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Domestic Reverse Charge for the Construction Sector
/in 2021, Accountants, CIS, Construction Industry Scheme, Flat rate scheme, MTD, Subcontractor, Taxfile, Value Added Tax, VAT/by TaxfileThe Domestic Reverse Charge (DRC) for the construction sector comes into effect as of 01/03/2021. What does this mean for you? If you are VAT registered & you work falls under the Construction Industry Scheme (CIS) then from the 1st of March you will need a written declaration from your contractor that they are classified […]
HMRC Extends the Self-Assessment Submission Deadline to 28th February BUT Payments still need to be made by 31st January
/in 2019, 2020, 2021, Appeal, Coronavirus, COVID-19, Deadline, Late return, Self-assessment, Self-employed, UTR/by TaxfileYesterday HMRC made an 11th hour decision to give the remaining 3 million tax payers an additional 28-days to file their tax return electronically. For most, a submission after the 31st of January would have resulted in a £100 late filing penalty. With planning already underway at HMRC on how to cope with the administrative […]
BREAKING NEWS: No. 10 Heeds Guy’s Plea — & Extends Self-Assessment Deadline!
/in Accountancy, Accountants, Guy Bridger, Office of Tax Simplification, South London, Tax return, Tax returns/by Mark[BREAKING NEWS:] 11 days ago we published a post confirming that Guy Bridger, Taxfile’s founder, had personally delivered a postcard to No. 10 Downing Street, making the case for an extension to the Self-Assessment tax return deadline until the end of February. In Guy’s postcard to Boris Johnson, he had argued that there was simply too much pressure on people during Christmas, the New Year and the month of January, due to the bottleneck caused by the Self Assessment tax return deadline.
Well, in some very welcome good news, it seems the Government has listened to Guy’s plea. This afternoon HMRC confirmed …
Every Day of January is the 31st
/in 2019, 2020, 2021, Self-assessment, Tax return, Tax returns/by Guy BridgerHMRC have announced that those members of the public not able to pay their taxes or submit tax returns on time will be able to appeal against the late filing penalties they will inevitably get this winter. From what we have been hearing HMRC are expecting everyone to have adequate proof of sickness. Does this mean
Guy Tells No. 10 to Extend Self-Assessment Deadline
/in Accountancy, Accountants, Guy Bridger, Office of Tax Simplification, South London, Tax return, Tax returns/by Guy Bridger[THERE IS BREAKING NEWS ABOUT THIS POST – CLICK HERE FOR MORE DETAILS]
Guy Bridger, Taxfile’s founder, has personally delivered a post card to Boris Johnson. He recently slipped it under the door of Number 10 Downing Street (there is no letterbox!).
The Issue with the Tax Return Deadline – & Guy’s Suggested Solution
In his communication to Boris, Guy suggested that the tax return filing deadline should be …
Taxfile Partners with Local Government to Offer Self Assessment Assistance
/in 2020, 2021, Advice, BBLS, Bounce Back Loan Scheme, coronavirus, Coronavirus, COVID-19, COVID-19, HM Revenue and Customs, HMRC, Income & Expenditure, Income tax, London, Pandemic, Pandemic, SEISS, Self-assessment, Self-employed, Sole traders, South London, Uncategorized/by TaxfileWith the self-assessment tax deadline looming in the midst of a global pandemic and no announcement of an extension from the government (28 days would do), 5.4m* taxpayers (45%) still needing to submit a tax return before the 31st January and many of those are left feeling hopeless and helpless, unsure how to complete it […]
Self Assessment Income Tax Returns 2019/20 – COVID Edition
/in 2020, 2021, Accountants, coronavirus, Coronavirus, COVID-19, COVID-19, Income & Expenditure, Income tax, Pandemic, Pandemic, Self-assessment, Self-employed, Tax, Tax accountant, Tax accountants, Tax agents, Tax calculation, Tax return, Tax returns, Uncategorized/by TaxfileTo date there has been no change on the deadline to submit and pay your 2019/20 Self Assessment Income Tax return by 31st January 2021. In preparation for our busiest period in the year we have been doing everything to ensure both our offices and business practices are ready to cope with the changes […]
Bounce Back Loan Scheme Deadline Extended
/in 2020, 2021, BBLS, Bounce Back Loan Scheme, Coronavirus, COVID-19, Pandemic/by Taxfile[UPDATED FEBRUARY 2021] The Bounce Back Loan Scheme (BBLS) was an initiative struck up between the Government and banks to enable small businesses to access finances more quickly through the pandemic. It allowed businesses to have access to 25% of their 2018/19 turnover, with a minimum loan of £2,000 and a maximum amount of £50,000. […]
Coronavirus Job Retention Scheme Extended
/in 2020, 2021, Pay-as-you-earn, PAYE, Payroll, Payroll bureau, Taxfile/by Taxfile[UPDATED FEBRUARY 2021] The Coronavirus Job Retention Scheme is being extended until 30 April 2021. As a result of the ongoing pandemic, the Government’s response has been to extend the furlough scheme at the original 80% level. For now we know this will extend through to the end of April 2021. From 1st November 2020 […]
SEISS Grant – Round 3
/in 2020, 2021, coronavirus, Coronavirus, COVID-19, COVID-19, HMRC, Pandemic, Pandemic, SEISS, Self-assessment, Self-employed/by TaxfileInstead of constantly updating our original SEISS grant post we decided to create a new one as over the last month the government has chopped and changed the requirements, the dates, & the amount available due to the everchanging situation around the COVID-19 pandemic. The points that need to be highlighted for the third extension […]