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The Cash Basis is Now the Default — Here’s What You Need to Know
/in Cash basis, Self-employed, Tax accountants, Tax accounts/by Guy BridgerBy Guy at Taxfile.
As of 6 April 2024, the cash basis is now the default method for most self-employed people to prepare their tax accounts. At Taxfile, we’re in favour of this change — not because it solves everything, but because it’s a move toward greater simplicity and transparency. In today’s post we explain what it is, its benefits, how it affects the self-employed, and how Taxfile can offer support through the changes.
Don’t Miss Out! Your Future Pension Needs YOU! – Check Your NI Contributions by April 5th, 2025
/in 2024-25, 2025, National Insurance, NI, NI Class 3, NIC, NIC's/by TaxfileHave you ever thought about your pension? It might seem far away, but it’s super important to start thinking about it now! One of the key things that helps build your future pension is your National Insurance (NI) contributions. In today’s post, we explain an important deadline that you won’t want to miss out on if you have gaps in your NI contributions and would like to potentially boost your state pension.
Lowering the Secondary Threshold for Employer NI – What You Need to Know
/in 2025, Accountancy, Employment allowance, National Insurance, NI, NIC's/by TaxfileFrom April 2025, the secondary threshold for employer National Insurance (‘NI’) will be lowered. This means that employers will need to start paying employer NI contributions on their employees’ earnings sooner. In today’s post we explain how this will affect employers, how much the employer NICs will increase, changes to the Employment Allowance, and more.
Capital Gains Tax Hike: A Blow to Investors
/in 2024, Accountancy, Autumn Budget 2024, Capital gains tax, CGT, Chancellor's Autumn Statement, Crypto Assets, Stocks & Shares/by TaxfileOctober 2024’s Autumn Budget delivered a significant blow to investors with the announcement of increased Capital Gains Tax (CGT) rates. Today, we explore the new rates, how they will affect the sale of assets, and how investors can mitigate their effects.
Accountants for Uber Drivers – Are They Needed?
/in Accountancy, Accountants, Driving for a Living, Self-assessment, Tax returns, The Gig Economy, Uber Drivers/by MarkAre you an Uber driver? If so, you need to ensure that you submit an accurate self-assessment tax return each year and, with new rules and data sharing now in place, it’s never been more important to get your figures right. You may therefore be wondering whether you need an accountant. Today’s guide gives Uber drivers an overview of the main rules for complying with HMRC, what they need to supply, and how accountants like Taxfile can help drivers with accounting, bookkeeping and self-assessment tax returns each year. By getting these right, Uber drivers will keep on the good side of HMRC and fulfil their tax obligations. Doing so will also help them avoid a financial mess and, potentially, nasty penalties from HMRC.
VAT Schemes in the UK: A Guide for Businesses
/in 2024, Bookkeeping, Flat rate scheme, HMRC, VAT, VAT annual accounting, VAT cash accounting, VAT for retailers, VAT margin schemes, VAT returns/by TaxfileFor businesses operating in the UK, understanding Value Added Tax (VAT) schemes is crucial. Not only does VAT impact your cash flow, but navigating the different options can feel overwhelming. This blog post simplifies VAT schemes in the UK, helping you choose the most suitable one for your business.
A Brit’s Guide to Value Added Tax Returns
/in 2023-24, 2024, Book keeping, Bookkeeping, HMRC, Software packages, Taxfile, Value Added Tax, VAT, VAT returns/by TaxfileVAT — the three little letters that strike fear into the hearts of many a Brit. But fear not, fellow taxpayer! Today, we’re taking a break from the spreadsheets and diving into the delightfully quirky world of UK VAT returns. Let’s take a look.
The Early Bird Catches the Worm — The Benefits of Acting on Taxes Sooner
/in 2023-24, Filing deadlines, HMRC, Self-assessment, Self-employed, Sole traders, Tax, Taxfile/by Taxfileby Ali at Taxfile.
For many self-employed UK taxpayers, the January Self-Assessment deadline looms like a tax-shaped storm cloud. But what if you could banish that pre-deadline panic and transform tax season into a breeze?
Psychology tells us that we are motivated when one set of thought processes outweighs the opposing ones, tipping the balance to make us act. With that in mind, here are 7 key things that may motivate you to act on your taxes sooner rather than later.
Do I Need to Register for Self-Assessment?
/in Accountancy, Directors, HMRC, Self-assessment, Self-employed, Tax returns/by Taxfileby Mohamed at Taxfile.
In today’s guide, we look at the rules around whether or not you need to register for Self-Assessment and submit a tax return to HMRC each year. Let’s take a look.
Reasons to Register for Self-Assessment
You generally need to register for a Self-Assessment tax return if your income isn’t taxed at the source, meaning the tax isn’t automatically deducted from your wages/salary. Here are some common scenarios where you would need to register for self-assessment:
Filing with Companies House – A Guide for Limited Companies
/in Accountancy, Companies House, Limited companies/by TaxfileCompanies House is the Government agency responsible for maintaining the public register of companies in the UK. Filing with Companies House typically refers to the submission of various documents and records, as required by the registrar of companies in the United Kingdom. In today’s guide, we’ll take a look at what types of document need to be filed, when to file them, and what happens if they’re not filed on time.