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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
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VAT Accounting Schemes
/in Cash flow, Flat rate scheme, South London, Standard VAT accounting, Tax accountant, Value Added Tax, VAT, VAT annual accounting, VAT cash accounting, VAT for retailers, VAT margin schemes/by TaxfileUsing Standard VAT Accounting, we must complete four VAT returns each year. Any VAT due is payable quarterly, and any VAT refunds due are also repayable quarterly. In contrast to standard VAT accounting, there are several alternative ways we can account for VAT that could save us time and money. Each of the schemes has […]
Pension Credits
/in guarantee credit, NIC's, pension credit, savings credit, South London, Tax, Tax accountant/by TaxfilePension Credit is a tax-free payment for people aged 60 or over living in Great Britain, giving them extra money each week. In order to get Pension Credit you do not need to have paid National Insurance Contributions(NIC’s). Pension Credit is made up two elements: • Guarantee Credit element which might be paid to people […]
Revenue Determinations
/in Filing deadlines, HMRC, penalties, revenue determination, Self-assessment, Self-employed, Tax, Tax accountant/by TaxfileUnder Self Assessment, taxpayers are required to file their tax return by a certain filing date. If they fail to do so they face the risk of having the HMRC determine their tax liability by raising a so called Revenue Determination. The Revenue Determination is meant to encourage the taxpayer to send in his/her return […]
Non-taxable payments and benefits
/in Employee, Employer, HM Revenue and Customs, Non-taxable benefits, remuneration, South London, Tax, Tax accountant/by TaxfileUnder general tax law, expenses payments and benefits made to certain directors and employees are taxable earnings (better known as remuneration). As it is the case with most rules, there are exceptions where benefits or payments to an employee are not normally taxed: • Annual parties or similar functions provided that the cost incurred by […]
Use of Home as Office
/in Accountants, Capital gains tax, HMRC, Self-employed, South London, Taxfile, Taxman, use of home as office/by TaxfileIf you are self-employed, there is a type of relief called use of home as office that can be offset against your tax liability. If you run your business partially from home you can could set a proportion of your home running costs against income tax.What sounds like a very easy task for any tax […]
Savings Income and Tax
/in Capital gains tax, Higher rate tax payers, HMRC, ISAs, R85, savings income, Tax accountant, Tax Review P810/by TaxfileSavings income is added to your other income and taxed . Banks and building societies are required by law to deduct income tax at 20% from interest before they pay it to you. They pay this to HM Revenue & Customs. This is confirmed by the entry ‘net interest’ on your bank or building society […]
Data Protection Act and HMRC
/in CIS, Construction Industry Scheme, Contractor, Data protection act, HMRC, South London, Subcontractor, Tax, Tax accountant, Taxes management act/by TaxfileAs a tax agent you might have found it quite difficult trying to deal with subcontractors’ tax returns (those working in the Construction Industry Scheme) for the year ending on the 5th April 2008. The main reason behind this situation is the struggle of gathering all the relevant data in order to submit an accurate, […]
Capital Gains Tax (CGT)-2008 Budget
/in Band rates, Capital gains tax, Entrepreneurs' relief, Income tax, Indexation relief, Kink test, Rates, South London, taper relief, Tax, Tax accountant/by TaxfileThe 2007 Pre-Budget report issued in October 2007 announced major changes to the way in which Capital Gains Tax will be calculated for disposals after 5th April 2008. Among the most important changes related to CGT we can mention: •removal of the link to income tax rates and bands, meaning that various rules providing for […]
Lump sums, redundancy & compensation payments
/in Compensation, HMRC, lump sum, NIC, PAYE, pension scheme, Redundancy, South London, Tax, Tax accountant, Tax return/by TaxfileWhen dealing with lump sums, redundancy and compensation payments great care needs to be exercised. The reason behind this is that this type of income will not necessarily be taxed as normal employment income. Up to the first £30,000 of any compensation payment can be paid to you without deduction of tax if it is […]
More surprises in store from the Taxman
/in Tax/by TaxfilePeople who run their business from home could find a big surprise in store for them from April next year. As the government is trying to increase the HMRC‘ s power, the taxman will be allowed to turn up on the taxpayer‘s doorstep, unannounced demanding to inspect his or her records, assets and premises. These […]