[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
Hot off the press is our brand new Autumn newsletter for 2016. If you haven’t yet seen it, take a look because it’s jam-packed full of useful information that’ll help you keep your tax affairs and accounts in order, save you money and keep you up to speed on tax matters. Here’s a quick flavour of what’s included (or click the thumbnail image to view or download the newsletter):
- Act fast to save money on your 2015-16 tax return – see the newsletter’s first article.
- Sub-contractors working in the construction industry are invited to claim their CIS tax refunds through Taxfile, so they have their refund in time for Christmas!
- Help if you’re late with any previous years’ tax returns and tax payments — and how you already owe HMRC at least £1300 if you haven’t filed your 2014/15 tax return or paid tax for that year.
- Try the UK’s Number 1 cloud-based accounts package FREE, for a month. No credit card required – cancel at any time – full details are included in the newsletter. [UPDATE: Please note that this offer has now expired].
- Help if your tax affairs are in a mess — are you late filing returns or paying tax? Are you worried about HMRC penalties? Are you a foreign worker, working in the UK, and need to get your tax records up to date following the Brexit decision? We’re here to help!
- Taxfile are Finalists in the ‘Independent Firm of the Year, Greater London’ category of the British Accountancy Awards 2016.
- Free tax enquiry Fee Protection Insurance for Taxfile customers who file their tax returns by the statutory deadline through Taxfile.
- How online banking may save you time and money.
- Introduce a new client to Taxfile and save 10% on our fees!
- Saturday opening at Taxfile (Tulse Hill office) throughout November and December.
- Help with all your tax and accounting needs – check out our list of all the things we can help you with — now including auto enrolment!
- And a ‘thank you’ to all Taxfile customers … Read more
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:
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.
You’re running out of time to submit your tax return and have just HOURS left! We are here to help you fill in and submit your self assessment tax returns to HMRC on Saturday 31st (by appointment only, 9-1pm) so come and see us quickly or you may miss the HMRC deadline. If you do miss it, you’ll get an automatic fine of £100 minimum – and it could get significantly worse (up to £1,600) if you continue to delay.
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 2013-14 financial year. So don’t miss your last chance to get our professional help with filing of your tax return!
ACT NOW and contact us on 020 8761 8000 or book an appointment online.
[UPDATE: Please note that this offer has now expired]. Get Sage One Cashbook FREE, only with Taxfile. If you are a Taxfile customer you can currently get this excellent online accounting and cashflow package totally free of charge. This is better than any special offer you’ll find online for the same product and an additional benefit is that it allows us, your accountants and tax advisors, to collaborate with you within the package (with your permission of course), making managing your income, expenditure, tax accounting and bookkeeping absolute child’s play. You can stop at any time; it’ll cost you nothing either way.
Features & Benefits of Sage One Cashbook online include:
- It allows you to record income & expenditure for your business quickly and easily;
- Access your records from anywhere with an internet connection, any time;
- No accountancy experience is necessary – it’s simple;
- Perfect for small businesses, sole traders, etc;
- It allows you to Read more
If you are happy with our service we’d love to hear more about your experience with Taxfile as we are putting together a page of customer testimonials on our website(s). They need only be short if you haven’t got much time, but longer comments are fine too! As a thank you, you’ll receive a £10 off voucher which you can offset against your next Taxfile bill. Please submit your testimonial here. Many thanks!
If you’re not happy, of course please let us know right away and we can work out how to put things right. We want all our customers to be happy!
Do you have online banking? Sending us downloaded statement information straight from your online banking means we can more easily import the data into our system and check for expenses and income which might otherwise have been overlooked. It can also fill in the gaps where you are missing receipts or invoices. This simple service could therefore save both time and money! Most online banking platforms allow you to export this information, for example as a CSV file, and this format is perfect for our accounting system.
Don’t have online banking? No problem! We also have a new system where we can scan in your paper statements straight into our ‘Bankstream’ accounting platform, making analysis faster and easier.
Either way, ask us for further information or, better still, send us a sample download of a typical month’s bank data (or Read more
Where possible, Taxfile customers are urged to submit their records to Taxfile before December 1st 2014 so as to beat the price increases which will come into effect from that date. Taxfile has held its prices for several years now, and unusually long for our industry, however every so often we have to take stock and catch up with inflation and the ever-increasing costs of operating a business inside London. At time of writing, Taxfile customers still have time to submit their paperwork and records for professional tax and accountancy help – for example for tax returns – so can totally avoid the price increases this year if they act reasonably fast and get their figures and records etc. to us before December 1st. This will also avoid bottlenecks as we fast approach the busiest time in the tax year. Taxfile will also be sending out reminders to its active customer database.
** New – Early Bird Reduction **
* If you miss the December 1st deadline, don’t worry because we’re offering a 5% ‘Early Bird’ reduction on prevailing Taxfile prices if you submit all your records to us before the end of December.
Taxfile would like to thank its customers for their loyalty and custom throughout the years, and for their understanding when occasionally we have to make these increases so as to keep pace with the rising cost of operating in London.
(For tax returns, figures and records are required for the year ending 5 April 2014).
Back in January we reported that HMRC had raised an extra £20.7 billion in additional revenue for the financial year 2012-13 as a result of it’s drive on tax compliance and a massive crackdown on tax avoidance by organisations and individuals alike. Now we can confirm that the financial year 2013-14 figures are in and HMRC has increased their haul to £23.9 billion in additional tax for the year – an all time record and one which represents 5% of the total tax yield for the year. This is an increase of £3.9 billion on the year before and it’s up a whopping £9 billion compared to 3 years ago. George Osborne will be doubly pleased because this year’s figure also beats the target he set in his Autumn Statement by £1 billion clear.
Of the £23.9 billion raised in these latest figures, £8 billion is derived from large businesses, £1 billion from criminals and a further £2.7 billion is the result of successfully tackling tax avoidance schemes in the courts. That leaves £12.2 billion which we Read more
Part of the Chancellor’s recent Budget included plans to recover tax owed to the Treasury direct from the debtor’s bank account — all done directly and without a Court Order being necessary. This has been criticised widely but HMRC says that only 17,000 people in the UK per year would fall into this potential scenario and that it would only occur for those owing more than £1,000 in unpaid tax or tax credits owed. Moreover they say that they would only target long-standing tax debts from those who had received a minimum of 4 payment demands and whose bank and savings accounts combined had a minimum total balance of £5,000 or more remaining after any tax bad been directly seized. Also the debtor involved will have been issued with a final warning period of 14 days, during which the funds concerned would be frozen, before any tax was directly withdrawn.
Meanwhile many, including the Treasury Committee, have raised concerns by stating that it is well-known that HMRC make mistakes including, for example, sometimes asking for the wrong amount of tax from people, issuing incorrect tax cards, or worse. Similar mistakes applied through the new ‘Direct Recovery’ of tax from bank and savings accounts could be seriously detrimental to people and Read more
Sat: 9-1 (Nov-Jan & Apr-Jun only)