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Information You Need to Supply for Professional Help with Your Tax Return
/in 2022-23, 2023-24, Accountancy, Accountants, Dulwich, Income tax, Self-assessment, Self-employed, Sole traders, South London, Tax, Tax advice, Tax advisors, Tax return, Tax returns, Tulse Hill/by MarkIf you’re self-employed in the UK, you need to file a self-assessment tax return each year. It’s not only the self-employed, though. If you are on a higher income* or receive untaxed income from property rental, savings, investments, or dividends, you also have to submit a return. Getting all the fields filled in properly and the figures right can sometimes be difficult, though. That’s where professional help will be worth its weight in gold. But what information will your accountant or tax advisor need from you? That’s what today’s post is all about, and we’ll explain exactly what information you’ll need to supply.
* (Those earning more than £100,000 currently, or over £150,000 from next year).
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.
Do I Need to Register for Self-Assessment?
/in Accountancy, Directors, HMRC, Self-assessment, Self-employed, Tax returns/by Taxfileby Mohamed at Taxfile.
In today’s guide, we look at the rules around whether or not you need to register for Self-Assessment and submit a tax return to HMRC each year. Let’s take a look.
Reasons to Register for Self-Assessment
You generally need to register for a Self-Assessment tax return if your income isn’t taxed at the source, meaning the tax isn’t automatically deducted from your wages/salary. Here are some common scenarios where you would need to register for self-assessment:
Filing with Companies House – A Guide for Limited Companies
/in Accountancy, Companies House, Limited companies/by TaxfileCompanies House is the Government agency responsible for maintaining the public register of companies in the UK. Filing with Companies House typically refers to the submission of various documents and records, as required by the registrar of companies in the United Kingdom. In today’s guide, we’ll take a look at what types of document need to be filed, when to file them, and what happens if they’re not filed on time.
Demystifying the SA302: Your Tax Summary Explained
/in HM Revenue and Customs, HMRC, SA302, Self-employed, Sole traders, Tax calculation/by Taxfileby Faiz at Taxfile
An SA302 is a document issued by HM Revenue & Customs (HMRC) that summarizes your income tax calculation for a specific tax year. It shows how your tax bill was arrived at, including your income from various sources, any deductions and allowances, and the final amount of tax owed or refunded. In today’s guide, we explain why your SA302 is important, how and where to get a copy of it, and why it’s important to check tax returns and avoid errors.
Guide to the Employer Payment Summary (EPS) – for Limited Companies within the CIS
/in Accountancy, CIS, CIS300, Construction Industry Scheme, Contractor, Contractor Monthly Return, Employer Payment Summary, EPS, Limited companies, South London/by Taxfileby Daniel at Taxfile.
Understanding the Employer Payment Summary (EPS) monthly claims for limited companies within the CIS
Limited company contractors operating within the Construction Industry Scheme (CIS) have distinct payroll obligations, including the submission of their Employer Payment Summary (EPS). In today’s guide, we’ll explain what the EPS is, its purpose, and the submission rules limited companies have to follow if they work within the Construction Industry Scheme.