LATEST POSTS
- 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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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. […]
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 […]