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- 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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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 […]
Business Payment Support Service
/in BPSS, Business Payment Support Service, Corporation tax, HMRC, National Insurance, South London/by TaxfileBusiness Payment Support Service (BPSS) was launched on 24 November 2008. This service is designed to support businesses having trouble payment their tax bills in the current economic crisis. Very important to realise is that this service does not deal with anyone that has already made a payment arrangement with HMRC . Also, the BPSS […]
Taxfile: Introduction to IR35
/in Contractor, HMRC, IR, NIC's, Tax, Tax advice/by TaxfileIR35 is an Intermediaries legislation which took effect from April 2000. According to HMRC, the aim of IR35 is “to eliminate the avoidance of tax and National Insurance Contributions (NICs) through the use of intermediaries, such as Personal Service Companies or partnerships, in circumstances where an individual worker would otherwise – •For tax purposes, be […]
Enquiry Meeting: One Big Interview
/in Enquiry meeting, HMRC, Tax agents, Tax enquiry, tax inspector/by TaxfileAccording to the HMRC, during a tax investigation, meetings between the taxpayer and the tax inspector play a vital role. Why is that? Because according to HMRC, this is the easiest way to obtain information about the taxpayer’s business and settle the enquiry faster. Also, meetings between the taxpayer and the tax inspector ”ensure that, […]
Arising and Remittance basis of taxation
/in Arising basis, HMRC, Non ordinary resident, Non-domiciled residents, RBC, remittance basis, Remittance Basis Charge, South London, Tax accountants, Tax advice, Tax agents/by TaxfileAs resident in the UK you are being taxed on an Arising basis. Arising Basis of Taxation means you will pay UK tax on all of your income as it arises and on your gains as they accrue, wherever that income and those gains are in the world. The Remittance Basis of Taxation is an […]