Attention UK landlords! The way you manage your property finances and report to HMRC is undergoing a major transformation. Making Tax Digital for Income Tax Self Assessment (‘MTD IT’) is no longer a distant whisper – it's becoming a reality, and Taxfile is here to help you navigate this essential change.

Forget the headache of last-minute annual Self Assessment tax returns! MTD for Landlords is designed to streamline your landlord tax obligations, demanding a shift to digital record keeping and MTD-compatible software. Don't get caught unprepared – let's explore everything you need to know about MTD for landlords and how to ensure a smooth transition.

The post UK Landlords: Is Your Portfolio Ready for the Digital Tax Revolution? (Making Tax Digital for Landlords) appeared first on Taxfile.

The post Lower Prices for CIS Clients – We’re on Your Side! appeared first on Taxfile.

As the new tax year approaches, CIS contractors must prepare for the upcoming 2024/25 tax return season.  Last year we witnessed a significant increase in HMRC compliance checks delaying refunds, with many contractors being asked to provide detailed CIS pay/deduction slips and bank account transactions to verify their income.

At Taxfile, we are here to help you navigate these challenges and ensure your tax affairs are in order while offering you peace of mind with our unique HMRC investigation cover. Learn more ...

The post Stay Ahead of HMRC Compliance Checks for CIS Contractors appeared first on Taxfile.

Tax. The very word can sometimes send shivers down your spine! But what if we told you there's a way to make things a little less… taxing? Enter Making Tax Digital for Income Tax & Self-Assessment (MTD IT)!

Now, before you click away, hear us out. This isn't about making tax more complicated. It's actually about bringing your tax admin into the digital age, which in the long run, can save you time and reduce errors. What's more, if you work through Taxfile, it could also save you money! Think of it as upgrading from paper maps to Google Maps for your finances!

The post Making Tax Digital for Income Tax: Your Friendly Guide appeared first on Taxfile.

[Updated February 2025]: 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.

Our Advice if You’re Late

If you are late submitting your tax return and/or paying the tax owed, our advice is to:

1. submit your tax return without delay;
2. pay as much tax as you can as soon as possible*.
   By doing both, you'll minimise the penalty and interest payable to HMRC.

* Payment of any historic tax for 2023/24 and prior years is best dealt with by the last day of February at the latest. Any amount that remains due for 2023/24 is considered late thereafter and will attract an automatic HMRC charge of 5%.

The post Missed the Tax Return Deadline? What Happens Now? appeared first on Taxfile.

[As at 31 January 2025]: The 31st January is THE FINAL DEADLINE by which you need to file your Self Assessment tax return with HMRC. If you miss that deadline (11.59pm on 31st), you risk a £100 HMRC fine right away plus other significant penalties thereafter. Interest will also be charged from 1 February if tax is not paid by midnight on 31 January (rules apply).

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 and we'll make filling in and submitting your tax return simple!

The post 31 January Was the Tax Return Deadline! appeared first on Taxfile.

Taxfile is open on Saturday mornings in January, by appointment. Saturdays might be useful if you need to see us for your 2023/24 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, when we open until 6pm, or choose any other weekday if you can come earlier. Please see the footer of our website for latest opening times.

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.

The post Saturday Appointments in January – Book Now for Tax Returns Etc. appeared first on Taxfile.

If you're self-employed in the UK, 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 property rental, savings, investments, or dividends, you also have to submit a return. Getting all the fields filled in properly and the figures right can sometimes be difficult, though. That's where professional help will be worth its weight in gold. But what information will your accountant or tax advisor need from you? That's what today's post is all about, and we'll explain exactly what information you'll need to supply.

^{* (Those earning more than £100,000 currently, or over £150,000 from next year).}

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.

by Ali at Taxfile.

For many self-employed UK taxpayers, the January Self-Assessment deadline looms like a tax-shaped storm cloud. But what if you could banish that pre-deadline panic and transform tax season into a breeze?

Psychology tells us that we are motivated when one set of thought processes outweighs the opposing ones, tipping the balance to make us act. With that in mind, here are 7 key things that may motivate you to act on your taxes sooner rather than later.

The post The Early Bird Catches the Worm — The Benefits of Acting on Taxes Sooner appeared first on Taxfile.