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

Stocks & Shares ISAs …

The Pros and Cons of ‘Pound Cost Averaging’

ISAs represent a tax-efficient vehicle for savings because any interest gained on them does not attract tax. At Taxfile, particularly in respect of Stocks & Shares ISAs, we’re often asked whether a lump sum investment is better or worse than a regular ‘drip-feed’ of smaller payments. If the two total the same amount over the course of a year, which is the best method of paying into an ISA?

Well, it all comes down to market conditions, timing and ‘Pound Cost Averaging’. A regular drip-feeding of smaller investments can take the worry out of investment decision-making because it reduces exposure when markets are falling and also it results in a smoother, less volatile, ride. If a larger lump sum were invested and the market fell, it could clearly be a disaster. Compared to that, regular, smaller payments would mean that only a small amount was invested while the market was at its lowest – and even then it would have purchased comparatively more shares because they were then much cheaper (an opportunity which would have been missed with the earlier one-off lump sum approach). Similarly, with a regular drip-feed of smaller payments, fewer shares are purchased when they are at their most expensive. Read more