Tax affairs Archives | Taxfile

HMRC Waives Late Filing & Payment Penalty for 31st January Deadline

Taxfile — Mon, 10 Jan 2022 09:05:49 +0000

HMRC has taken the decision to not issue a late filing penalty for anyone who does not submit their self-assessment tax return before midnight on 31st January 2022. It is important to point out that the deadline for filing your 2020-21 tax return remains 31/01/22 but the waiving of the penalty allows anyone who is […]

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Faiz from Taxfile – Helping the Community with Tax Problems

Taxfile — Tue, 22 Jun 2021 15:40:59 +0000

Hello; I’m Faiz Mazloumiar. I have been working for Taxfile since May 2005, mostly doing tax returns for subcontractors, self-employed individuals, partnerships and landlords. I specialise in helping clients who, for whatever reason, have fallen behind in their tax affairs, assisting in making disclosures to HMRC whilst trying to minimise the penalties imposed on them […]

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

Mark — Wed, 22 Apr 2015 08:15:18 +0000

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 […]

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Save Money, Beat the December Price Increase!

Mark — Tue, 26 Aug 2014 11:32:07 +0000

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 […]

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Email Scam Warning in run-up to HMRC Tax Credits Deadline

Mark — Mon, 21 Jul 2014 09:00:14 +0000

HMRC have sent out warnings over a significant threat from new ‘phishing’ emails purporting to be from them. They are, in fact, scam emails which include links to replicas of the HMRC site and are designed to trick people into disclosing security-sensitive financial and personal information such as bank details, National Insurance numbers, credit card […]

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HMRC’s ‘Direct Recovery’ of owed tax – straight from your bank account!

Mark — Thu, 15 May 2014 10:50:46 +0000

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 […]

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It’s official: thousands are on the wrong tax code!

Mark — Thu, 30 Jan 2014 14:10:19 +0000

With the tax return deadline being only hours away (midnight 31 January 2014) there is still time to get professional help if you need it – particularly because HMRC often get it wrong according to new research by UHY Hacker Young. In just one example, HMRC sent a tax bill to a pensioner which demanded […]

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Confused about your tax code?

Taxfile — Mon, 22 Oct 2007 09:50:00 +0000

A tax code is usually made up of one letter and several numbers, for instance 161L or K567 . A tax code is used by your employer or pension provider to calculate the amount of tax to deduct from your pay or pension. If you have the wrong tax code you could end up paying […]

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IHT: Transfer of unused nil-rate band

Taxfile — Wed, 10 Oct 2007 15:29:00 +0000

The Pre-Budget 2007 Report published on Tuesday 9th October announced various changes, one of them referring to the inheritance tax (IHT). Previously, married couples could transfer an unlimited sum to each other when one died without paying inheritance tax. But when the survivor died, their estate was then taxed at 40% on anything exceeding £300,000. […]

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Introduction to Stamp Duty & Stamp Duty Land Tax

Taxfile — Sat, 06 Oct 2007 10:28:00 +0000

Stamp Duty is a type of tax you pay when you buy land or shares. You pay a Stamp Duty Land Tax when you buy property and Stamp Duty Reserve Tax when you buy shares. You pay Stamp Duty Land Tax on such properties like houses, flats , other buildings and land. There is a […]

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