[Updated 1 February 2026]: If you missed the 31 January deadline to submit your self-assessment tax return, you are now into the penalty stage. HMRC applies an automatic £100 penalty to those who are anywhere from 1 day to 3 months late. Further penalties are then added if you take even longer to comply. It's even worse if you haven't paid the tax owed to HMRC by 31 January because you'll then owe interest on that too. Here's our professional advice of what to do if you're late...

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[Updated November 2025]: If you're self-employed in the UK and earn more than £1,000 after allowable deductions, you need to file a self-assessment tax return each year. It's not only the self-employed, though. If you are on a higher income* or receive untaxed income from things like property rental, tips, commission, savings, investments, dividends, or foreign income, you also have to submit a return. Partners in business partnerships and those who made a capital gain resulting in Capital Gains Tax (CGT) also need to submit a return.

If you do have to fill in a self-assessment tax return, getting all the tax return fields filled in properly and the figures right can sometimes be difficult. That's where professional help from companies like Taxfile is worth its weight in gold. But what information will your accountant or tax advisor need from you? In today's guide, we'll explain exactly what you'll need to supply.

The post Information You Need to Supply for Professional Help with Your Tax Return appeared first on Taxfile.

Are you an Uber driver? If so, you need to ensure that you submit an accurate self-assessment tax return each year and, with new rules and data sharing now in place, it's never been more important to get your figures right. You may therefore be wondering whether you need an accountant. Today's guide gives Uber drivers an overview of the main rules for complying with HMRC, what they need to supply, and how accountants like Taxfile can help drivers with accounting, bookkeeping and self-assessment tax returns each year. By getting these right, Uber drivers will keep on the good side of HMRC and fulfil their tax obligations. Doing so will also help them avoid a financial mess and, potentially, nasty penalties from HMRC.

The post Accountants for Uber Drivers – Are They Needed? appeared first on Taxfile.

Are 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.

The post Understanding Basis Period Reform for Self-Assessment Tax in the UK appeared first on Taxfile.

HMRC 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.

The post Tax Return Accountants appeared first on Taxfile.

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[As at 1 February 2023]: The 31st January was the Self Assessment tax return and tax payment deadline. Miss the deadline and you'll be in for a £100 HMRC fine right away. Interest will also be charged from 1 February, as usual, if tax is not paid by midnight on 31 January (rules apply). Time is short, so contact Taxfile for help with your tax return as soon as possible please. Book an appointment* with one of our helpful tax advisors and accountancy experts TODAY — we'll make it easy!

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Today we look at the tax-free allowance thresholds for what's officially known as the tax-free Personal Allowance in the tax and accountancy world.

The Tax-Free Personal Allowance

This is the amount a UK individual can earn as income before they have to pay any Income Tax. In the current tax year ...

The post Tax-Free Personal Allowance Thresholds & Tax Bands (2022/23 to 2016/17) appeared first on Taxfile.

The Chancellor Rishi Sunak unveiled his Spring Statement for 2022 on 23 March and in some ways it was more like a mini budget.

Key takeaways from the Spring Statement include:

• The earnings threshold at which you start to pay National Insurance Contributions (NICs) will increase to £12,570 from July 2022. This is currently set at £9,880 (correct at time of writing, March 2022), so will leave people with more money in their pockets.
• Class 2 NICs for the self-employed will also reduce, from April 2022, to zero for profits between £6,515 and £9,568
• 5p per litre has been cut immediately from fuel duty.
• The basic rate of income tax will reduce from 20% to 19% starting in April 2024.
• The Employment Allowance will increase to £5,000 per annum from April 2022. Currently it's set at £4,000. The allowance reduces the NICs that employers have to pay.
• VAT on materials that save energy will be reduced from 5% to zero from April 2022. This should reduce the cost of things like solar panels, heat pumps and insulation.
• Councils in England will be able to pass on their share of an additional £500m in extra Government support via the Household Support Fund. The new tranche is for the period 2022/23. The fund helps vulnerable residents, via councils, with short-term help with things like fuel and household bills, food, clothing and other essentials. The previous tranche ends on 31 March 2022, so this is timely.

https://www.youtube.com/watch?v=-FyysHPtvFU

Watch the Chancellor's 28 minute Spring Statement 2022, as delivered to the House of Commons, in the video above. Alternatively get all the detail in the House's briefing summary here. There's also a

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The new Taxfile brochure is out and you can download it here. Even if you're an existing client, it's worth taking a look in case we can help you in ways you weren't aware of. We can help anyone e.g. the self-employed, directors of limited companies, partners in partnerships, sole traders, retired people, landlords, taxi and cab drivers, construction workers and just about anyone.

The new brochure covers:

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