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SE21 8JP.
Tel: +44(0)20 8761 8000
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Tax Health Plan (THP)
/in Accountants, Disclosure, HMRC, penalty, taxpayer, THP/by TaxfileThe HM Revenue & Customs is offering a disclosure opportunity for medical professionals known as Tax Health Plan (THP). Under the plan, medical professionals have until 31 March 2010 to notify the HMRC that they will be making a disclosure of any undeclared tax bills. After which the full disclosure and payment of all outstanding […]
Ministers of religion and their allowable expenses
/in expenses, Tax/by TaxfileThere are certain expenses that you can claim as a minister of religion as long as they are incurred wholly and exclusively for the duties of the office or employment. • The cost of ministry journeys from one place of work to another. • Also allowable are related costs of accommodation and meals. • Maintenance, […]
31st January Deadline
/in Tax returns/by TaxfileIf you have not submitted your tax return to HM Revenue and Customs already, you must do it online by the end of this month. If HMRC receive your tax return after 31 January you will be liable for a late filing penalty of £100. But even if if you miss the deadline for your […]
PBR 2009 and the taxpayer
/in Budget, Tax/by TaxfileThe 2009 Pre-Budget Report was published on 9 December 2009. The Report covers a lot of issues but we will only focus on the ones affecting self employed individuals. According to the Pre-Budget Report 2009, the tax rates and thresholds for the year ended on 5th April 2011 will remain the same as the ones […]
Venture Capital Trust (VCTs) and tax
/in HMRC, Tax advice, Tax agents, Taxfile, VCTs, Venture Capital Trusts/by TaxfileVenture Capital Trusts were schemes introduced in 1995 to encourage individuals to invest in high-risk trading companies. With a VCT the risk of the investment is spread over a number of companies. VCTs must be approved by HMRC and must meet a certain qualifying conditions. If you have subscribed for shares in Venture Capital Trusts […]
31st October Deadline
/in Filing deadlines, HMRC, Tax returns, Tulse Hill/by TaxfileIf you would like to send your tax return for the year ended on 5th April 2009 by paper, you would have to do it by the end of this month. Very important to remember is that the tax return has to reach HM Revenue & Customs by Saturday 31st October. If you send your […]
Changes to Minimum Wage from 1st October
/in Barrister's tax, Employee, Employer, National Minimum Wage, South Circular, Tax agents, Tulse Hill/by TaxfileAs explained in a previous blog post, Minimum Wage is defined as the lowest wage payable to most employees as fixed by law or union agreement. As from 01/10/09 new rates came in place: •£5.80 – as the main rate for workers aged 22 and over; •£4.83 – the 18-21 rate; •£3.57 – the 16-17 […]
Interest in Land and Property
/in HMRC, Landlords, Lettings income, property investor, South London, Tax agents/by TaxfileAs a landlord or a property investor, you are able to claim interest relief by offsetting it against your lettings income. So even if you have an interest-only mortgage or a repayment one you can still claim the interest.Also if you take a personal loan and you use it entirely for the purpose of your […]
Taxfile: Barristers and Tax
/in Barrister's tax, Cash basis, South London, Tax, Tax accountant, true and fair view, Tulse Hill/by TaxfileAs a barrister you are treated as self employed by HM Revenue and Customs. Historically barristers computed their professional profits for tax purposes on a “cash basis.” Fees were brought into account only when received, and expenses only when paid. From fiscal year 1999/00, it is required that all professionals including most barristers to compute […]
Payments on account towards 2009/10
/in Accountants, HMRC, Interest rates, payments on account, South Circular, Tax liability, Tulse Hill/by TaxfilePayments on account are normally required from any taxpayer who is assessed to income tax, of any amount, for the preceding tax year (HM Revenue and Customs). These payments are due by the end January and July each year. You will be asked to make two payments on account for the current tax year if […]