Final day to submit your Self-Assessment tax return

Today is the Tax Return Deadline!

0 days to the Self-Assessment tax return deadline!

[As at 31 January]: TODAY IS THE FINAL DAY to file your Self Assessment tax return with HMRC. Miss the deadline (11.59pm on 31st January 2019) and you’ll straight away be in for a £100 fine from HRMC, so don’t delay — contact Taxfile AFTER 9AM 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 only). 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 2017-18 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 or the Battersea office 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 and if you leave it too late you’ll be caught in the last minute bottleneck!

We’ll require your records, figures and receipts for the financial year 6 April 2016 to 5 April 2018.

* Please note: in extremely busy times such as January, a deposit may be required before commencement of appointments.

Using 'Trading Income Allowance' to save tax

Making the Most of your Tax Allowances for Small Trading?

Using 'Trading Income Allowance' to save tax

Are you making the most of your tax allowances for small trading? If you have small earnings from self employment, then it may be advantageous to make a claim for Trading Income Allowance i.e. to claim a flat rate deduction of £1,000 for expenses instead of claiming the actual expenses incurred.

Example:

Christina has income of £2,360 and expenses for web hosting of £204, software of £103 and publishing costs of £430
(total expenses £737).

As her expenses are less than £1,000 she can claim £1,000 Trading Income Allowance in preference to claiming the actual expenses.

Her taxable profit therefore becomes £1,360 instead of £1,623. So, she pays less tax!

This is just one simple way in which Taxfile’s knowledge of the tax system can help its customers pay less tax in a totally acceptable way from HMRC’s perspective.

Contact your nearest Taxfile branch

Please do contact us for any accountancy work that you or your business(es) require. We’re tax experts and are also very well trusted by HMRC because we deal with them on a daily basis on behalf hundreds of clients. We have several UK branches including in Tulse Hill, Dulwich and Battersea in London, Exeter and Plymouth in the South West along with our tax specialists in Poole (Dorset), Carlisle in the North of England and Yorkshire in the North East. Call 0208 761 8000 or contact us here for more information — we’ll be happy to help you to get your tax affairs in order in the most tax-efficient way.

Taxfile's May 2018 e-newsletter

May Newsletter – New Battersea Branch, Easy CIS Tax Refunds, Avoid £10 Daily Fines & More

Taxfile's May 2018 e-newsletter

Our informative May e-Newsletter is now ready to view online. It includes exciting news of our new branch opening in Battersea along with important tax and accountancy-related news that might affect you. Here is a quick summary of the newsletter’s contents:

  • The first article announces the opening of our new Battersea Branch in London SW8. New and existing customers are welcome to pop in and say hello and to get expert help with your tax affairs and accountancy requirements. Learn more about the opening of the Battersea branch, and the core services on offer, here or click the big button below to read the newsletter.
  • If you work on one of the many Battersea construction sites in or around SW8, we can help you reclaim overpaid tax and much more … see the newsletter for more details – click the big button below.
  • If you’re a sub-contractor working in the construction industry scheme (‘CIS’), you’re almost certainly due a tax refund (learn why here). Taxfile are experts at getting tax rebates from HMRC, so come and see us and we’ll get you the maximum refund possible. Read the newsletter (click the big button below) to learn how we make your tax refund application fast and hassle-free.
  • We can help limited company contractors too! We’re tax and accountancy experts so we can help you register as a limited company or register for CIS if you’re not already set up, we’ll help you with the monthly tasks demanded of you by HMRC including accounts preparation, confirmation statements, corporation tax handling, CIS set-off rebate, National Insurance (NI), VAT, bookkeeping, payroll and much more. We’ll save you time and will make operating the Construction Industry Scheme a breeze. Click the pink newsletter button below for more details.
  • If you introduce a family member, friend or colleague to Taxfile, you will get a discount off your next tax return if they sign up as a new paying customer with us. Click the button for details.
  • Taxfile recently printed some brightly coloured postcards to promote our new Battersea office and our tax-related services. Simply get in contact if you’d like some of these postcards to hand out to colleagues. If you write your full name on the back and use it to refer a colleague, it might even save you money! Click the button for more details.
  • Our team are multi-lingual and always happy to help. If English is not your first language, let us know and we’ll try to match you to the most appropriate staff member.
  • If you, your friends, family or colleagues have not dealt with your old tax returns, HMRC will be adding £10 per day to the penalty from 1st May. That’s on top of the £100 fine that will have applied immediately after missing the original 31 January deadline. Let Taxfile get your tax records, tax returns and overdue tax all in order so you don’t have to pay any more in fines than you have already. Learn more here or contact your nearest branch for a consultation.
  • All Taxfile clients get free ‘Tax Enquiry Fee Protection Insurance when they file their tax return through Taxfile by the statutory deadline. So – if you’re investigated by HMRC – our fees to sort it out are covered. Click the button for more details.

Feel free to Read more

TAX HELP! Your 1-stop tax shop

Taxfile: Your One-Stop Tax & Accountancy Shop

TAX HELP! Your 1-stop tax shop

Taxfile has over 100 years of combined tax and accounting experience. It’s incredible to think that the key personnel have administered over 30,000 tax submissions in the past 20 years! Beginning way back in 1994 (and continuing as Guy Bridger Limited from 1997), we originally started business offering only CIS sub-contractor returns but quickly developed the service to help the self-employed, local businesses and higher rate taxpayers with their tax computations. Along the way we added tax and accounting services for taxi drivers, cab drivers, landlords and more. We also offer Capital Gains tax expertise and tax investigation help and, more recently, professional help with disclosures, written tax advice and tax planning for things like inheritance.

We have exceptional accounting experience in all key tax and accounting areas including:

Taxfile helps individuals as well as businesses. Our customers are very varied, turning over anything from £10,000 to over £1 million a year. A few are high wealth individuals who no longer need to work but still need to account for their taxes etc. Some customers have retired, others operate small businesses and some don’t even live in the UK but may have assets here. So, whatever your income, assets or situation, the message is that if you need ANY tax-related help, you’ve found the right place in Taxfile.

Taxfile also has the back-up and expertise of professional bodies on tap (so nothing is too complicated for us) and also has excellent relations with the tax authorities — we’re very well trusted by HMRC. Guy even helps in the local employment zone, which aims to improve business in the Tulse Hill and West Norwood area. So, Taxfile is very much part of the local community, particularly in South London (but expanding to other areas too — keep an eye on this blog for forthcoming information about that in the very near future).

Whatever help you need with tax and accountancy-related matters, call Taxfile on 0208 761 8000 and we’ll be delighted to help you. Alternatively, Read more

New tax planning & tax advice service from Taxfile

New: Tax Advice & Planning Service

New tax planning & tax advice service from Taxfile

You can now get tax planning and tax advice from Taxfile. We have highly experienced senior accounting staff who can give you the right tax advice when you need it most — for example, when your circumstances are changing, if you’ve had trouble keeping on top of your tax commitments and need to bring things up to date, or perhaps a friend or relative simply needs a bit of reassurance with regard to their tax situation. Perhaps you have assets or income abroad as well as income in the UK and want to make sense of your tax position. Or, perhaps you have recently made a tidy profit trading crypto coins like Bitcoin and want to know where you are from the standpoint of Capital Gains or Income Tax. Maybe you need to disclose income from property rental that you have previously not told HMRC about (more about that in a later post). Those are all examples of typical situations where our new Professional Tax Advice and Tax Planning services can help you to see the wood from the trees.

A Free Telephone Consultation

In the first instance, we are inviting clients to speak for just 15 minutes with one of our resident tax planning experts. This will be in the form of a free, introductory telephone call, perhaps in February or March if it suits you. We can then see what’s needed and take it from there. We can, of course, discuss any costs with you before you commit to anything further, and there is no obligation.

Whether it’s about labour taxes, investment taxes, business taxes, disclosures to HMRC or even professional help to support you during an HMRC tax investigation, we can make sense of all the options for you and — in a fair and ethical way — help to make sure you are paying no more tax than you should do. With decades of experience in accountancy and tax planning, we know exactly what’s what when it comes to tax, so can definitely help you. Call 0208 761 8000 to arrange your free 15 minute telephone appointment with a tax expert, at a mutually convenient time. Alternatively, Read more

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

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

Save Money, Beat the December Price Increase!

Beat the price increaseWhere 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.

Call 020 8761 8000, click here to contact us or book an appointment online.

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).

New HMRC Service to Replace Closing Enquiry Centres

Tax adviceHer Majesty’s Revenue & Customs (‘HMRC’) have now completed a 7 month pilot scheme, held across the North East of England, whereby they closed existing HMRC Enquiry Centres and instead offered those requiring extra help with tax-related issues assistance in a different, more tailored way. With the pilot scheme now complete and deemed a success, all Enquiry Centres across the UK will be closed by 30 June 2014 (just a few days away at time of writing) in favour of the new, more tailored system.

Since the end of May, HMRC have already been rolling out the replacement service, being “a new way to support people who need extra help to get their taxes, tax credits and child benefit entitlements right”. The new service will be more tailored to individual needs and will apparently be more efficient than the Enquiry Centres, which have seen demand drastically falling over recent years. So evidently the new service is also about saving the Government money, which is good to see as it helps to reduce the UK’s overall tax burden and mitigates possible tax increases.

The Replacement Service

The replacement service will be available by telephone or face-to-face via a mobile squad of advisers, who will deal with you on the telephone, visit your home or meet you within your local community, if preferred. The HMRC specialist involved will try to resolve, as fully as possible, all tax and tax credit-related queries during the course of the initial session. This will be aided by liaison, during that session, between the adviser and other experts from different departments within HMRC; the aim being to Read more

Time for ‘tax year end planning’ (pre-Budget)

The budget will take place on March 19th 2014 so that gives us all just 5 weeks (at time of writing) for ‘tax year end planning’. So perhaps now is the time to start reviewing investments.

N.B. We’re not financial advisers (we are tax agents and accountants) so we can’t give advice on investments. But let us simply point out that if a portfolio shows signs of some gains, one can usually realise up to £10,900 in capital gains for the tax year 2013/2014, without a capital gains tax (CGT) liability coming into force.

It might also be worth considering making the most of ISA allowances before the tax year ends (April 5th). £11,520 can currently be invested into an ISA for the tax year 2013/2014, of which £5,760 maximum can be in a ‘Cash ISA’. Because you cannot carry forward ISA allowances into a new tax year, there is only very limited time remaining to make the most of the current ISA allowance. Tax benefits in relation to ISAs are well recognised in the UK, so much so that the Treasury has already looked at the possibility of capping their total value … and who knows what news the coming Budget will bring in this regard, particularly bearing in mind the continued need for austerity measures to reduce the budget deficit during these troubled economic times.

If you would like independent financial advice, Read more