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Taxfile,
25 Thurlow Park Road,
Tulse Hill, London
SE21 8JP.
Tel: +44(0)20 8761 8000
Email: info@taxfile.co.uk
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For accounting help and tax advice in Devon, the West Country and the South West, visit guybridger.com
Are you self employed? Advice from Taxfile
/in 2021, 2022, Accountancy, Accountants, Accounts, Advice, Class 2 NICs, Devon, Dulwich, expenses, National Insurance, South London, South West, Tax returns, Tulse Hill/by TaxfileAre you self employed? If so, Joe from Taxfile has some quick advice for you: Class 2 National Insurance It is important to register for Class 2 National Insurance. A lot of people don’t have this set up correctly and, if not sorted, then it can greatly affect your pension in the future. Class 2 […]
PAYE, 2021/22 Tax Thresholds, Employment Allowance & P800s
/in 2021, 2022, Accountancy, Accountants, Accounts, Bookkeeping, Devon, Dulwich, Employment allowance, FreeAgent, Higher rate tax payers, Income tax, Limited companies, London, NI, NIC, NIC's, P800, Pay-as-you-earn, PAYE, Payroll, Personal allowance, Sage, Software packages, South London, South West, Tax, Tax accountants, Tax advice, Tax advisers, Tax bands, tax rebates, Tax refunds, Taxfile, Tulse Hill, VAT, Xero/by TaxfileMy name is Daniel and I have been a part of the Taxfile family since 2007. It started as a part-time job doing bookkeeping, but as time went on, I developed new abilities and a deeper understanding of the tax world. PAYE, VAT, and Company Register are now my areas of expertise. I understand how […]
Peace of Mind from Using an Experienced Tax Team
/in 2021, Accountancy, Accountants, Accounts, Advice, Bookkeeping, HMRC, Income tax, London, Self-assessment, SME, Sole traders, South London, Tax accountant, Tax accountants, Tax advice, Tax advisers, Tax agents, tax experts, Tax return, Tax returns, Taxes, Taxfile, Tulse Hill/by TaxfileWhen using Taxfile, you are using an experienced team that will make dealing with your tax affairs seamless. A lot of clients start by coming into our office stressed and overwhelmed, not knowing where to start. Using your current position and needs, we plan a step-by-step approach to keep you on top of your affairs […]
EU VAT – The BREXIT Effect
/in 2021, Accountancy, Accountants, Accounts, Brexit, e-Commerce, One Stop Shop, Trading with the EU, Value Added Tax, VAT/by TaxfileChanges in EU VAT is incoming from 1st July 2021 for Business to Customer (B2C) sales for those operating within the EU. The changes need to also be considered for businesses in the UK, post-Brexit, that wish to sell online directly to the customer.
The new EU VAT E-commerce package is comprised of two key components;
It is not compulsory to report VAT using either of these methods, the option is still available to register for VAT in each EU country you wish to do trade with and account and pay VAT in each of those territories. However, reading that, you would wonder why you would take on such a task, when you can just do one VAT return, where the liabilities are then paid to each country where the B2C transaction occurred. However, importantly, these 2 methods can only be used for
Taxes & Cryptocurrency
/in 2020, 2021, Alt Coins, Bitcoin, Capital gains tax, CGT, Crypto Assets, HMRC, Income tax, Stocks & Shares, Tax, Taxfile, Trading Crypto Coins/by TaxfileAccording to HMRC, ‘cryptoassets’ are cryptographically secured digital representations of value or contractual rights that can be:
There are various types of cryptoassets including exchange tokens, utility tokens, and security tokens. HMRC does not consider cryptocurrency to be currency or money & their complete Cryptoassets Manual can be found HERE.
As far taxes are concerned, investing in cryptocurrency is akin to investing in other assets such as stocks, bonds, and the sale of rental properties. This means that capital gains and losses rules apply when you ‘dispose’ your assets, and in this case your cryptocurrency.
HMRC explains that disposals include:
Any of the above situations subject any profits to Capital Gains Tax (CGT) and the simple formula for calculating capital gains (or losses) is:
Fair Market Value – Cost = Profit or Loss
The fair market value is the market price of the asset at the time that you sold, traded, or disposed of it. The cost is the price you paid at the time of the purchase.
Although this is a simple and logical calculation, calculating CGT on your profits becomes a bit more complex when you have multiple transactions to account for. The UK requires a specific type of method for calculating the cost basis of your coins known as Shared Pool Accounting also known as a 104 Pool.
With the shared pooled accounting method, you are essentially
Recovery Loan Scheme
/in 2021, BBLS, Bounce Back Loan Scheme, Coronavirus, COVID-19, Government support, Pandemic, Recovery Loan Scheme/by TaxfileThe Bounce Back Loan Scheme (BBLS) application entries terminated on 31/03/2021 and now the government has introduced the Recovery Loan Scheme to finance UK businesses as they grow and recover from the disruption of the COVID-19 pandemic. The government guarantees 80% of the finance to the lenders, meaning the necessity of credit checks on the […]
SME Brexit Support Fund
/in 2021, Advice, Government support, SME, VAT/by TaxfileIf your business is new to importing &/or exporting now that we are out of the EU, the government is offering a grant of up to £2,000 to help with training &/or professional advice, to help you with changes to trade rules with the EU. You can use the grant for training on: how to […]
Restart Grant NOW Available to Eligible Businesses
/in 2021, Coronavirus, COVID-19, Government support, Grants/by TaxfileThe Restart Grant scheme supports businesses in reopening safely as COVID-19 restrictions are lifted. Grants are available from 1 April 2021. To be eligible, your business must be in the non-essential retail sector and you may be entitled to a one-off cash grant of up to £6,000 from your local borough. Eligible businesses in the hospitality, […]
4th SEISS Grant Available THIS Week
/in 2020, 2021, coronavirus, Coronavirus, COVID-19, COVID-19, Pandemic, Partnership, SEISS, Self-assessment, Self-employed, Sole traders, Tax returns/by TaxfileIf you are self-employed or a member of a partnership and have been impacted by coronavirus (COVID-19), the 4th Self-Employment Income Support Scheme (SEISS) grant will be available to those eligible from this week (w/c 19 April 2021), and the online service for the fourth SEISS grant is now online HERE The grant covers the […]
Tax “Payment Plans” are ENDING – Act NOW if you Owe Tax!
/in 2019, 2020, 2021, Accountancy, Accountants, HMRC, Income tax, Late return, London, payment plans, penalties, penalty, Self-assessment, Tax advice, Tax bill, Tax return, Tax returns, Tulse Hill/by MarkTaxfile has recently been helping some of our customers with tax debts from 2019/20 and earlier. In particular, we’re helping them to arrange payment plans with HMRC as part of their ‘Time to Pay‘ scheme. This spreads the cost of those tax debts instead of paying them off in one go. This is really useful to those who are struggling financially following the pandemic. The new payment plans are only available until 1 April 2021, though, so really you should apply by 31 March 2021. Our advice is to act now if you are in a position to take advantage of the payment plans while they’re still — just about — available.
The benefits of arranging a tax payment plan now
Agreeing a payment plan with HMRC will help avoid the 5% late payment penalty that’s usually charged on outstanding tax not paid by the deadline. And, of course, spreading the cost helps those who might otherwise struggle to get together the full amount in one transaction. The HMRC interest rate seems relatively low too.
How Tax Payment Plans have gone so far
What we’ve found so far is that