[Updated 1 February 2026]: 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. Here's our professional advice of what to do if you're late...

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

[Updated November 2025]: If you're self-employed in the UK and earn more than £1,000 after allowable deductions, 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 things like property rental, tips, commission, savings, investments, dividends, or foreign income, you also have to submit a return. Partners in business partnerships and those who made a capital gain resulting in Capital Gains Tax (CGT) also need to submit a return.

If you do have to fill in a self-assessment tax return, getting all the tax return fields filled in properly and the figures right can sometimes be difficult. That's where professional help from companies like Taxfile is worth its weight in gold. But what information will your accountant or tax advisor need from you? In today's guide, we'll explain exactly what you'll need to supply.

The post Information You Need to Supply for Professional Help with Your Tax Return appeared first on Taxfile.

While the transition to the new basis period has introduced certain complexities, it also presents opportunities for businesses to manage their tax liabilities more effectively. One such opportunity lies in the spreading of tax arising from transitional profits.

Transitional profits refer to the profits that arise from the transition between the old and new basis periods. These profits can be spread over

The post Basis Reform and Spreading appeared first on Taxfile.

[As at 1 February 2023]: The 31st January was the Self Assessment tax return and tax payment deadline. Miss the deadline and you'll be in for a £100 HMRC fine right away. Interest will also be charged from 1 February, as usual, if tax is not paid by midnight on 31 January (rules apply). Time is short, 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 — we'll make it easy!

[av_buttonrow alignment='center' button_spacing='5' button_spacing_unit='px' alb_description='' id='' custom_class='' template_class='' av_uid='av-2y1ep2' sc_version='1.0' admin_preview_bg='']
[av_buttonrow_item label='020 8761 8000' icon_select='yes' icon='ue854' font='entypo-fontello' link='manually,tel:02087618000' link_target='' size='medium' label_display='' title_attr='' color_options='color_options_advanced' color='theme-color' custom_bg='#444444' custom_font='#ffffff' btn_color_bg='custom' btn_custom_grad_direction='vertical' btn_custom_grad_1='#000000' btn_custom_grad_2='#ffffff' btn_custom_grad_3='' btn_custom_grad_opacity='0.7' btn_custom_bg='#febe10' btn_color_bg_hover='custom' btn_custom_bg_hover='#edb009' btn_color_font='black' btn_custom_font='#ffffff' btn_color_font_hover='white' btn_custom_font_hover='#ffffff' border='none' border_width='' border_width_sync='true' border_color='' border_radius='20' border_radius_sync='true' box_shadow='none' box_shadow_style='3px,3px,2px,2px' box_shadow_color='' hover_opacity='' sonar_effect_effect='' sonar_effect_color='' sonar_effect_duration='1' sonar_effect_scale='' sonar_effect_opac='0.5' av_uid='av-kya0175q' sc_version='1.0']
[av_buttonrow_item label='Book Appointment' icon_select='yes' icon='ue85b' font='entypo-fontello' link='manually,https://taxfile.appointy.com/' link_target='_blank' size='medium' label_display='' title_attr='' color_options='color_options_advanced' color='theme-color' custom_bg='#444444' custom_font='#ffffff' btn_color_bg='custom' btn_custom_grad_direction='vertical' btn_custom_grad_1='#000000' btn_custom_grad_2='#ffffff' btn_custom_grad_3='' btn_custom_grad_opacity='0.7' btn_custom_bg='#febe10' btn_color_bg_hover='custom' btn_custom_bg_hover='#edb009' btn_color_font='black' btn_custom_font='#ffffff' btn_color_font_hover='white' btn_custom_font_hover='#ffffff' border='none' border_width='' border_width_sync='true' border_color='' border_radius='20' border_radius_sync='true' box_shadow='none' box_shadow_style='3px,3px,2px,2px' box_shadow_color='' hover_opacity='' sonar_effect_effect='' sonar_effect_color='' sonar_effect_duration='1' sonar_effect_scale='' sonar_effect_opac='0.5' av_uid='av-kya0175q' sc_version='1.0']
[av_buttonrow_item label='Get Started Here' icon_select='yes' icon='ue897' font='entypo-fontello' link='manually,https://www.taxfile.co.uk/tax-returns/' link_target='' size='medium' label_display='' title_attr='' color_options='color_options_advanced' color='theme-color' custom_bg='#444444' custom_font='#ffffff' btn_color_bg='custom' btn_custom_grad_direction='vertical' btn_custom_grad_1='#000000' btn_custom_grad_2='#ffffff' btn_custom_grad_3='' btn_custom_grad_opacity='0.7' btn_custom_bg='#febe10' btn_color_bg_hover='custom' btn_custom_bg_hover='#edb009' btn_color_font='black' btn_custom_font='#ffffff' btn_color_font_hover='white' btn_custom_font_hover='#ffffff' border='none' border_width='' border_width_sync='true' border_color='' border_radius='20' border_radius_sync='true' box_shadow='none' box_shadow_style='3px,3px,2px,2px' box_shadow_color='' hover_opacity='' sonar_effect_effect='' sonar_effect_color='' sonar_effect_duration='1' sonar_effect_scale='' sonar_effect_opac='0.5' av_uid='av-kya0175q' sc_version='1.0']
[/av_buttonrow]

The post 31st January was the Self Assessment Tax Return Deadline! appeared first on Taxfile.

Today we look at the tax-free allowance thresholds for what's officially known as the tax-free Personal Allowance in the tax and accountancy world.

The Tax-Free Personal Allowance

This is the amount a UK individual can earn as income before they have to pay any Income Tax. In the current tax year ...

The post Tax-Free Personal Allowance Thresholds & Tax Bands (2022/23 to 2016/17) appeared first on Taxfile.

The new Taxfile brochure is out and you can download it here. Even if you're an existing client, it's worth taking a look in case we can help you in ways you weren't aware of. We can help anyone e.g. the self-employed, directors of limited companies, partners in partnerships, sole traders, retired people, landlords, taxi and cab drivers, construction workers and just about anyone.

The new brochure covers:

The post New Taxfile Brochure – Download Here appeared first on Taxfile.

Dear Taxfile Client,

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

The post A Personal Message from Guy Bridger at Taxfile appeared first on Taxfile.

The post HMRC Waives Late Filing & Payment Penalty for 31st January Deadline appeared first on Taxfile.

Welcome to Taxfile’s Autumn Newsletter for 2021. One of our biggest yet, it includes useful tax- and accountancy-related news that you need to be aware of, ways to save time or money – and much more. Take a look!

QR Codes

You’ll find QR codes throughout the newsletter. These are a quick and easy way to access further information about the topic. Assuming you are viewing the newsletter on a desktop device or a printed* version, simply point your mobile camera phone at a QR code and then open the link that pops up. Your mobile’s browser will then take you straight to the information page. Alternatively, we supply simple link URLs to simply tap in.

Download As an Acrobat PDF & Print Out

* If you're viewing on a small screen, it may be easier to read if you download the newsletter as an Acrobat PDF so you can print it out at full size (A4) ...

The post Taxfile’s Autumn Newsletter 2021 appeared first on Taxfile.

New rules have now come into force in relation to capital gains made on disposals of UK residential property*. Several key actions are now required if a taxable capital gain has arisen, including some that now need to be made fast:

1. Taxpayers need to report the property's disposal within 30 days of the actual disposal;
2. They will need to pay the estimated Capital Gains Tax (‘CGT’) to HMRC within 30 days of the disposal.
3. Those who fill in and submit a Self-Assessment tax return will also need to include details of the disposal on their return.

Who Do the New CGT Rules Apply To?

The new rules apply whether you're an individual, joint property owner, trustee, partner in a partnership or LLP, or a personal representative.

What Counts as a Residential Property Disposal?

The new rules apply to all UK residential property that was disposed of (taken as the date of the exchange of contracts) since 6 April 2020 inclusive, where a capital gain was made that will require payment of CGT.

To fall within the rules, a UK residential property must be one that:

• is suitable for use as a dwelling, or;
• is being built or adapted for use as a dwelling.

It can be one in which the the owner has never lived or has lived for only part of the period they owned it. It can also be a rental property or a holiday home.

Where a property has been used for mixed purposes, only the capital gain that's equivalent to

The post New 30-Day Rules for Capital Gains on Residential Property appeared first on Taxfile.