Tax advisers Archives | Page 4 of 7

AMAZING OFFER! Save Time, Money & Space with a FREE Sage Bookkeeping & Accounts Package!*

January 14, 2016/in Accountancy, Accountants, Auto Enrolment, Bookkeeping, Cash flow, expenses, Filing deadlines, Income & Expenditure, Income tax, London, National Insurance, NI, NIC's, Online returns, PAYE, Payroll, Real Time Information, RTI, Sage, Save money, Self-assessment, Software packages, South London, Special Offers, Tax, Tax advice, Tax advisers, Tax calculation, Tax returns, Taxfile, VAT/by Mark

[UPDATE: Please note that this offer has now expired]. Taxfile’s customers can benefit from an incredible offer on a range of Sage accounting packages at the moment. We’re offering a FREE or, in effect, heavily subsidised* Sage accounting package to all active Taxfile customers, whether existing or new. There are various different packages available so we’re sure we’ll have one which will suit every customer perfectly. The list of benefits is almost endless — here are just a few:

Firstly we’ll GIVE* Taxfile customers the package — you don’t have to pay Sage at all;
Say hello to quick and easy bookkeeping and record-keeping;
Quick and easy cash flow management tools;
Cloud-based record keeping means you can access accounts records from anywhere with an internet connection;
Automatic bank statement integration makes bank reconciliation a breeze, helping when receipts go missing and even recognising – and accounting for – regular transactions;
A mobile app module allows you to simply snap a photo of your receipt and it uploads to your Sage account (say goodbye to physical receipt storage!);
Less paperwork!
Automatic tax computations performed by the software;
Report and analysis options;
VAT handling;
Automatic VAT return options (or let us handle it for you as you prefer);
Shows you the taxes and National Insurance due so you can easily pay them on time;
Fast and easier tax returns;
Help from Taxfile at any point and from Sage’s own helpful videos;
Helps you stay in line with UK laws, taxes and regulations;
No experience needed;
Perfect for the self-employed, start-ups and small businesses;
Taxfile will even be happy to set you up;
Integrated invoicing and quotation options available (even from your mobile phone!);
A quick and easy payroll bolt-on is also available for limited companies, with payslips, RTI, Auto Enrolment integration etc.;
Auto enrolment communications included if you have a company pension scheme;
Option to automatically integrate online e-commerce records into your Sage account;
Fast and easier company accounts preparation;
… and much more!

But there is more major benefit – collaboration with us, your accountant!

The Sage packages we supply are not only free, or in effect heavily subsidised depending on the package involved, but also allow us, your accountant and tax adviser, to collaborate with you within your Sage package with your permission. So where you cannot do something yourself, we can log in using our own integrated Sage administration system to get involved on your behalf, for example to set things up for you, run reports, activate VAT returns, tax returns, end of year accounts, payroll and so on. It’s amazing really! So you do as much or as little as you want to … and we cover everything else!

You save money!

Using the easy but powerful Sage bookkeeping and accounting packages supplied by Taxfile
means that you’ll save money. It’s as simple as that. Customers using such packages makes our job easier, reducing our chargeable hours working on your accounts, so quite simply saves you money!

You also save time!

Our Sage packages will save you SO much time you’ll never look back! Once you’ve tried our Sage packages for a while you’ll Read more

Beat The January Rush and Save!

November 11, 2015/in 2015, Accountancy, Accountants, CIS, Construction Industry Scheme, Refund, Save money, Self-assessment, Self-employed, South London, Subcontractor, Tax advice, Tax advisers, Tax refunds, Tax returns, Tulse Hill/by Mark

TaxFile are offering a 5% reduction for clients who can submit their accounts to us before December 21st this year. This helps both of us — you receive a 5% reduction in your bill and it eases the rush in the New Year, our busiest time.

For example you could use this opportunity to reduce our charges for help with your self-assessment tax return submission if you’re self-employed, or for help with your CIS tax refund application if you’re a sub-contractor working in the construction industry, or if you’re one of our many clients who simply require tax advice and accountancy-related assistance from time to time.

Don’t delay – this discount is only available for a few weeks so call us on 020 8761 8000 or call into our Tulse Hill branch in SE21 for a chat and we’ll be delighted to help. You can also email us by clicking here or alternatively you can make an appointment with one of our tax agents here.

Landlords warned over tax on Income from lettings & property investments

Buy-to-let Changes Are Coming — Landlords Beware

October 27, 2015/in 2017, 2021, 2022, Budget, Buy to let, Chancellor of the Exchequer, Furnished Holiday Lettings, HMRC, Land and property, Landlords, Lettings, Lettings income, property investor, Tax advisers, Taxes, Taxfile/by Mark

A warning and reminder to landlords: the Chancellor’s Summer budget back in July will hit buy-to-let investors’ profits once the changes kick in, so now is the time to start planning ahead. Not all landlords will be affected though; if their rental property is mortgage free or if they sell within the next 2 years these changes won’t affect them. However those landlords that are Higher and Additional taxpayers will notice their tax relief reduce by 2020. Also, investors near the tax threshold could find themselves in the next tax bracket, which could have a knock-on effect and increase their tax exposure.

So what are the proposed tax changes?

There are basically two:

Firstly, the amount of tax relief landlords can claim on their mortgage interest will now be capped at basic rate and;
Secondly, landlords will no longer be able to subtract their mortgage interest from their rental income before they calculate their taxable profit.

One in five landlords are expected to have to pay more tax because of these changes, however the new rules will not be phased in until between 2017 and 2021 according to the latest information.

What steps can landlords take?

There are several steps that investors can take to conserve as much profit as possible and to limit the amount of any extra tax payable. For example: Read more

Airbnb in HMRC crack-down on hidden income from renting out rooms

Hosts renting out rooms to be targeted by HMRC

September 23, 2015/in Higher rate tax payers, HMRC, Information sharing, Land and property, Landlords, Lettings income, London, Rent a Room Scheme, South London, Tax, Tax advice, Tax advisers, Tulse Hill/by Mark

Hosts who rent out a spare room could soon see themselves being straddled with an unexpected tax bill if companies like ‘Airbnb’ are forced to share data with UK authorities.

Airbnb, the website that allows you to list, find or rent a room in a private residence, has announced that it now has to share details of its users’ rental profits with the tax authorities in Ireland. Airbnb was already required to share this information in America but, until now, has not been required to do so in the UK. However, HMRC are cracking down on unpaid tax from hidden income and this may result in companies like Airbnb soon having to share details of income earned by its UK customers.

Airbnb, which has headquarters in Ireland and America, say they are not currently governed by the same legalities in the UK and so will not be reporting income automatically in the UK but, as part of its crack-down on unpaid taxes, HMRC has said it will be approaching intermediaries like Airbnb for data on their clients. Read more

Summer Budget 2015 – Key Tax Takeaways

July 17, 2015/in 2015, Annual Investment Allowance, Budget, Chancellor of the Exchequer, George Osborne, National Minimum Wage, Non-domiciled residents, South London, Tax advice, Tax advisers/by Mark

The Summer Budget was announced last week and in this blog post we’ll take a look at only those changes which will affect ordinary taxpayers and SMEs.

In his opening remarks, the Chancellor of the Exchequer, George Osborne, promised:

A Budget … to keep moving us from a low wage, high tax, high welfare economy; to the higher wage, lower tax, lower welfare country.

So, taking each of those goals in turn …

Higher Minimum Wages

With regard to the higher wages promise, Osborne announced that there would be a new National Living Wage of £7.20 per hour from April 2016 for those aged over 25 and over, rising to more than £9 per hour by the year 2020.

Lower Tax

With regard to the lower tax promise, the Personal Allowance (the amount people can earn before paying any tax) will increase – as anticipated – from £10,600 in the financial year 2015-16 to £11,000 in 2016-17. A longer term plan is to increase this still further to £12,500 by 2020. The ultimate ambition is pass a law to make sure that those working 30 hours a week and earning the National Minimum Wage will pay no tax whatsoever, although clearly this will need further clarification in due course.

Dividend tax will also be reformed. Here the existing dividend tax credit (this reduces tax paid on dividends from shares) will be replaced by a new £5,000 tax-free allowance on income from shares from April 2016 and this will be available to all taxpayers. To offset the cost of this to the Exchequer, those with more significant dividend income will see an increase in the tax rate they pay.

Inheritance tax will also be subject to changes from 2017-18. The idea is to allow individuals to each have a ‘family home allowance’ which they can pass on to their children or grandchildren, tax-free, when they die. This allowance will be added to the existing Inheritance Tax threshold currently set at £325k and will potentially allow property up to the value of £1m to be passed down from 2020-21 (see table below). For those with estates valued over £2m the allowance will be gradually withdrawn.

This is how the effective Inheritance Tax thresholds will look in 2020-21: Read more

STILL haven’t filed your tax return? You owe £410 in fines & counting!

May 26, 2015/in HMRC, Late return, Tax advice, Tax advisers, Tax returns/by Mark

If you STILL haven’t filed your tax return despite the end of May being almost upon us, you’ll owe £410 in HMRC penalties by the end of this week. Continue to throw money down the drain at the rate of £10 extra per day thereafter if you still don’t submit your return.

As we explained in our last post, missing the original January 31 deadline meant an automatic HMRC penalty of £100 (on top of tax owed, of course) at that time.
But, with the additional penalty of £10 per extra day extra having been piling up since 1st May, it means you’ll need to add £310 to the original £100 penalty by the end of this week. Carry on like this for yet another month and by the end of June you’ll owe a whopping £710. It doesn’t end there — by the end of July it’ll be worse still as there is an additional £300 penalty levied by HMRC. Yes, that’s on top of the daily £10 fine and the original £100 penalty, meaning that the total penalty will then be £1300 as a bare minimum (it can be worse still if HMRC deem your case to be particularly serious). All this simply because your tax return is late.

All these penalties are in addition to the actual tax you owe!

Don’t forget … even if you owe no tax, you still need to submit your tax return so aren’t immune to the penalties. Take another look at the full post for more detail or, better still, contact us here at Taxfile urgently if you’d like our professional help in filing your tax return on your behalf — and minimising the penalties you’ll need to pay to HMRC. Call 0208 761 8000, click here to contact us or book an appointment with one of our tax advisors here and we’d be delighted to help. We are based in Tulse Hill, South London.

Still Haven’t Filed Your Tax Return? Expect a Nasty Bill from HMRC!

April 22, 2015/in 2014, Accountancy, Accountants, Advice, HM Revenue and Customs, HMRC, Income tax, Key dates, Late return, London, Nil return, Online returns, penalties, penalty, Self-assessment, South London, Tax, Tax advice, Tax advisers, Tax affairs, Tax bill, Tax return, Tulse Hill/by Mark

If you still haven’t filed your tax return for the financial year up to 5 April 2014 you can expect the penalties from HMRC to begin racking up daily — and potentially very significantly — starting from Friday 1 May.

If you missed the 31 January Tax Return deadline …

If you missed the 31 January 2015 deadline for tax returns, you already owe HMRC £100 in fines on top of any tax you owe. If you don’t owe any tax whatsoever, HMRC still require a tax return from you, plus that £100 in penalties.

If you still haven’t filed your return by 1 May …

From 1 May 2015 you can also expect a £10 daily penalty to kick in, on top of the £100 fine above, up to a maximum addition for the period of £900 (90 days) extra. But it gets even worse…

If you STILL haven’t filed your return by 30 July …

After the 90 day period beginning on May 1st, if you STILL haven’t filed your tax return you’ll receive a further £300 penalty (or 5% of the tax due; whichever is highest) plus a possible additional fine equivalent to 100% (or more) of the tax due, depending on how serious the case is.

Each of these individual penalties is in addition to the preceding ones.

So, to conclude, if by 30 July 2015 you STILL haven’t filed your latest tax return you will be in for a minimum penalty of an incredible £1300.00 and that’s in addition to the tax you owe. Also, 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?

February 3, 2015/in 2016, 2017, 2018, 2019, 2020, Accountancy, Accountants, Deadline, Dulwich, Filing deadlines, HMRC, Income tax, Key dates, Late return, London, Nil return, penalties, penalty, Self-assessment, South London, Tax, Tax accountant, Tax accountants, Tax advice, Tax advisers, Tax return, tax return amendment, Tax returns, Tulse Hill/by Mark

[Updated 3 February 2020]: 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).

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 around 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 around 1½% of them having filed tax returns late. 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 have only HOURS left to submit your Tax Return!

January 30, 2015/in 2014, Accountancy, Accountants, Advice, Deadline, Dulwich, Filing deadlines, HM Revenue and Customs, HMRC, Income tax, Key dates, Late return, London, penalties, penalty, Self-assessment, South London, Tax, Tax accountant, Tax accountants, Tax advice, Tax advisers, Tax agents, tax experts, Tax return, tax return amendment, Tax returns, Tulse Hill/by Mark

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.

Happy With Our Service? Write a testimonial & receive £10 off!

October 27, 2014/in Accountancy, Accountants, London, South London, Tax accountant, Tax advisers, Tax agents, Tulse Hill/by Mark

Customer testimonials for Taxfile 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!