Late with your tax return and tax payment?

Missed the tax return deadline? What now?

Missed the tax return deadline? What now?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 before 28th February, so you’ll reduce any element of interest. However, if there is a genuine reason why you were late with your return, and it fits certain criteria, you have the option to appeal …

Circumstances that are taken into account by HMRC when considering appeals include:

  • if a close relative or partner died shortly before the tax return or payment deadline;
  • if you had to stay in hospital unexpectedly;
  • if you had a life-threatening or serious illness;
  • if your computer or software failed at the time you were preparing your online return;
  • if HMRC’s online services were disrupted;
  • if you were prevented from filing your return or paying your tax because of a fire, flood or theft;
  • if there were unexpected postal delays;
  • and occasionally other reasons which, if genuine, HMRC may deem to be relevant.

Excuses that aren’t usually accepted by HMRC include: Read more

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

10 DAYS to the Self Assessment Tax Return Deadline!

10 days to the Self Assessment tax return deadline

There are just 10 days left in which to file your Self Assessment tax return with HMRC. Miss the deadline (11.59pm on 31st January 2017) and you’ll straight away be in for a £100 fine from HRMC, so don’t delay — contact Taxfile TODAY to book an appointment with one of our helpful tax advisors and accountancy experts.

We’ll make filling in and filing your tax return a breeze and what’s more, we’re currently open 6 DAYS A WEEK from now until the end of January (Saturday mornings by appointment). Don’t leave it to the last minute, though, as there is always a bottleneck for those who do — so come in as early as you can this week.

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 2015-16 financial year by the same 31 January deadline.

So get our professional help with filing of your tax return — you can book an appointment online, drop by the Tulse Hill shop to book one, send us an email message via our contact form or, better still, simply call us on 0208 761 8000 and we’ll book you in and help sort out your tax return accurately and on time. Don’t delay — time is quickly slipping by!

Taxfile multi-lingual staff at a glance

Taxfile’s multi-lingual, multi-talented staff, at a glance

multi-lingual accountants and tax advisers[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

Autumn Newsletter 2016

Taxfile’s Autumn Newsletter 2016

Taxfile's Autumn Newsletter 2016

Taxfile's Autumn Newsletter 2016Hot 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
Tax return help & accounting advice for taxi drivers, cabbies, cab firms, couriers, limos and private hire firms. We're accountants in Tulse Hill, South London, SE21.

Missed the Tax Return Deadline?

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:

Late return penalties by HMRC

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.

Tax Deadline

You have only HOURS left to submit your Tax Return!

Tax Return DeadlineYou’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.

Read more

Sage One Cashbook accounting package

Get Sage One Cashbook (online accounts package) FREE!

Sage online accounts package - free![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

Taxfile passes HMRC inspection with flying colours!

HMRC inspect high volume tax return agentsHMRC have recently been targeting tax agents who file high volumes of tax returns and, as one of the UK’s top 100 tax return preparers by volume, Taxfile had the honour of having an inspection by HMRC inspectors during late October.

The two senior inspectors met all Taxfile staff who prepare tax returns and analysed the procedures undertaken by them to arrive at the figures entered on customer returns. They also reviewed, on a spot-check basis, a selection of files worked upon over this Summer. Analysis included checks on procedures, figure work and record keeping including the level of detail recorded in notes. The result was a resounding success – Taxfile passed with flying colours – of course!

HMRC were also satisfied with the way Taxfile had dealt with any occasional instances of missing client receipts. They reiterated that, where clients had lost receipts, some kind of proof of purchase was always needed in lieu of the official receipts. For example bank statements showing that the purchase was made via a debit card or cheque, or credit card statements showing the purchase was made originally with a Visa or MasterCard. Our own recommendation is to Read more

Online banking may save you money!

Online banking can save you money on your accounting costsDo 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

Tax bomb

Avoid Significant HMRC Penalties – file your tax return on time!

File your tax return in time or face severe fines[UPDATED] Did you know that you get an automatic £100 minimum penalty if you file your Self Assessment tax return (or pay any tax owed) even one day late? After 3 months you can add £10 per day extra to that fine (up to 90 days/£900 max) and after 6 months it gets significantly worse. And remember that you need to file your return on time even if you don’t owe any tax, or if you have already paid it! Latest indications are that there are also no warnings given by HMRC. See the table below for the detail.

Late return penalties by HMRC

So our message is simple: don’t file late, and don’t pay late! Taxfile are here to help you, of course. We know Self Assessment Tax Returns back to front and we can help you file accurately, and on time.

Key Dates for the tax year to 5 April 2015:

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