LATEST POSTS
- The Early Bird Catches the Worm — The Benefits of Acting on Taxes Sooner
- Do I Need to Register for Self-Assessment?
- Filing with Companies House – A Guide for Limited Companies
- Demystifying the SA302: Your Tax Summary Explained
- Guide to the Employer Payment Summary (EPS) – for Limited Companies within the CIS
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Tax Enquiries: Guilty Until Proven Innocent!
/in HMRC, Self-assessment, Self-employed, South London, Tax, Tax accountant, Tax enquiry/by TaxfileAn enquiry is defined as seeking information, asking, questioning. Self Assessment is a process now/check later regime. According to HMRC,enquiries encompass all work carried out to check returns after processing – from a single enquiry about one entry in a return to a detailed examination of all the taxpayer’s affairs. Under Self Assessment, taxpayers have […]
2008 Pre-Budget Report
/in Accountants, HMRC, Income tax, NIC, pension credit, Personal allowance, SME, State Pension, Tax, Tax credit, VAT/by TaxfileIn his 2008 Pre-Budget Report speech on 24 November, the Chancellor has set out his actions for supporting people through the difficult times of the current global financial crisis. Among the most important changes to do with tax, VAT and benefits, we can mention the following: •Personal tax allowance increases to £6475, and the basic […]
Statutory Maternity Pay (SMP)
/in Accountants, Employee, Employer, HM Revenue and Customs, HMRC, Maternity Allowance, Statutory Maternity Allowance (SMA), Tax/by TaxfileIf you are expecting a baby, you might be entitled to Statutory Maternity Pay (SMP)to help you take time before and after the baby is born. This is a weekly payment from your employer. Payments of SMP count as earnings so your employer will deduct tax and National Insurance contribution in the normal way. In […]
Childminders and tax
/in Childminders, HMRC, NCMA, Self-assessment, Self-employed, Tax, Tax accountant, Tulse Hill, wear and tear allowance/by TaxfileRegistered childminders are people that work in their own homes to provide care and learning opportunities for other people’s children. Childminders need to declare their income from their self-employment by filling in a self-assessment tax return every year. Many childminders are members of the National Childminding Association (NCMA).The NCMA had an agreement with with HMRC […]
Foster Carers and their tax relief
/in Accountancy, Accountants, Capital gains tax, foster care relief, HMRC, Records, South London, Tax accountant, Tax agents, Taxfile/by TaxfileFostering is looking after someone else’s children in your own home at a time when his or her family is unable to do so. Foster care relief applies to people who get income from providing foster care to children and young people. Anyone receiving this type of income is considered by the tax office to […]
Taxfile: 31st October 2008 deadline
/in Filing deadlines, HM Revenue and Customs, Online returns, penalties, Self-assessment, Self-employed, South London, Tax returns/by TaxfileThe deadline for submitting the details of your income and gains on your Self Assessment Tax Return is still the 31st January. However HMRC has now brought in place a new “paper form” deadline this year to go with the new-style green forms, the final day for submission of these is 31st October. Almost all […]
National Minimum Wage
/in Employee, Employer, HMRC, National Minimum Wage, South London/by TaxfileMinimum Wage is defined as the lowest wage payable to most employees as fixed by law or union agreement. There are three different rates of Minimum Wage: •Adults’ rate for workers aged 22 and over •Development rate for those aged between 18 and 21 •Young people’s rate for those older than school leaving age and […]
Clothing: Wholly and Exclusively for trade purposes
/in expenditure, expenses, Inspector of taxes, London, Self-assessment, Self-employed, wholly and exclusively/by TaxfileWhen dealing with self-employment expenses, great care needs to be taken. An expense needs to have incurred wholly and exclusively for the purpose of the trade in order to be considered allowable. Some expenses by their very nature have a non-trade use and so are disallowed by the Tax Man. So it is the case […]
Pension Contributions and Tax Relief
/in Age-related personal allowance, Married couple's allowance, pension contributions, pension scheme, relief at source, tax-free lump sum/by TaxfileDo I get tax relief on my pension contributions? This is something we hear a lot from our clients. The answer is yes, you do get tax relief on pension contributions, being a good way to save for retirement. The way you get tax relief on pension contributions depends on whether you pay into a […]
Taxfile will help you with tax & accounting
/in Accountants, Self-assessment, Tax, Tax accountant, Tax accountants, Tax advice, Tax advisers, Tax agents, Tax returns/by MarkWe thought it was about time to say a little about ourselves – TaxFile. TaxFile can help with your accountancy and tax issues whether you are an individual needing help filling in your self-assessment tax return, are someone needing assistance with a tax rebate, or are a large organisation needing full accounts work and payroll […]