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LONDON OFFICE:
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25 Thurlow Park Road,
Tulse Hill, London
SE21 8JP.
Tel: +44(0)20 8761 8000
Email: info@taxfile.co.uk
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Non-residency Tax Issues
/in Capital gains tax, Double-taxation agreement, Non-resident, residency, South London, split-year treatment, Tax accountant, Tax advice/by TaxfileThe United Kingdom (UK) charges tax on income arising in the UK, whether or not the person to whom it belongs is resident in the UK. United Kingdom also charges tax arising outside the UK which belongs to people resident in the UK. If a person is resident in the UK he or she is […]
New penalties for inaccuracies in returns
/in Tax/by TaxfileThe new penalties are mainly introduced to penalise those who deliberately evade tax. The penalties apply to inaccuracies in returns or other documents for VAT, Construction Industry Scheme (CIS), Income Tax, Corporation Tax (CT), Capital Gains Tax (CGT) and employers’ PAYE (Pay As You Earn) and National Insurance Contributions (NICs). Penalties are with effect from […]
Student Loan Deduction
/in Annual threshold, HMRC, P45, South London, student loan deductions, student loan repayments, Tax accountant, Tax advice, Tax agents/by TaxfileStudent Loans are considered to be a financial support package for students in higher education in the UK with the Government’s help. They are available to help students meet their expenses while they are studying. HM Revenue & Customs is responsible for collecting repayments of Student Loans in cases where the borrower is within the […]
Types of CIS cards in the Construction Industry Scheme
/in CIS, cis gross payments, CIS4, CIS5, CIS6, Construction Industry Scheme, HMRC, National Insurance, PAYE, registration card, South London, Tax certificate/by TaxfileThere are five types of registration cards and certificates used in the Construction Industry Scheme: CIS 4(P) is the permanent registration card issued to most subcontractors. It entitles the holder to be paid with a deduction on account of tax and National Insurance contributions. It does not have an expiry date but it shows the […]
No April Showers for Landlords!
/in Buy to let, Capital gains tax, HMRC, Land and property, Landlords, Taxpayers/by TaxfileLandlords may benefit by having a Taxfile safety net. Landlords and taxpayers with small amounts of freelance earnings could well expect to find a Tax inspector appearing unannounced at their Buy to Let property or small home business enterprise! Proposals included in last weeks finance bill and coming into force on April 1st 2009, will […]
April’s tax reforms
/in Capital gains tax, CGT, Income tax, Indexation relief, National Insurance, Non-domiciled residents, State Pension, taper relief, Tax, Tax bands/by TaxfileOne of the most significant changes in the tax year 08/09 is the adjustment to income tax bands. The 10% band is being scrapped and the 22% band is being replaced by a 20% band. The income above £41,435 is taxed at 40 %. There will also be changes to the amount of national insurance […]
What are the tax credits?
/in CTC, Rates, Tax, Tax accountant, Tax advice, Tax credit, thresholds, WTC/by TaxfileTax credits are payments the Government makes to you if you live in the UK and are in a paid work, responsible for children or both. There are two types of tax credits: Working Tax Credit (WTC) and Child Tax Credits (CTC). The CTC has the following parts: • a family part • a baby […]
What is equitable liability?
/in Appeal Commissioners, Capital gains tax, Equitable liability, HMRC, Inland Revenue, Tax determination, taxpayer/by TaxfileInformation about equitable liability was published in the Revenue’s Tax Bulletin in August 1995. Most people keep their tax affairs up to date and pay their tax in time time. However, where a taxpayer has not submitted his or her return, HM Revenue & Customs can determine the taxpayer’s likely tax liability so that the […]
What is the basic state pension?
/in BR19, National Insurance, NI Class 3, NIC, State Pension/by TaxfileThe basic State Pension is money you may be able to get when you reach State Pension age. The amount you receive depends on the qualifying years you have built through your National Insurance contributions. There are two circumstances to be considered: If you reach State Pension age before 6 April 2010, you normally need […]
Dealing with someone’s tax after they die
/in AEA, Annual exempt amount, Capital gains tax, CGT, executor, Personal allowance, Self-assessment, South London, Tax, Tax accountant, Tax advice, tax office/by TaxfileWhen somebody dies it is important to sort out their tax and National Insurance contributions as soon as possible. The ‘personal representative’ or the executor has to sort out the deceased person’s tax affairs, as well as the rest of the estate.There may be either tax to pay or a rebate from the Tax Office. […]