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. Read more
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.
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
https://www.taxfile.co.uk/wp-content/uploads/2022/01/Guy-Bridger-Taxfile.jpg537537Taxfilehttps://www.taxfile.co.uk/wp-content/uploads/2020/03/taxfile-logo-2020.pngTaxfile2022-01-29 11:18:522025-03-13 15:15:28A Personal Message from Guy Bridger at 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
https://www.taxfile.co.uk/wp-content/uploads/2021/02/Late_Payment_Penalty_Relief.jpg533800Taxfilehttps://www.taxfile.co.uk/wp-content/uploads/2020/03/taxfile-logo-2020.pngTaxfile2022-01-10 09:05:492022-01-12 09:15:16HMRC Waives Late Filing & Payment Penalty for 31st January Deadline
Season’s greetings to all our clients and readers and sincere thanks to all of you who have kept us busy with work during 2021 — we really appreciate it.
Here’s a quick reminder of our opening times during the Christmas period and into the New Year. This is for our Tulse Hill office (Thurlow Park Road) and our Dulwich office (Turney Road) except where otherwise indicated.
Friday 24 December 2021 (Christmas Eve): we’re open from 9am until 3pm (Tulse Hill office only).
Saturday 25 December 2021 (Christmas Day): closed.
Sunday 26 December 2021 (Boxing Day): closed.
Monday 27 December 2021 (a public holiday): closed.
Tuesday 28 December 2021 (a public holiday): closed.
Wednesday 29 December 2021: open 9am until 5pm.
Thursday 30 December 2021: open 9am until 5pm.
Friday 31 December 2021: open 9am until 3pm (Tulse Hill office only).
Saturday 1 January 2022 (New Year’s Day): closed.
Sunday 2 January 2022: closed.
Monday 3 January 2022 (a public holiday): closed.
Tuesday 4 January 2022: we re-open from 9am until 6pm.
Wednesday 5 January 2022: open as usual, 9am until 5pm.
Thursday 6 January 2022: open as usual, 9am until 5pm.
Friday 7 January 2022: open as usual, 9am until 3pm (Tulse Hill office only).
Saturday 8 January 2022: open 9am until 1pm by appointment (Tulse Hill office only).
Sunday 9 January 2022: closed.
From week commencing Monday 10 January: open as usual (see footer).
Have You Contacted Taxfile About Your Tax Return Yet?
If you need a self-assessment tax return or any other kind of return and haven’t yet arranged it with us, please arrange an appointment urgently. January becomes frantically busy in the accounting world, so please make the most of the remaining December appointments while they’re still available — thank you. Appointments are by telephone, Zoom, Microsoft Teams, in person (under safety protocols) … Read more
https://www.taxfile.co.uk/wp-content/uploads/2021/12/Christmas-Opening-Times.jpg524894Markhttps://www.taxfile.co.uk/wp-content/uploads/2020/03/taxfile-logo-2020.pngMark2021-12-22 13:59:132025-03-13 13:08:18Christmas & New Year Opening Times at Taxfile
https://www.taxfile.co.uk/wp-content/uploads/2021/11/Saturday-open-December-S.jpg406601Markhttps://www.taxfile.co.uk/wp-content/uploads/2020/03/taxfile-logo-2020.pngMark2021-11-22 17:13:162024-01-26 10:51:42Saturday Appointments in December – Book Now for Tax Returns Etc.
HMRC has already started contacting possible eligible sole traders and partnerships for the 5th and final Self Employed Income Support Scheme grant announced by the Government last year.
HMRC’s online access for applications is due to open later this month (July) and the grant will cover the period 1st May 2021 through to 30th September 2021. You can claim the 5th grant if you believe that your business profit will be impacted by coronavirus between these dates.
This round of grants requires turnover calculations to be done by the applicant, following four stages to determine the two turnover figures required in the application and hence, how much they will be eligible for.
You will first need to work out your turnover (money received) for a 12-month period starting from any date between 01/04/20 to 06/04/20. Your figure must include the turnover from all your businesses. You can ask us at Taxfile for your figure if we have submitted your 20/21 tax return. If you haven’t yet done your 2020/21 tax return, it might be an opportunity to contact your tax agent at Taxfile and bring in your financial data for the period, so we can give you an accurate figure, as HMRC will be able to check the figures once you do submit your tax return.
The second stage is to adjust the 12-month turnover figure by removing the monies received from any SEISS grants or COVID relief grants from the council/government. Although these grants are viewed as subject to income tax and national insurance, they will not be considered as part of your 12-month turnover figure for the 5th SEISS grant.
The third stage requires you to calculate a previous year’s turnover to use as a reference figure. This is the 2nd figure you will need for the application. HMRC states that in most cases you must use the 2019/20 tax return as your reference year. If for any reason 2019/20 was not a normal year, you can use the turnover reported in your 2018/19 tax return. For ‘not a normal year’, HMRC has stipulated the following examples; being on carers or sick leave for a prolonged period, losing a large contract, reservist duties, or being eligible for the 5th SEISS grant but not having submitted a 21019/20 tax return. The turnover for your reference figure can be found on the tax return summary we would have issued you. If you need this figure, please do not hesitate to contact your tax agent on 020 8761 8000.
The fourth stage is to compare the two turnover figures. Only when the figure from stage 3 (the reference year) is greater than that obtained for the 20/21 figure will you be eligible for the 5th SEISS grant. Furthermore, if the 2020/21 turnover figure has reduced by 30% or more when compared to the reference turnover figure, the grant will be 80% of the 3-month average profits, with the maximum grant payment capped at £7,500. If the 2020/21 turnover is less than 30%, the grant will be 30% of the 3-month average profits, capped at £2,850.
https://www.taxfile.co.uk/wp-content/uploads/2021/07/5th_SEISS_GRANT.jpg351500Taxfilehttps://www.taxfile.co.uk/wp-content/uploads/2020/03/taxfile-logo-2020.pngTaxfile2021-07-13 09:53:032021-10-31 15:03:28SEISS: The 5th & Final Round
The rapid pace of technological change has caused some of the biggest shifts in how we view and process our tax returns. At Taxfile, we’re constantly striving to use technology as effectively as possible to aid us in collecting, analysing, and collaborating when working on your personal data.
Over the pandemic, we’ve had to place our reliance even further on technology to maintain our standards, with regular meetings online. We’re constantly improving the efficiency of our work pipeline and, with the ability to pull figures directly from online bank statements, we can ensure precision in the numbers we present you with. For the last two years, we’ve implemented cloud technology as both a collaborative tool between our senior and junior staff and as storage for various databases used to track everything from employee working hours to the status of your tax return. We’re expanding further on this concept in collaboration with Pure Technology by merging our existing cloud systems with our current remote work solution to form one, all-encompassing workspace environment. Hosting it in the Microsoft Cloud ensures that, with the help of our office staff, your paperwork and bookings can be sent to and viewed by your tax agent as soon as possible. This and a variety of other endeavours are examples of our ambitions to be at the forefront of innovations, and constant review of our policies ensures we remain ahead, or on track, to meet the standards set by Making Tax Digital (MTD) for its 2023 launch.
Contact South London’s Favourite Accountant
Taxfile can help you with all your tax or accountancy requirements. We offer Read more
https://www.taxfile.co.uk/wp-content/uploads/2021/07/Michaels-technology-post.jpg537894Taxfilehttps://www.taxfile.co.uk/wp-content/uploads/2020/03/taxfile-logo-2020.pngTaxfile2021-07-08 14:56:072025-03-13 14:56:42Harnessing Technology at Taxfile
Hello; I’m Faiz Mazloumiar. I have been working for Taxfile since May 2005, mostly doing tax returns for subcontractors, self-employed individuals, partnerships and landlords. I specialise in helping clients who, for whatever reason, have fallen behind in their tax affairs, assisting in making disclosures to HMRC whilst trying to minimise the penalties imposed on them over the years. I always aim to put our customers first by calling HMRC to try to cancel recent years’ penalties, then I submit any outstanding tax returns. When I submit the tax returns I also do an appeal for older years’ penalties to be revoked. In many cases HMRC accept my appeals and clients get their money back for anything they have had to pay. I am always fighting for my clients and I have been known to battle on behalf of them for over a year.
I also help many people in our local community who are on PAYE but perhaps do not know if they are paying the right tax and NI contributions. It is a little like charity work. When people from the local community bring in their P60, I will check it and give them advice on how to contact HMRC and ask for a refund if they have overpaid. When new clients come with any problems, they are usually very stressed and anxious and sometimes don’t understand the intricacies of the UK tax system. We aim to help them with their tax problems, so they can leave us feeling relieved and a little happier. When I help clients they trust me and I have grown my client base only through recommendations. It is very exciting and satisfying for me to be able to help my clients and community as a whole.
Contact Taxfile, South London’s Favourite Tax Accountants
https://www.taxfile.co.uk/wp-content/uploads/2021/06/Faiz-at-Taxfile.jpg537894Taxfilehttps://www.taxfile.co.uk/wp-content/uploads/2020/03/taxfile-logo-2020.pngTaxfile2021-06-22 16:40:592025-03-13 13:31:59Faiz from Taxfile – Helping the Community with Tax Problems
If you are self-employed or a member of a partnership and have been impacted by coronavirus (COVID-19), the 4th Self-Employment Income Support Scheme (SEISS) grant will be available to those eligible from this week (w/c 19 April 2021), and the online service for the fourth SEISS grant is now online HERE
The grant covers the period from 01/02/2021 – 30/04/2021 and eligibility for the fourth grant is dependent on you having traded for both tax years:
2019 to 2020 and submitted your tax return on or before 2 March 2021
2020 to 2021
You must either:
be currently trading but are impacted by reduced demand due to coronavirus
have been trading but are temporarily unable to do so due to coronavirus
intend to continue to trade
reasonably believe there will be a significant reduction in your trading profits
The same criteria that were applied for the first 3 SEISS grants still apply & this grant will be 80% of your average trading profits for up to 4 tax years (2016/17, 2017/18, 2018/19, & 2019/20) for 3-months.
The closing date for the 4th SEISS Grant is 01 June 2021.
By now you should have received an email form HMRC stating when you can claim your 4th SEISS grant from. If you need any assistance with your claim, please do not hesitate to contact us on 020 8761 8000 or email/message us here.
https://www.taxfile.co.uk/wp-content/uploads/2021/04/SEISS_GRANT_4-.jpg301500Taxfilehttps://www.taxfile.co.uk/wp-content/uploads/2020/03/taxfile-logo-2020.pngTaxfile2021-04-22 11:19:282021-10-31 15:14:224th SEISS Grant Available THIS Week
If you needed to have submitted a self assessment tax return for 2019/20 but have not done so by 28/02/2021, you will now be receiving a letter from HMRC stating that you owe a £100 late filing penalty fee.
Please do not ignore this, as from 29th of May you will see an exponential growth in the penalty.
From 29th May you will receive a £10 per day fine for up to 3-months, meaning you can potentially get an additional £900 added to the initial £100 fine you have received.
On the 30th July you will then receive an additional £300, making the grand total for late filing £1,300 if not done by 30/07/2021.
If you have a tax return to file, please contact us on 020 8761 8000 so we can help you avoid any additional penalties you may incur.
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