Self-assessment Archives

Basis Period Reform (BPR)

October 30, 2023/in 2023, 2024, 2025, Book keeping, Bookkeeping, Making Tax Digital, MTD, Self-assessment, Self-employed, Sole traders, Tax, Tax accountant, Tax accountants, Tax calculation/by Taxfile

Are you a sole trader or in a partnership?

Do you have different accounting dates as the standard 6^th April to 5^th April?

If you answered YES to both questions, some IMPORTANT changes will apply for the tax year 2023-24.

The “Basis Period Reform” (‘BPR’) will apply to you.

Any sole trader or partnership that does not have an accounting period ending between 31^st March and 5^th April (including 31^st March and 5^th April) will need to change the way they calculate their business profits for their 2023/24 tax return (and going forward).

If you have an accounting period ending between 31^st March and 5^th April then you may be affected in the 2023/24 tax year if you have unused overlap relief but on the whole these could be treated as ending on the 5^th April.

The Basis Period Reform (BPR) means that Read more

Late with your tax return and tax payment? What happens now?

Missed the Tax Return Deadline? What Happens Now?

February 3, 2023/in 2021, 2021-22, 2022, 2023, Accountancy, Accountants, Appeal, Deadline, Filing deadlines, HM Revenue and Customs, HMRC, Key dates, Late return, London, Online returns, penalties, Refund, Self-assessment, South London, Tax, Tax accountants, Tax advice, Tax advisers, Tax bill, Tax refunds, Tax returns, Taxfile, Tulse Hill/by Mark

[February 2023]: If you missed the deadline to submit your self-assessment tax return, the first thing to know is that you are now into the penalty stage. HMRC applies an automatic £100 penalty to those who are even 1 day late (the deadline was 11.59pm on 31st January) and further penalties are added if you take even longer to comply. It’s worse, of course, if you also haven’t paid any tax owed as you’ll then owe interest too, so our advice is to pay as much as you can as soon as possible, so you’ll reduce any element of interest. However, if you “took reasonable care to meet” a deadline and there is a genuine reason why you were late, you have the option to appeal if your circumstances fit eligible criteria. Let’s take a look … Read more

TODAY is the deadline for submission of your tax return. Contact Taxfile for help filing & avoid a minimum £100 fine!

31st January was the Self Assessment Tax Return Deadline!

January 29, 2023/in 2021, 2022, Accountancy, Accountants, Deadline, HMRC, Self-assessment, South London, Tax accountants, Tax advice, Tax advisers, Tax returns, Taxfile, Tulse Hill/by Mark

[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!

020 8761 8000 Book Appointment Get Started Here

1 Week to the Self Assessment Tax Return Deadline!

January 23, 2023/in 2021, 2022, Accountancy, Accountants, Deadline, HMRC, Self-assessment, South London, Tax accountants, Tax advice, Tax advisers, Tax returns, Taxfile, Tulse Hill/by Mark

[As at 24 January 2023]: This is the final week in the run-up to the Self Assessment tax return and tax payment deadline. Miss the deadline (31st January) 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!

020 8761 8000 Book Appointment Get Started Here

2 Weeks to the Self Assessment Tax Return Deadline!

January 17, 2023/in 2021, 2022, 2023, Accountancy, Accountants, Deadline, HMRC, Self-assessment, South London, Tax accountants, Tax advice, Tax advisers, Tax returns, Taxfile, Tulse Hill/by Mark

[As at 17 January 2023]: There are only about 2 weeks left in which to file your Self Assessment tax return and pay any tax due by the official deadline of 31 January. Miss the deadline (31st January) and you’ll straight away incur a £100 HMRC penalty. Interest will also be charged by HMRC if tax is not paid by midnight on 31 January. Time is running out, 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!

020 8761 8000 Book Appointment Get Started Here

Saturday Appointments in December - Book Now for Tax Returns Etc.

Saturday Appointments in January – Book Now for Tax Returns Etc.

January 10, 2023/in 2020, 2021, Accountancy, Accountants, Accounts, Annual Return, Self-assessment, Self-employed, tax rebates, Tax refunds, Tax return, Tax returns, Taxes, Taxfile, Tulse Hill/by Mark

Taxfile is open on Saturday mornings in January, by appointment. Saturdays might be useful if you need to see us for your 2021/22 tax return, or any other accountancy work, but can’t do it on a weekday. Saturday slots are limited; there are only 4 Saturdays available in January and opening times will be from 9am until 1pm. So, please book in today if a weekend appointment suits you — before slots are all taken. Late appointments are also available on Mondays and Tuesdays, when we open until 6pm, or choose any other weekday if you can come earlier. Please note that we close earlier, at 3pm, on Fridays.

Book in on 0208 761 8000 or book your appointment online (here). We are happy to do virtual (video/phone) or physical appointments at our Tulse Hill office in Thurlow Park Road — whichever suits you best. Read more

3 Weeks to the Self Assessment Tax Return Deadline!

January 10, 2023/in 2020, 2021, 2022, Accountancy, Accountants, Deadline, HMRC, Self-assessment, South London, Tax accountants, Tax advice, Tax advisers, Tax returns, Taxfile, Tulse Hill/by Mark

[As at 10 January 2023]: There are only about 3 weeks left in which to file your Self Assessment tax return and pay any tax due by the HMRC deadline of 31 January. Miss the deadline (31st January) and usually you’d be in for a £100 HMRC fine right away. Time is still 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 and we’ll make it easy!

020 8761 8000 Book Appointment Get Started Here

A Personal Message from Guy Bridger at Taxfile

January 29, 2022/in 2020, 2021, 2022, Accountancy, Accountants, Advice, Deadline, Dulwich, Filing deadlines, Guy Bridger, HMRC, Income tax, Late return, London, Online returns, payment plans, payments on account, penalties, Self-assessment, Self-employed, Sole traders, South London, Tax, Tax accountant, Tax accountants, Tax advice, Tax advisers, Tax agents, Tax calculation, Tax returns, Taxfile, Tulse Hill/by Taxfile

Dear Taxfile Client,

We’re aware that many people are struggling right now. So, I wanted to personally touch base with you to confirm that, although the official deadline for submission of 2020/21 self-assessment tax returns and tax payments is Monday (31 January), there is now some extra time this year. This is great news for you if you are concerned about missing the deadlines or having to pay an HMRC penalty for being late. It should really take the pressure off for those who are struggling or worried.

For self-assessment tax returns, you now have until midnight on 28 February to submit. HMRC will only charge you a late filing fee if you file later than this.
For self-assessment tax payments, you now have until 1 April to make your payment (or arrange an HMRC payment plan) before incurring an HMRC late tax payment surcharge. While you will still incur interest for late tax payments from 1 February, HMRC’s interest rate is only 2.75% per annum, so even a month’s interest is unlikely to equate to much for most people.
For tax payments on account (payment in advance for the next tax year), there is no HMRC surcharge/penalty if you’re late but it does attract interest. However, again, that’s only at HMRC’s low rate, so is unlikely to amount to much for most.

We are here to help you, so don’t worry if you owe tax or are running late on your tax return. The Taxfile team can help you sort things out, particularly as we have a little longer than usual. We can work something out during February if you are worried about HMRC surcharges, interest and deadlines. Please get in touch if so.

020 8761 8000 Book Appointment Get Started Here

Lastly, don’t forget that we are open on Saturdays during January and February (by appointment) and open later (until 6pm) on Mondays and Tuesdays. Read more

HMRC Waives Late Filing & Payment Penalty for 31st January Deadline

January 10, 2022/in 2020, 2021, 2022, Accountants, Coronavirus, COVID-19, Pandemic, Self-assessment, Self-employed, Sole traders, Tax, Tax accountant, Tax accountants, Tax advice, Tax advisers, Tax affairs, Tax agents, Tax bill, Tax calculation, Tax return, Tax returns, Taxes, Taxfile/by Taxfile

HMRC has taken the decision to not issue a late filing penalty for anyone who does not submit their self-assessment tax return before midnight on 31st January 2022. It is important to point out that the deadline for filing your 2020-21 tax return remains 31/01/22 but the waiving of the penalty allows anyone who is unable to file their self-assessment tax return by the 31/01/22 deadline avoid a £100 late filing penalty as long as they submit their tax return sometime before midnight 28th February 2022.

Furthermore, anyone that is unable to pay their self-assessment tax liability before 31st January 2022 will not receive a late payment penalty if they pay their tax in full, or call HMRC to arrange a payment plan before 1st April 2022. It is important to note that interest will be added on taxes owed from 1st February 2022.

For a second year in a row, due to COVID, an extra Read more

4 Weeks to the Self Assessment Tax Return Deadline!

December 31, 2021/in 2020, 2021, 2022, Accountancy, Accountants, Deadline, HMRC, Self-assessment, South London, Tax accountants, Tax advice, Tax advisers, Tax returns, Taxfile, Tulse Hill/by Mark

[As at 3 January 2022]: There are only about 4 weeks left in which to file your Self Assessment tax return with HMRC. Miss the deadline (31st January) and you’ll straight away be in for a £100 HMRC fine, so don’t delay — contact Taxfile for help with your tax return. Book an appointment* with one of our helpful tax advisors and accountancy experts TODAY and we’ll make it easy! Read more

Basis Period Reform (BPR)

Missed the Tax Return Deadline? What Happens Now?

31st January was the Self Assessment Tax Return Deadline!

1 Week to the Self Assessment Tax Return Deadline!

2 Weeks to the Self Assessment Tax Return Deadline!

Saturday Appointments in January – Book Now for Tax Returns Etc.

3 Weeks to the Self Assessment Tax Return Deadline!

A Personal Message from Guy Bridger at Taxfile

HMRC Waives Late Filing & Payment Penalty for 31st January Deadline

4 Weeks to the Self Assessment Tax Return Deadline!

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