LATEST POSTS
- Saturday Appointments Available — Book Now for Tax Returns & More
- 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)
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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 […]
PAYE forms: P45, P60, P11D
/in Accountancy, Accountants, Emergency tax code, Income tax, P11D, P45, P60, PAYE, Tax, Tax advice/by TaxfilePAYE (PAY As You Earn) is the HM Revenue and Customs system for collecting income tax from the pay of employees. As an employer, you need to deduct income tax and National Insurance contributions (NICs) from your employees’ pay and send it to the HMRC. As an employee, you should receive a P45 or a […]
CIS Contractor Monthly Return
/in Contractor, Contractor Monthly Return, HMRC, Nil return, penalty, South London, Subcontractor, Tax return/by TaxfileCIS contractors must complete and file a tax return to the HM Revenue and Customs every month showing the payments made to all subcontractors as well as the tax deducted. The contractor needs also to show the verifications references against all those subcontractors from whom the contractor had to deduct a higher tax rate. Even […]
Confused about your tax code?
/in Accountancy, Advice, Emergency tax code, HM Revenue and Customs, HMRC, Inland Revenue, London, PAYE threshold, South London, Tax advisers, Tax affairs, Tax allowance, Tax code, Tulse Hill/by TaxfileA tax code is usually made up of one letter and several numbers, for instance 161L or K567 . A tax code is used by your employer or pension provider to calculate the amount of tax to deduct from your pay or pension. If you have the wrong tax code you could end up paying […]
IHT: Transfer of unused nil-rate band
/in Accountancy, Accountants, Advice, IHT, Inheritance Tax, London, South London, Tax advice, Tax advisers, Tax affairs, Tax allowance, Taxes/by TaxfileThe Pre-Budget 2007 Report published on Tuesday 9th October announced various changes, one of them referring to the inheritance tax (IHT). Previously, married couples could transfer an unlimited sum to each other when one died without paying inheritance tax. But when the survivor died, their estate was then taxed at 40% on anything exceeding £300,000. […]
Introduction to Stamp Duty & Stamp Duty Land Tax
/in Advice, CREST, Income tax, Inland Revenue, SDRT, South London, Stamp Duty, Stamp Duty Land Tax, Stamp Duty Reserve Tax, Tax, Tax advisers, Tax affairs/by TaxfileStamp Duty is a type of tax you pay when you buy land or shares. You pay a Stamp Duty Land Tax when you buy property and Stamp Duty Reserve Tax when you buy shares. You pay Stamp Duty Land Tax on such properties like houses, flats , other buildings and land. There is a […]