Final day to submit your Self-Assessment tax return

Today is the Tax Return Deadline!

0 days to the Self-Assessment tax return deadline!

[As at 31 January]: TODAY IS THE FINAL DAY to file your Self Assessment tax return with HMRC. Miss the deadline (11.59pm on 31st January 2019) and you’ll straight away be in for a £100 fine from HRMC, so don’t delay — contact Taxfile AFTER 9AM 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 and what’s more, we’re currently open 6 DAYS A WEEK from now until the end of January (Saturday mornings by appointment only). Don’t leave it to the last minute, though, as there is always a bottleneck for those who do — so come in as early as you can this week.

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 the 2017-18 financial year 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 2016 to 5 April 2018.

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

Holiday lettings: tax guide for landlords with furnished lets in the UK/EU

A Tax Guide for Landlords with Holiday Lets

Holiday lettings: tax guide for landlords with furnished lets in the UK/EU

Do you have a holiday cottage, flat or apartment that you rent out to holidaymakers? If so, our handy ‘Holiday lettings’ guide for landlords could be very useful to you — and it could save you money. It’s packed full of useful information and tax tips that will help you to make the most of your holiday property, at the same time as keeping on the right side of the tax man.

The Pros

We’ve written a section all about the tax breaks that apply to qualifying holiday lets. These include capital allowances for things you pay for when fitting out your holiday property, the tax treatment of expenses, the ability to pay pension contributions on your profits, several types of relief (some of which may affect your exposure to Capital Gains Tax) and small business rate relief.

The Cons

There’s also a section in the guide that covers some of the downsides to tax on holiday lettings. These include the need to get your VAT Registration status and charges right (where applicable) and also the tax treatment of any trading losses.

Qualifying Conditions

Lastly, there’s a section that outlines the qualifying conditions that apply if you want to treat your property as a holiday let rather than as an ordinary rental property. That’s important because different tax rules apply to each category and you could miss out on some excellent tax breaks if you don’t get it right. For example, the holiday rental property must be fully furnished and allow for self-catering holidays. Also, the property must be available for a particular number of days per year and be rented out in a particular way. It should not be occupied by the same tenant(s) for more than Read more

Letting a room through Airbnb? HMRC tracks your income & data!

Letting a Room through Airbnb? HMRC Tracks your Income!

Letting a room through Airbnb? HMRC tracks your income & data!

Back in late 2015, we forewarned that HMRC was planning to force on-line companies like Airbnb to share customer income data with them. That plan has come to fruition and HMRC is now receiving detailed information from Airbnb and other online providers. The data will tell HMRC about lettings income that may have been previously falling under their radar.

Airbnb is an on-line marketplace where people can rent out rooms, cottages, apartments and suchlike to those looking for short-term accommodation, city breaks, holidays or lower cost alternatives to hotels and overnight business stays.

We understand that various on-line providers, including Airbnb, are now exchanging information with HMRC. HMRC then uses their analytical tool “Connect” to track and monitor income from such sources. This powerful application was developed by BAE Systems and is the most advanced data gathering tool HMRC has at its disposal.

So, if you let property or a room on Airbnb, you can expect detailed information to be passed to the Revenue about your letting activities and the income it generates. While you may currently be able to earn up to £7,500* per year tax-free for furnished accommodation under the Government’s ‘Rent a Room Scheme‘, care needs to be taken to submit a tax return and pay tax on any income received once you have gone over that limit. Higher rate taxpayers also need to take care if their rental income pushes them into a higher tax bracket.

In order to qualify under the Rent a Room Scheme:

  • The room must be furnished;
  • The relief cannot be used if you let your home whilst living abroad;
  • The accommodation provided cannot be office space or business space.

Changes arriving in 2019:

HMRC recently held a consultation with relevant professionals and the public about whether the scheme should continue in its present form. Following this, they have announced that the scheme will be more restricted; landlords who do not live in their “main residence” at the same time as their tenants will probably no longer be able to claim “rent a room relief” from 6 April 2019.

Tax Help & Advice for Lettings Income

If you need our help handling your lettings tax needs, Taxfile is here to assist you. We’re tax experts and can guide you through the maze of rules and regulations concerning lettings, renting out accommodation, tax thresholds, knowing when it’s appropriate to work under the Rent a Room Scheme, whether you can claim expenses and so on. Book an appointment at your nearest Taxfile office: for Tulse Hill in London SE21 book an appointment on-line here; book here for Dulwich in SE21; for Battersea in SW8 book your appointment here or for Exeter and the South West, book your appointment here. We also have tax advisers who are available in other UK locations including Poole in Dorset, Carlisle, Yorkshire and Plymouth. Alternatively, simply call 0208 761 8000 or send us an email here and we’ll be happy to help to get you on the right track.

Learn more about our services to landlords and those earning an income from property lettings here.

* Correct for tax years 2016-17 and 2017-18. For tax year 2015-16 the threshold was only £4,250. Also note that the current year’s threshold reduces to £3,750 if someone else, for example a joint owner, receives lettings income in the same property.

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.

TAX HELP! Your 1-stop tax shop

Taxfile: Your One-Stop Tax & Accountancy Shop

TAX HELP! Your 1-stop tax shop

Taxfile has over 100 years of combined tax and accounting experience. It’s incredible to think that the key personnel have administered over 30,000 tax submissions in the past 20 years! Beginning way back in 1994 (and continuing as Guy Bridger Limited from 1997), we originally started business offering only CIS sub-contractor returns but quickly developed the service to help the self-employed, local businesses and higher rate taxpayers with their tax computations. Along the way we added tax and accounting services for taxi drivers, cab drivers, landlords and more. We also offer Capital Gains tax expertise and tax investigation help and, more recently, professional help with disclosures, written tax advice and tax planning for things like inheritance.

We have exceptional accounting experience in all key tax and accounting areas including:

Taxfile helps individuals as well as businesses. Our customers are very varied, turning over anything from £10,000 to over £1 million a year. A few are high wealth individuals who no longer need to work but still need to account for their taxes etc. Some customers have retired, others operate small businesses and some don’t even live in the UK but may have assets here. So, whatever your income, assets or situation, the message is that if you need ANY tax-related help, you’ve found the right place in Taxfile.

Taxfile also has the back-up and expertise of professional bodies on tap (so nothing is too complicated for us) and also has excellent relations with the tax authorities — we’re very well trusted by HMRC. Guy even helps in the local employment zone, which aims to improve business in the Tulse Hill and West Norwood area. So, Taxfile is very much part of the local community, particularly in South London (but expanding to other areas too — keep an eye on this blog for forthcoming information about that in the very near future).

Whatever help you need with tax and accountancy-related matters, call Taxfile on 0208 761 8000 and we’ll be delighted to help you. Alternatively, Read more

New tax planning & tax advice service from Taxfile

New: Tax Advice & Planning Service

New tax planning & tax advice service from Taxfile

You can now get tax planning and tax advice from Taxfile. We have highly experienced senior accounting staff who can give you the right tax advice when you need it most — for example, when your circumstances are changing, if you’ve had trouble keeping on top of your tax commitments and need to bring things up to date, or perhaps a friend or relative simply needs a bit of reassurance with regard to their tax situation. Perhaps you have assets or income abroad as well as income in the UK and want to make sense of your tax position. Or, perhaps you have recently made a tidy profit trading crypto coins like Bitcoin and want to know where you are from the standpoint of Capital Gains or Income Tax. Maybe you need to disclose income from property rental that you have previously not told HMRC about (more about that in a later post). Those are all examples of typical situations where our new Professional Tax Advice and Tax Planning services can help you to see the wood from the trees.

A Free Telephone Consultation

In the first instance, we are inviting clients to speak for just 15 minutes with one of our resident tax planning experts. This will be in the form of a free, introductory telephone call, perhaps in February or March if it suits you. We can then see what’s needed and take it from there. We can, of course, discuss any costs with you before you commit to anything further, and there is no obligation.

Whether it’s about labour taxes, investment taxes, business taxes, disclosures to HMRC or even professional help to support you during an HMRC tax investigation, we can make sense of all the options for you and — in a fair and ethical way — help to make sure you are paying no more tax than you should do. With decades of experience in accountancy and tax planning, we know exactly what’s what when it comes to tax, so can definitely help you. Call 0208 761 8000 to arrange your free 15 minute telephone appointment with a tax expert, at a mutually convenient time. Alternatively, Read more

Final day to submit your Self-Assessment tax return

TODAY is the Self Assessment Tax Return Deadline!

Final day to submit your Self-Assessment tax return

[As at 31 January]: There is just TODAY left to file your Self Assessment tax return with HMRC. Miss the deadline (11.59pm tonight) and you’ll straight away be in for a £100 fine from HRMC, 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 and what’s more, we’re currently open 6 DAYS A WEEK from now until the end of January (Saturday mornings by appointment only). Don’t leave it to the last minute, though, as there is always a bottleneck for those who do — so come in as early as you can this week.

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 the 2016-17 financial year 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 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 2016 to 5 April 2017.

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

Taxfile multi-lingual staff at a glance

Taxfile’s multi-lingual, multi-talented staff, at a glance

multi-lingual accountants and tax advisers[Updated]: It’s common knowledge that most of Taxfile’s South London staff are multi-lingual but can you guess which staff member speaks no less than four languages fluently (Russian, Pashto, Dari and English) and which staff member is into both metal music and Irish dancing? And who should you ask for if you need payroll services? And who specialises in bookkeeping … who in limited company accounts and so on? Our staff ‘mind map’ tells you a bit more about each member of the team, what their specialities are, key interests and, of course, their contact details in case you ever need their help. Take a look … Read more

Taxfile are Finalists in the British Accountancy Awards 2016

Taxfile is a Finalist in the British Accountancy Awards 2016

Finalist in the British Accountancy Awards - Independent Firm of the Year, Greater London 2016 Taxfile are delighted to confirm that they’ve been nominated as Finalists in the sixth annual British Accountancy Awards taking place in November 2016. With a real chance of winning the Independent Firm of the Year, Greater London category, all the staff at Taxfile should take this as a pat on the back for their expertise and diligence looking after the tax affairs of clients in the Greater London region. “It’s a great honour!” said Guy Bridger, Taxfile’s Managing Director, who wanted to draw attention to the particularly hard work of Julie, Faiz, Ewelina and Ali on the Taxfile team. The awards ceremony takes place at The Brewery, London EC1, on 29 November.

Taxfile can add this to their already impressive list of previous accolades which include being a Finalist in the Award for Innovation and winner of the Best Small Business award. Our congratulations to all staff and best wishes to all accountancy companies taking part — it should be a night to remember!

Taxfile are accountants and tax advisors with London offices in both Tulse Hill and Dulwich in SE21. We can help with anything from simple bookkeeping, payroll, tax returns, tax refunds, VAT, National Insurance and Corporation Tax to full accounts work for limited companies, help with auto enrolment duties as well as sorting out complex tax problems. Read more

Tax return help & accounting advice for taxi drivers, cabbies, cab firms, couriers, limos and private hire firms. We're accountants in Tulse Hill, South London, SE21.

Missed the Tax Return Deadline?

If you missed the deadline for submission of your tax return to HMRC (that was 12 midnight on Saturday 31 January) here’s what you can expect in terms of a fine:

Late return penalties by HMRC

In case you didn’t realise, you still had to submit a tax return even if you did not owe any tax and the longer you leave it, the more it will cost you — as you can see in the table above. Alternatively, use this excellent estimation tool to work out your exact penalty at any given point in time. Not sure if you even need to submit a Self Assessment tax return? No problem; there’s a tool for that too (here).

This year’s figures aren’t in yet but, statistically speaking, women seem to send in their returns on time more often than men; 18 to 20 year olds of either sex are the very worst with nearly 11% of them sending in their returns late in recent years, while those over 65 seem to be statistically the most reliable of all, with only 1½% of them having filed tax returns late (based on 2014). We’ll have to wait and see how it panned out this year when the figures are in.

Taxfile are here for you if you need to get your tax return sorted out whether you’re on time or not – but the earlier the better if you’re to minimise any penalty from HMRC. We are professional accountants and tax advisors, are based in South London, and will help to get your tax affairs in order with minimal fuss. We will ensure that all your figures are correct so that you pay only the right amount of tax – no more, and no less. For professional tax help contact us or book an appointment on-line.