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- 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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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 […]
Workers in Construction Industry Scheme
/in CIS, Construction Industry Scheme, Contractor, HMRC, Limited company, Rebate, Self-employed, South London, Subcontractor, Tax accountant/by TaxfileWe recently came across a client who got very confused about becoming a limited company and his tax position. If people are both self employed and/or employed and they only work part of a tax year on that basis, it is likely that they would not have time and understanding of the implications of becoming […]
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 […]