LATEST POSTS
- Transitioning to Making Tax Digital (MTD) for Income Tax – This April
- Missed the Tax Return Deadline? What Happens Now?
- 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
OPENING HOURS
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: 9 am-1 pm on
April 18th and 25th and
May 9th, 16th and 30th*
Sunday: Closed
* By appointment only
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CONTACT US
LONDON OFFICE:
Taxfile,
25 Thurlow Park Road,
Tulse Hill, London
SE21 8JP.
Tel: +44(0)20 8761 8000
Email: info@taxfile.co.uk
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
Late Filing Penalty Calendar
/in 2021, Late return, penalties, penalty, Self-assessment, Self-employed, Sole traders/by TaxfileIf you needed to have submitted a self assessment tax return for 2019/20 but have not done so by 28/02/2021, you will now be receiving a letter from HMRC stating that you owe a £100 late filing penalty fee. Please do not ignore this, as from 29th of May you will see an exponential growth […]
Furlough Scheme Extended until End of September
/in 2021, Coronavirus, COVID-19, Employee, Employer, Government support, Pandemic, Pay-as-you-earn, PAYE, Payroll, Payroll bureau/by TaxfileIn The Chancellor’s 2021 budget speech it was announced that the furlough scheme would be extended until the end of September 2021, to protect the jobs and livelihoods of the UK population during the pandemic. The Government will pay employees 80% of the hours not worked through to the end of June 2021. As the […]
Mortgage Holidays ENDING
/in 2021, Land and property, Landlords, Lettings, property/by TaxfileCould you do with a few months’ mortgage holiday? The availability of a three month mortgage holiday was first announced in March 2020, as part of a package of support for individuals as COVID-19 spread rapidly through the UK. For the 1.8M people that took up the initiative in March, the holidays came to an […]
Bounce Back Loan Applications & Top-Ups ENDING
/in 2021, BBLS, Bounce Back Loan Scheme, Interest rates, Self-employed, Small traders, Sole traders/by TaxfileApplications for the Bounce Back Loan Scheme (BBLS) come to a close on 31st March 2021. The purpose of the scheme was to allow small businesses, regardless whether they were sole traders, partnerships, or limited companies, a way of getting a cash flow worth 25% of their turnover (within the range of £2-£50k) to support […]
5% Late Payment Penalty Relief Announced by HMRC
/in 2020, 2021, Deadline, Filing deadlines, Income tax, Late return, payments on account, penalties, penalty, Self-assessment, Self-employed, Sole traders/by TaxfileHM Revenue and Customs (HMRC) has announced that Self Assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1st April 2021. Normally, a 5% late payment penalty is also charged on any unpaid tax that is still outstanding on 3rd […]
Latest News on Gov. Grants, Support, Loans, Deadlines & More
/in 2019, 2020, 2021, Accountancy, CIS, Construction Industry Scheme, Coronavirus, COVID-19, Grants, Newsletter, SEISS, Self-assessment, Self-employed, Tax, VAT/by MarkDon’t miss our latest newsletter. Published just this week, it includes several updates on the latest Government support for small businesses during the pandemic, including …