Uncategorized Archives | Taxfile

Taxfile Partners with Local Government to Offer Self Assessment Assistance

Taxfile — Fri, 08 Jan 2021 10:14:52 +0000

With the self-assessment tax deadline looming in the midst of a global pandemic and no announcement of an extension from the government (28 days would do), 5.4m* taxpayers (45%) still needing to submit a tax return before the 31st January and many of those are left feeling hopeless and helpless, unsure how to complete it […]

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Self Assessment Income Tax Returns 2019/20 – COVID Edition

Taxfile — Wed, 25 Nov 2020 13:22:23 +0000

To date there has been no change on the deadline to submit and pay your 2019/20 Self Assessment Income Tax return by 31st January 2021. In preparation for our busiest period in the year we have been doing everything to ensure both our offices and business practices are ready to cope with the changes […]

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As a Director do I need to file a Self Assessment Income Tax Return?

Taxfile — Tue, 10 Nov 2020 15:15:05 +0000

HMRC now states that where all of a director’s income is taxed at source and there is no other sources of income, then there is no need for them to register for self-assessment and to file a return. If as a director you have been requested to submit a self assessment tax return, but have […]

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Self-Employment Income Support Scheme (SEISS) Deadlines and Extensions

Taxfile — Fri, 09 Oct 2020 10:31:39 +0000

The deadline for the 2nd SEISS grant looms, please apply before it is too late. The second SEISS grant is worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total. If you’re eligible and your business has been adversely […]

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Income Tax – Second Payment on Account Deferral

Taxfile — Thu, 16 Jul 2020 09:06:31 +0000

The self-assessment tax line usually follows the process outlined in the image below, with 31st July signalling the last day you can make your second payment on account before interest would be charged. However, due to COVID-19, the 2nd payment on account can now be deferred till 31/01/2021. This means that the amount needs to […]

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Coronavirus: Government Support for the Self-Employed

Taxfile — Mon, 06 Apr 2020 13:50:16 +0000

Rishi Sunak, the UK Chancellor of the Exchequer has announced the self-employed and those who run a business as a partnership are to receive 80% of earnings, calculated from the mean average of their trading profits for the 3 previous tax returns (2016/17, 2017/18, & 2018/19). The trading profit is the taxable profit that is […]

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