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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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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 […]
Your personal tax allowance
/in Accountants, Advice, Capital gains tax, CGT, HMRC, IHT, Income tax, Inheritance Tax, London, South London, Tax advice, Tax advisers/by TaxfileEveryone who lives in the UK is entitled to a personal allowance. This is the amount of income you can receive each year without having to pay tax on it. Depending on your circumstances, you may also be able to claim certain other allowances. There are three levels of personal allowance for 2007/2008 tax year: […]
What is the Construction Industry Scheme?
/in Accountants, Advice, CIS, Construction Industry Scheme, Contractor, HMRC, New CIS, Subcontractor, Tax advice, Tax advisers, Taxes, Tulse Hill/by TaxfileThe Construction Industry Scheme (CIS) sets out the rules for how payments to subcontractors for construction work must be handled by contractors. A contractor is a business or other concern that pays subcontractors for construction work. A subcontractor on the other hand is a business that carries out construction work for a contractor. Under the […]
Taxfile knows everything about taxi drivers’ tax!
/in Accountancy, Accountants, Cab drivers, Capital allowance, hire purchase, Mileage allowance, South London, Tax, Tax advice, Tax enquiry, Taxes, taxi accounts, Taxi drivers/by TaxfileThere are a few things that need to be considered when it comes to taxi drivers’ tax. Among them we can mention the following: •Mileage Allowances Taxi drivers can claim as an alternative to vehicle running costs mileage allowances of 40p for the first 10,000 miles and 25p per mile thereafter. You may not claim […]
Business welcomes tax Tory plans
/in Accountancy, Accountants, Advice, Capital gains tax, CGT, Corporation tax, IHT, Income tax, Inheritance Tax, South London, Tax advice, Taxes/by TaxfileThe Tories yesterday set out proposals for easing the burden of tax and regulation on British businesses in an attempt to improve the economy’s competitiveness. However Chancellor George Osborne said that any tax reductions would have to be paid for by tax increases elsewhere, such as new environmental taxes: ” Any reductions in specific taxes […]
Types of tax-free investment
/in Accountancy, Accountants, HMRC, Inheritance Tax, ISAs, Tax, Tax advice, VCTs/by TaxfileThere are a number of ways investors can reduce their tax liability. Here are the most popular: • Cash Mini ISAs These are basically ordinary saving accounts but the interest you accumulate is free from tax. Anyone over 16 can put up to £3000 per tax year into a cash mini Isa. The good news […]
Welcome to the Inheritance Tax Blog
/in Accountancy, Accountants, HMRC, IHT, Inheritance Tax, South London, Tax, Tax advice, Tax enquiry/by TaxfileInheritance Tax (IHT) is a tax on the value of a person’s estate on death and on certain gifts made by an individual during their lifetime. There is a certain threshold when it comes to inheritance tax. This is defined as the amount above which inheritance tax becomes payable. If the estate, including any assets […]
National Insurance Contributions (NICs)
/in Accountancy, Accountants, National Insurance, NIC, Tax, Tax advice/by TaxfileNational Insurance was introduced in 1948 to build up your entitlement to certain social security benefits including the state benefit. The type and level of NiC’s depends on how much you earn and whether you are employed or self-employed. You stop paying National Insurance when you reach pension age, 65 for men and 60 for […]