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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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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 […]
Darling’s Increase in Personal Allowance
/in Accountants, Advice, Annual threshold, Higher rate tax payers, Income tax, Personal allowance, South London, Tax, Tax accountant, Tax code/by TaxfileThe Chancellor Alistair Darling has announced an increase in the personal tax allowance of £600 and an adjustment to the higher rate threshold (the total of the personal allowance and basic rate limit). According to the tax office we do not need to make any adjustments to our tax code numbers at the moment.The emergency […]
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 […]