5 days left to file your Self Assessment tax return

Just 5 Days Left to File your Tax Return!

5 days left to file your Self-Assessment tax return

[As at 26 January 2020]: There are just 5 days left in which to file your Self Assessment tax return with HMRC. Miss the deadline (11.59pm on 31st January) and you’ll straight away be in for a £100 HMRC fine, so don’t delay — contact Taxfile TODAY to book an appointment with one of our helpful tax advisors and accountancy experts.

We’ll make filling in and filing your tax return a breeze!

As it says above, we’ll make filling in and filing your tax return a breeze. What’s more, we’re currently open 7 DAYS A WEEK from now until the end of January (Saturday & Sunday mornings by appointment only). Don’t leave it to the last minute, though, as there is always a bottleneck for those who do and, more importantly, you’ll save money** and stress coming in right away — so come in as soon as you can please.

It doesn’t matter if you have zero tax to pay – you still need to submit your tax return on time. You also need to have paid HMRC any tax due for previous financial years by the same 31 January deadline.

So get our professional help with filing of your tax return — you can book an appointment online, drop by the Tulse Hill shop or the Battersea office to book one, send us an email message via our contact form or, better still, simply call us on 0208 761 8000 and we’ll book you in and help sort out your tax return accurately and on time. Don’t delay — time is quickly slipping by and if you leave it too late you’ll be caught in the last minute bottleneck and could risk a nasty penalty from HMRC!

We’ll require your records, figures and receipts for the financial year 6 April 2018 to 5 April 2019. Read more

2 weeks to the Self-Assessment tax return deadline

2 Weeks to the Self Assessment Tax Return Deadline!

2 weeks to the self-assessment tax return deadline!

[As at 17 January 2020]: There are just 2 weeks left in which to file your Self Assessment tax return with HMRC. Miss the deadline (11.59pm on 31st January) and you’ll straight away be in for a £100 HMRC fine, so don’t delay — contact Taxfile TODAY to book an appointment with one of our helpful tax advisors and accountancy experts.

We’ll make filling in and filing your tax return a breeze!

We’ll make filling in and filing your tax return a breeze. What’s more, we’re currently open 6 DAYS A WEEK from now until the end of January (Saturday mornings are by appointment). Don’t leave it to the last minute, though, as there is always a bottleneck for those who do — so come in as soon as you can please.

It doesn’t matter if you have zero tax to pay – you still need to submit your tax return on time! You also need to have paid HMRC any tax due for previous financial years by the same 31 January deadline.

So get our professional help with filing of your tax return — you can book an appointment online, drop by the Tulse Hill shop or the Battersea office to book one, send us an email message via our contact form or, better still, simply call us on 0208 761 8000 and we’ll book you in and help sort out your tax return accurately and on time. Don’t delay — time is quickly slipping by and if you leave it too late you’ll be caught in the last minute bottleneck!

We’ll require your records, figures and receipts for the financial year 6 April 2018 to 5 April 2019.

* Please note: in extremely busy times such as January, a deposit may be required before commencement of appointments.

Your Tax Return - All Wrapped Up for Christmas!

Your Tax Return – All Wrapped Up for Christmas!

Your Tax Return - All Wrapped Up for Christmas!

Urgent: rather than waiting until January, start sorting out your Self-Assessment Tax Return out right now.

Why now? Well, because every tax expert and accountant in the land is about to hit their busiest month in the accounting year — January. For tax professionals, January is a frantic time because everyone wants their tax matters sorted out at the same time due to HMRC’s deadlines. So, we have to take on extra staff, extend our opening hours and open at weekends — just to keep up with the demand. All of this costs extra money, so we have to increase charges a little during January to cater for the enormous increase in workload. January also becomes quite a bottleneck. In January alone, we are likely to have to prepare and submit around 500 Self-Assessment tax returns for our customers and that’s a very tall order.

So — act now & save money on your tax return

You can avoid extra charges by coming in to see us for your tax return now — well before January. It makes sense to come in early in November or December if you can. That way, we can have your tax affairs sorted in time for Christmas, avoiding the bottleneck. You can then relax in the knowledge that your tax matters have been sorted, ahead of the rush, at the best possible price.

Saturday opening

We’re open Saturday mornings at Tulse Hill from 9am until 1pm for a limited time. So, make the most of this opportunity and book a weekend appointment now, while it costs nothing extra.

Get a tax refund for Christmas!

We can help prepare and submit your Self-Assessment tax return and let you know the all-important amount of tax you need to pay or, indeed, may even be owed by HMRC. If you’ve overpaid tax, we could even get your refund for you in time for Christmas — what a Read more

HMRC’s Anti-Money Laundering Fees Increase

In December 2018, the Financial Action Task Force (FATF), an organisation founded on the initiative of the G7 to develop policies to combat money laundering, stated;

‘…the UK had a well developed & robust regime to effectively combat money laundering & terrorist financing.  However, it needed to strengthen its supervision, & increase the resources of its financial intelligence unit.’

The FATF conducted an assessment of the UK’s anti-money laundering & counter terrorist financing (AML/CFT), and as a result of this assessment HMRC has decided to inject money into the unit to increase supervision for those organisations that are not supervised by a professional accounting or tax body for AML purposes.

Such businesses are required to register for supervision with HMRC, which promises to provide in return more staff available with face-to-face and desk-based intervention with registered and un-registered businesses.  They will also aim to provide more educational products and activities, including webinars & online learning programs.  They hope the education will help businesses to approach all AML activities correctly from the outset.

The new fees for anti-money laundering supervision, which came into effect on 1st May 2019, has disgruntled many tax & accounting businesses.

  • the annual registration fee increased from £130 to £300 per premises for businesses with a turnover of £5,000 or above
  • the annual registration fee increased to £180 for businesses with a turnover below £5,000
  • the charge for fit and proper (F&P) testing increased to £150 from £100.
  • the approval check fee will remain at £40

On 15th April 2019, the Treasury issued a consultation of the introduction of EU’s Fifth Money Laundering Directive (5MLD) into UK’s national law.  The consultation closes on 19th June 2019 & the impact of this will highlight where accountants may have to further tighten their AML compliance.  The 5MLD will expand the definition of a tax adviser in terms of money laundering compliance, as well as highlight diligience around electronic money & individual identification, based on FATF recommendation to understand the ownership & control structure of customers.

Making Tax Digital (MTD) delayed due to Brexit

HMRC delays the rollout of Making Tax Digital (MTD) for businesses & individuals beyond 2021:

Even though MTD for VAT has been rolled out, the wider extension of the MTD scheme for individuals & businesses has been delayed till at least 2021.

The Chancellor’s 2019 Spring Statement mentioned;

“The focus will be on supporting businesses to transition and the government will therefore not be mandating MTD for any new taxes or businesses in 2020.”

MTD for income & corporation tax was scheduled to come into effect from 2020, but as the UK prepares itself for Brexit, HMRC has redirected its focus on the implications of UK’s exit from the EU.

HMRC has said that its digital delivery team and business analysis team are being redeployed to focus on ensuring that a customs solution will be in place should it be required when the UK leaves the EU.

With the current perplexity surrounding Brexit, HMRC has stressed that ‘this does not indicate any expected outcome but is due to the level of work required to deliver any outcome’.

Capital Gains Tax Rule Changes for 2nd properties and property rentals

Second Property & Rented Property ‘Tax Trap’ for the Unwary

New Capital Gains Tax rules for 2nd properties and property rentals

Owners of second properties and let properties need to be aware that HMRC is planning to introduce new rules from 6 April 2020 to require payment of Capital Gains Tax much, much earlier! The window of payment will be reduced from 31 January following the year of the gain to a mere 30 days from the date of the sale.

Effectively, ‘in year’ reporting of the estimated gains – and payment of the tax – is mandatory under the new rules. Failure to report the gains and pay the tax will lead to penalties for landlords and second home owners.

You will only be able to offset losses accrued at the time of the disposal, so losses later in the year will not be available against the payment on account.

Summing Up:

  • If you make a capital gain in 2018/19 (before the new rules kick in) you will pay the capital gains tax on or by 31 January 2020.
  • For the sale of a house that is let, or a second property, with exchange of contracts occurring on, say, 15 April 2020 with completion happening on 15 May 2020, the Capital Gains Tax (CGT) has to be paid by 14 June 2020. This accelerates the payment of the tax to the Exchequer by 7 months.
  • So, perversely, the later year requires the Capital Gains Tax payment before the earlier year, as you can see above!

The other difficulty is knowing what rate to apply because a higher rate taxpayer has to pay 28% on a gain but a basic rate taxpayer has to pay tax at 18% up to the limit of the basic rate band that is unused. This is, of course, one situation where Taxfile can help to work out the tax implications for its customers. Tax calculations are what we do best and we’re here to help you!

Note that Scottish tax rates may vary.

HMRC is currently assessing feedback on their consultation, which closed on 6 June 2018.

If you believe this change of rules is wrong, one option is to write to your MP to complain.

Professional Help with Tax & Accountancy – for Landlords & More

For help with accountancy and tax for any property, lettings or any capital gains situation you may find yourself in, contact your nearest branch of Taxfile. We have London offices in Tulse Hill (SE21), Dulwich, Battersea (SW8) and another in the Exeter in the South West along with additional tax consultants in Carlisle in the North of England, Yorkshire in the North East, Poole/Dorset and Plymouth in the West Country. Call 0208 761 8000 for an introductory chat or appointment, contact us here or click the bold links for more information. We’ll be happy to help and to get your tax affairs in order.