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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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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. […]
Taxman’s new power
/in HM Revenue and Customs, HMRC, South London, Tax, Tax accountant, tax office/by TaxfileIs the taxman going too far? This is the question we have to ask ourselves today. The taxman has been given the authority to bug people’s phones and read their emails and letters. In order to reassure taxpayers, the Inland Revenue declared that these new powers will not be used in routine tax investigations. As […]
Capital Allowances
/in Capital allowance, first-year allowance, Lettings, South London, Tax, Tax accountant, Tax advice/by TaxfileAs a business you can claim tax allowances, called capital allowances, on certain purchases or investments. This means you can deduct a proportion of these costs from your taxable profits and reduce your tax bill. Capital allowances are available on plant and machinery, buildings – including converting space above commercial premises to flats for renting […]
Corporation Tax (CT)
/in Corporation tax, CT, Dividends, Shareholder, South London, Tax credit, tax experts, Tax liability/by TaxfileThe fourth largest source of government revenues is Corporation Tax, charged on the profits and chargeable gains of companies. The main rate band is 30%, which is levied on taxable income above £1.5m. The small companies rate of 19% is charged on the first £300,000 of profits where profits are between £50,000 and £1,500,000. Profits […]
Overpayment of tax through PAYE
/in Emergency tax code, HMRC, P45, Pay-as-you-earn, PAYE, South London, Tax, Tax accountant, Tax code/by TaxfilePAYE (Pay As You Earn) is the system used by employers and pension providers to deduct tax from your wages or pension. If you think you’ve paid too much Tax through PAYE you can contact Taxfile‘s tax accountants in South London and they will clarify that for you. HM Revenue & Customs (HMRC) gives you […]
Penalties Reform – The Next Stage
/in Accountants, Advice, Corporation tax, Deadline, HMRC, Income tax, NIC, PAYE, penalties, Tax, Tax accountant, Tax advisers/by TaxfileHello self-employed taxpayers, I hope you enjoyed your holidays. I’m sure it might be quite difficult for those of you who haven’t submitted your tax return yet with the the deadline coming soon. Now, you might wonder what this Next Stage is all about! Well, as part of ”The Review of Powers, Deterrents and Safeguards […]
Tax at Christmas time!
/in Accountants, Advice, Tax, Tax accountant, Tax advisers, Tax enquiry/by TaxfileA very Merry Christmas to one and all from Taxfile‘ s Tax Accountants. Our gift to you all this year is a brand new, free of charge insurance cover. This cover will provide you with protection against any possible Tax enquiry: In the unlikely event of a random investigation by the revenue, Taxfile have insured […]
Tax return deadlines: taxpayers’ worse nightmare
/in Accountancy, Deadline, Key dates, Late return, London, penalties, Tax advice, Tax return/by TaxfileHave you ever felt overwhelmed by not having enough time to cope with your tax affairs in time? During the tax year (6 April one year to 5 April the next) there are important dates , let’s call them key dates, by which you need to send in your tax return and make certain payments. […]
Allowable expenses that you can deduct from your lettings income
/in wear and tear allowance/by TaxfileAs promised last week, today we are going to discuss expenses and tax allowances that you can deduct from your rental income when you work out your taxable profit or loss. If you have several UK residential properties you let than you need to add them together in terms of receipts and expenses on the […]
Rent a Room Scheme
/in Accountants, Advice, HMRC, Lettings, Lettings income, London, Rent a Room Scheme, Tax accountant, Tax return/by TaxfileIf you’re thinking about letting furnished rooms in your home, you may want to take advantage of the special Rent a Room Scheme . Under this scheme you can be exempt from income tax on profits from furnished residential accommodation in your only or main home if the gross receipts you get (that is, before […]