Monday: 9 am-6 pm
Tuesday: 9 am-6 pm
Wednesday: 9 am-5 pm
Thursday: 9 am-5 pm
Friday: 9 am-3 pm
Saturday: Closed
Sunday: Closed
LONDON OFFICE:
Taxfile,
25 Thurlow Park Road,
Tulse Hill, London
SE21 8JP.
Tel: +44(0)20 8761 8000
Email: info@taxfile.co.uk
This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies.
Accept settingsHide notification onlySettingsWe may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.
Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.
These cookies are strictly necessary to provide you with services available through our website and to use some of its features.
Because these cookies are strictly necessary to deliver the website, refusing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.
We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.
We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.
We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.
Google Webfont Settings:
Google Map Settings:
Google reCaptcha Settings:
Vimeo and Youtube video embeds:
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 […]
Is Your Estate Excepted From IHT?
/in Accountancy, Accountants, Advice, Capital gains tax, CGT, HMRC, IHT, Inheritance Tax, South London, Tax advice, Tax affairs/by Taxfile(for UK domiciliaries only) From 6 April 2004, there are two types of estates are qualified to be excepted from IHT for UK domiciliaries. 1. Low valued estates When the total value of estates does not exceed the inheritance tax threshold, then those estates do not suffer IHT. Which threshold should be applied is determined […]
Something You Need to Know about Principal Private Residence Relief to Avoid CGT
/in Accountancy, Accountants, Advice, Capital gains tax, CGT, PPR, Principal Private Residence, Tax advice, Tax affairs/by TaxfileBefore you start the game of property investment, be aware that the Inland Revenue is always interested in the profit you make by selling your properties. But the sale of your main home will rarely result in any Capital Gains Tax (CGT) liability, because of the principal private residence (PPR) exemption. •Determination of Principal Private […]
Casual labour / subcontracting
/in Accountancy, Advice, CIS, Construction Industry Scheme, Contractor, Limited company, Partnership, Subcontractor, Tax, Tax advice, Tax advisers, Tax affairs, Unique Tax Referance Number, UTR/by TaxfileIt is not widely known that you must establish someone’s status when you pay them any money for helping you with their labour.The trick or tip is to get them to supply their unique tax reference number. They should invoice you for their services . If they don’t offer an invoice, it’s best to issue […]