s actually about bringing your tax admin into the digital age, which in the long run, can save you time and reduce errors. What’s more, if you work through Taxfile, it could also save you money! Think of it as upgrading from paper maps to Google Maps for your finances!
The Cash Basis is Now the Default — Here’s What You Need to Know
/in Cash basis, Self-employed, Tax accountants, Tax accounts/by Guy BridgerBy Guy at Taxfile.
As of 6 April 2024, the cash basis is now the default method for most self-employed people to prepare their tax accounts. At Taxfile, we’re in favour of this change — not because it solves everything, but because it’s a move toward greater simplicity and transparency. In today’s post we explain what it is, its benefits, how it affects the self-employed, and how Taxfile can offer support through the changes.
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!
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.