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- 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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Understanding Basis Period Reform for Self-Assessment Tax in the UK
/in 2023, 2023-24, 2024, Accountancy, Accountants, Basis Period, Bookkeeping, Making Tax Digital, MTD, Partnership, Self-assessment, Self-employed, Sole traders, Tax, Tax accountants, Tax calculation/by TaxfileAre you a sole trader or in a partnership?
Do you have different accounting dates from the standard 6th of April to the 5th of Apri?
If you answered YES to both questions, some IMPORTANT changes will apply for the tax year 2023-24.
The concept of the basis period determines the time frame used to calculate taxable profits or losses for self-employed individuals, partnerships, and some trusts. It marks a departure from the traditional “current year” basis, where business profits were taxed based on the accounting period ending within the tax year. Instead, it introduces a “tax year” basis, aligning taxable profits with the UK’s standard tax year, running from 6 April to 5 April.
Boost Your State Pension with Voluntary National Insurance Contributions
/in 2025, National Insurance, NI, NIC, NIC's, pension contributions, Pensions, State Pension/by TaxfileAs we approach retirement, ensuring a comfortable financial future becomes a top priority. The state pension, a crucial source of retirement income, is dependent on the number of qualifying years of National Insurance (NI) contributions you have made. While gaps in your NI record can diminish your state pension entitlement, there’s a solution: voluntary NI contributions.
To receive the full state pension, you need 35 qualifying years of NI contributions. These years typically accumulate as you work, with contributions automatically deducted from your salary. However, there may be instances where you may not have earned enough to make mandatory NI contributions, leading to gaps in your record.
Tax Return Accountants
/in Accountancy, Accountants, Dulwich, London, Self-assessment, Self-employed, South London, Tax, Tax advisors, Tax returns, Tulse Hill/by Guy BridgerHMRC issues tax returns each year to those who meet the criteria; you may be self-employed or a higher earner from employment income. The tax return software available online will calculate your tax liability if you fancy giving it a try yourself. However, most people use accountants and tax advisors who might, in their wisdom, be able to save you money and in some circumstances give you guidance and good advice. Indeed, Taxfile can help in all these areas and we explore this in today’s article.
Navigating the VAT Landscape in the UK: A Comprehensive Guide
/in Cash basis, Flat rate scheme, HM Revenue and Customs, HMRC, Making Tax Digital, MTD, Value Added Tax, VAT, VAT annual accounting, VAT cash accounting, VAT for retailers, VAT margin schemes, VAT returns/by TaxfileValue Added Tax (VAT), a consumption tax levied on most goods and services in the UK, plays a significant role in the nation’s economy. Whether you’re a sole trader, limited company business owner or simply a curious consumer, understanding VAT is crucial for navigating the UK’s tax system effectively. Today’s comprehensive guide explains what it is, the various VAT rates, when you need to be registered for the tax, VAT schemes, and more.
Deadline for Voluntary Insurance Contributions Extended to 5th April 2025
/in 2023, Class 2 NICs, National Insurance, NI, NIC, NIC's, pension contributions, Pensions, State Pension/by TaxfileThe original deadline for buying National Insurance ‘credit’ was 31st July 2023, but you can now ‘buy’ incomplete years to boost your state pension until 5th April 2025. The extension was approved by the Government, giving HMRC more time to deal with the process.
You can view our original blog on what you need to do to plug the gaps in your National Insurance contributions here.
How do I pay myself as a Director?
/in 2023, Directors, HMRC, NI, NIC, Pay-as-you-earn, PAYE, PAYE threshold, Payroll/by TaxfileThis is a question we often face from new company directors, how to pay yourself from the company. As part of our £375+VAT package for a new limited company we offer the following; company formation (including the option to have the company phrased as a special purpose vehicle for a property rental company) we will […]
How Corporation Tax is calculated has changed
/in 2023, Corporation tax, HMRC, Limited company/by TaxfileAt Taxfile we can compile and file your company’s tax return as well as calculating what is owed in Corporation Tax. As of 01/04/2023, the main rate of Corporation Tax (CT) will rise from 19% to 25%, although the rate will remain at 19% for small businesses with profits less than £50,000.00. However, if the […]
What does it mean to be a Director?
/in 2023, Directors, HM Revenue and Customs, HMRC, Limited company/by TaxfileYour obligations as a Director can be ‘taxing’. Running a successful limited company typically involves administrative duties outlined by Companies House & HMRC. As the director you’ll also be responsible for ensuring the finances of the company are regulated and healthy. At Taxfile we can help you focus on growing your business and take care […]
Forming a Limited Company?
/in 2023, Accountants, Corporation tax, Directors, Limited company, South London/by TaxfileHaving been the accountants of choice for individuals and businesses in the South London area, we have recently noticed a surge of individuals moving away from the sole trader status and enquiring about forming a limited company. The reasons for changing status have varied; someone mentioned they should be, their customers needing them to be, […]
Boost State Pension by Plugging Gaps in National Insurance
/in Class 2 NICs, National Insurance, NI, NIC, NIC's, pension contributions, pension scheme, Pensions, State Pension/by MarkIMPORTANT: the video mentions the original deadline in April 2023. This has now been extended to 31 July 2023.
Do you have gaps in your National Insurance record? If so, it could mean that you could get a lower State Pension when you reach state retirement age, particularly if you are aged between approximately 45 and 70 at the moment. Generally speaking, you need 10 years of contributions for a basic state pension and around 30 to 35 years for a full state pension. It does vary by circumstance though and, even with gaps, some people might have enough qualifying years for the full state pension already.
Urgently Check Whether You Have National Insurance Gaps
Our advice is to urgently check whether you do have any gaps in your National Insurance record. If so, in many cases it would be wise to make some one-off payments to plug any gaps for the years 2006 to 2016. However, there is limited time to do so despite the deadline for this opportunity having been extended from early April to the end of July 2023 [UPDATE: This has now been extended again to 5th April 2025]. Thereafter, the chance to fix all 11 years from 2006 to 2016 will be gone forever.More information follows, including how to check, how to top up and more.