advice Archives

3 days left to file your Self Assessment tax return

3 Days to the Self Assessment Tax Return Deadline!

January 28, 2026/in 2024-25, Accountancy, Accountants, Deadline, HMRC, Self-assessment, South London, Tax accountants, Tax advice, Tax advisers, Tax returns, Taxfile, Tulse Hill/by Mark

[As at 28 January 2026]: There are only 3 days left to file your Self Assessment tax return and pay any tax due by HMRC’s 31 January deadline. If you miss that deadline, you risk a £100 HMRC fine right away plus other significant penalties thereafter. Time is running out, 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 and we’ll make filling in and filing your tax return easy!

020 8761 8000 Book Appointment Get Started Here

We’ll make filling in and filing your tax return a breeze!

We’re open 7 DAYS A WEEK this week (Saturday 31 January by appointment*). Don’t leave it to the last minute, though, as there is always a bottleneck — come in as soon as you can, please, for professional help with filing of your tax return. We’ll require your records, figures and receipts for the financial year 6 April 2024 to 5 April 2025. Plus any previous years not yet submitted, if applicable.

* As well as a face-to-face meeting, we can do a ‘virtual’ meeting with you, for example, on a telephone call, using Zoom video, Microsoft Teams, FaceTime, WhatsApp, Google Hangouts — or whatever suits you best.

It doesn’t matter if you have zero tax to pay – you still need to submit your tax return if you’re self-employed or fall into a number of other categories.

020 8761 8000 Book Appointment Get Started Here

^{* Please note: in busy times like January, a deposit may be required before appointments commence.}

4 days left to file your Self Assessment tax return

4 Days to the Self Assessment Tax Return Deadline!

January 27, 2026/in 2024-25, Accountancy, Accountants, Deadline, HMRC, Self-assessment, South London, Tax accountants, Tax advice, Tax advisers, Tax returns, Taxfile, Tulse Hill/by Mark

[As at 27 January 2026]: There are only 4 days left to file your Self Assessment tax return and pay any tax due by HMRC’s 31 January deadline. If you miss that deadline, you risk a £100 HMRC fine right away plus other significant penalties thereafter. Time is running out, 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 and we’ll make filling in and filing your tax return easy!

020 8761 8000 Book Appointment Get Started Here

We’ll make filling in and filing your tax return a breeze!

We’re open 7 DAYS A WEEK this week (Saturday 31 January by appointment*). Don’t leave it to the last minute, though, as there is always a bottleneck — come in as soon as you can, please, for professional help with filing of your tax return. We’ll require your records, figures and receipts for the financial year 6 April 2024 to 5 April 2025. Plus any previous years not yet submitted, if applicable.

* As well as a face-to-face meeting, we can do a ‘virtual’ meeting with you, for example, on a telephone call, using Zoom video, Microsoft Teams, FaceTime, WhatsApp, Google Hangouts — or whatever suits you best.

It doesn’t matter if you have zero tax to pay – you still need to submit your tax return if you’re self-employed or fall into a number of other categories.

020 8761 8000 Book Appointment Get Started Here

^{* Please note: in busy times like January, a deposit may be required before appointments commence.}

5 days left to file your Self Assessment tax return

5 Days to the Self Assessment Tax Return Deadline!

January 26, 2026/in 2024-25, Accountancy, Accountants, Deadline, HMRC, Self-assessment, South London, Tax accountants, Tax advice, Tax advisers, Tax returns, Taxfile, Tulse Hill/by Mark

[As at 26 January 2026]: There are only 5 days left to file your Self Assessment tax return and pay any tax due by HMRC’s 31 January deadline. If you miss that deadline, you risk a £100 HMRC fine right away plus other significant penalties thereafter. Time is running out, 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 and we’ll make filling in and filing your tax return easy!

020 8761 8000 Book Appointment Get Started Here

We’ll make filling in and filing your tax return a breeze!

We’re open 7 DAYS A WEEK this week (Saturday 31 January by appointment*). Don’t leave it to the last minute, though, as there is always a bottleneck — come in as soon as you can, please, for professional help with filing of your tax return. We’ll require your records, figures and receipts for the financial year 6 April 2024 to 5 April 2025. Plus any previous years not yet submitted, if applicable.

* As well as a face-to-face meeting, we can do a ‘virtual’ meeting with you, for example, on a telephone call, using Zoom video, Microsoft Teams, FaceTime, WhatsApp, Google Hangouts — or whatever suits you best.

It doesn’t matter if you have zero tax to pay – you still need to submit your tax return if you’re self-employed or fall into a number of other categories.

020 8761 8000 Book Appointment Get Started Here

^{* Please note: in busy times like January, a deposit may be required before appointments commence.}

6 days left to submit your Self-Assessment tax return!

6 Days to the Self Assessment Tax Return Deadline!

January 25, 2026/in 2024-25, Accountancy, Accountants, Deadline, HMRC, Self-assessment, South London, Tax accountants, Tax advice, Tax advisers, Tax returns, Taxfile, Tulse Hill/by Mark

[As at 25 January 2026]: There are only 6 days left to file your Self Assessment tax return and pay any tax due by HMRC’s 31 January deadline. If you miss that deadline, you risk a £100 HMRC fine right away plus other significant penalties thereafter. Time is running out, 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 and we’ll make filling in and filing your tax return easy!

020 8761 8000 Book Appointment Get Started Here

We’ll make filling in and filing your tax return a breeze!

We’re open 7 DAYS A WEEK this week (Sunday 25 January 10 am-5 pm by appointment*). Don’t leave it to the last minute, though, as there is always a bottleneck — come in as soon as you can, please, for professional help with filing of your tax return. We’ll require your records, figures and receipts for the financial year 6 April 2024 to 5 April 2025. Plus any previous years not yet submitted, if applicable.

* As well as a face-to-face meeting, we can do a ‘virtual’ meeting with you, for example, on a telephone call, using Zoom video, Microsoft Teams, FaceTime, WhatsApp, Google Hangouts — or whatever suits you best.

It doesn’t matter if you have zero tax to pay – you still need to submit your tax return if you’re self-employed or fall into a number of other categories.

020 8761 8000 Book Appointment Get Started Here

^{* Please note: in busy times like January, a deposit may be required before appointments commence.}

1 Week to the Self Assessment Tax Return Deadline!

January 24, 2026/in 2024-25, Accountancy, Accountants, Deadline, HMRC, Self-assessment, South London, Tax accountants, Tax advice, Tax advisers, Tax returns, Taxfile, Tulse Hill/by Mark

[As at 24 January 2026]: There is only 1 week left to file your Self Assessment tax return and pay any tax due by HMRC’s 31 January deadline. If you miss that deadline, you risk a £100 HMRC fine right away plus other significant penalties thereafter. Time is running out, 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 and we’ll make filling in and filing your tax return easy!

020 8761 8000 Book Appointment Get Started Here

Information You Need to Supply for Professional Help with Your Tax Return

November 7, 2025/in 2022-23, 2023-24, 2024-25, Accountancy, Accountants, Dulwich, Income tax, Self-assessment, Self-employed, Sole traders, South London, Tax, Tax advice, Tax advisors, Tax return, Tax returns, Tulse Hill/by Mark

[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. You can check here if you’re not sure.

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.

^{* (Those earning more than £100,000 for tax years up to and including 2022-23, or over £150,000 for the tax year 2023-24. Higher earners earning only through PAYE for tax years thereafter only need to submit a tax return if their tax was not collected correctly at source). You can check here if you’re not sure.}

What Information Do You Need to Supply for Professional Help with Your Tax Return?

If you’re getting help filling in and submitting your tax return through an accountant or tax advisor like Taxfile, a list of what they will need from you follows below. You’ll need to supply information for the right financial tax year, of course, unless you have a different accounting period.

For the purpose of this post today, let’s assume information will be required for the tax year starting on 6 April 2024 and ending on 5 April 2025.

Here’s what will be needed:

Income-related information if applicable:

Copies of all employment income documents (P60s, P45s, and P11ds), as well as any unreimbursed employment expenses.
Copies of all pension income documents (P60s, state pension notices, etc.).
Details of bank and building society interest.
Details of all investment income (interest, dividends, etc.), as well as details of any investments that may qualify for relief, such as the Enterprise Investment Scheme.
Details of any self-employed income and expenses (schedules and paperwork).
Details of any rental income and expenses (schedules and paperwork).
Details of any assets that were sold (or gifted) and may be subject to Capital Gains Tax (CGT).
Details of any other income received, including foreign income.

Potential tax relief information:

Details of any personal pension contributions made from taxed income.
Details of any gifts to charity using Gift Aid.

You’ll also need to confirm if there is any other information that may be relevant to the completion of your tax return.

Personal Information:

If you’re a new client or an existing client who hasn’t supplied them already, you’ll also need to provide the following:

A copy of your passport or driver’s licence. This is to comply with ‘Know Your Customer’ (KYC) and ‘Anti-Money Laundering’ (AML) regulations.
Confirmation of any changes to your personal details, such as a change of address.
If you or your partner receive Child Benefit, you’ll need to provide details.
If you have a student loan, you’ll need to provide details of the amount you paid during the year and the remaining balance as at April 5, 2025.

Once your accountant or tax advisor receives all of your information, they will be in a position to prepare your tax return. Once approved by you, they will be able to submit it to HMRC on your behalf.

Do You Need Help With Your Tax Return?

Taxfile would be delighted to help you with your self-assessment tax return — or any other type of tax return. We prepare and submit hundreds of tax returns every year for our clients as well as offering all the usual accountancy-related services like bookkeeping, VAT returns, end-of-year accounts for limited companies, arranging tax rebates for CIS sub-contractors and others, accounting for capital gains tax (CGT), payroll, auto-enrolment for workplace pensions and much more. If it involves tax or accounting, we can help!

For help with any tax or accounting matter, call Taxfile on 020 8761 8000 or book your free 20-minute, no-obligation consultation here. Alternatively, send us a message and we’ll come right back to you. We’re tax advisors and accountants in Tulse Hill near Dulwich (SE21) in the South East. We are open 6 days a week during December and January!

020 8761 8000 Book Appointment Contact Us

We Open 6 Days a Week This Week!*

* Mon/Tues: 9 am-6 pm, Weds/Thurs: 9 am-5 pm, Fri: 9 am-3 pm as usual. Saturday 31 January 2026: 9 am-6 pm by appointment only.

Tax Refunds After Redundancy: Claiming Your Cash Back – A Guide

Tax Refunds After Redundancy: Claiming Your Cash Back – A Taxfile Guide

July 22, 2025/in Redundancy, Tax, tax rebates, Tax refunds/by Taxfile

If you’ve recently lost your job and are wondering how tax refunds on redundancy payments work and are considering claiming back tax you may have overpaid, you’ve come to the right place. Being made redundant is a challenging time, both emotionally and financially. Amongst the many adjustments, understanding your tax position might feel like an unwelcome extra burden. However, here at Taxfile, we know that many individuals who experience redundancy are actually due a tax refund or tax rebate. So, we’re here to cut through the jargon and help you get back what you’re owed.

Why You Might Be Due a Tax Refund After Redundancy

The PAYE Puzzle

The UK’s Pay As You Earn (PAYE) system is designed for a consistent annual salary. When your employment ends part-way through a tax year (which runs from 6th April to 5th April), your employer has likely been deducting tax based on the assumption you’d earn that full year’s salary. This often leads to an overpayment and a potential tax rebate after redundancy.

Here’s why this “PAYE puzzle” often results in an overpayment:

Annual Tax Calculation: The Unfinished Year — Your Income Tax liability is calculated for the entire tax year. If your income stops or significantly reduces due to redundancy, your actual annual earnings will be lower than anticipated. This means you’ve paid too much tax upfront on income you ultimately didn’t earn for the full year.
Emergency Tax Codes: A Common Culprit — Sometimes, a final payment or even the redundancy payment itself can be processed with an emergency tax code (like 0T M1). These codes deduct tax at a higher, non-cumulative rate, often leading to a larger tax deduction than necessary. It’s a “better safe than sorry” approach by HMRC that often means you’re overpaying.
Income Below Personal Allowance: The Tax-Free Threshold — For the 2024/2025 tax year, most people have a Personal Allowance of £12,570 – this is the amount you can earn tax-free. If your total income for the year, including any taxable redundancy elements, falls below this threshold, you’ll have paid tax unnecessarily on earnings that should have been exempt.

Understanding Tax on Redundancy Payments

Unpacking Your Package

This is often the most confusing part, and it’s where many people miss out. Not all money you receive when leaving a job is treated the same way for tax. Knowing the difference is key to calculating your potential refund.

The £30,000 Tax-Free Golden Rule — The first £30,000 of your genuine redundancy payment (compensation for loss of employment) is completely tax-free. This is a significant benefit designed to help individuals during this transition.
What’s Taxable Above £30,000? Any portion of your redundancy payment that exceeds £30,000 is subject to Income Tax at your marginal rate. Crucially, this excess is not subject to National Insurance Contributions (NICs), which is an important distinction from regular earnings.
Other Payments That Are ALWAYS Taxable (Beware the “Hidden Taxables”) — Be aware that some payments in your redundancy package are always taxable as normal earnings, regardless of the £30,000 threshold. These include:
- Payment in Lieu of Notice (PILON) — Whether it’s contractual or non-contractual, money paid instead of working your notice period is subject to Income Tax and National Insurance.
- Accrued Holiday Pay — Payments for any untaken annual leave.
- Outstanding Wages, Bonuses, or Commission — Any pay for work you’ve already done or earned.
- Restrictive Covenants — Payments for agreeing not to work for a competitor, for example.

Taxfile Insight: It’s vital not to simply assume your employer has calculated everything correctly. Over or underpayments can occur, and it’s ultimately your responsibility to ensure you’re paying (and reclaiming) the right amount of tax. We’ve seen many cases where a simple check of the redundancy payslip reveals significant overpayments.

How to Claim Your Tax Refund

Your Options (And How Taxfile Can Help)

The method for claiming back tax after redundancy largely depends on your individual circumstances. Here are the common routes:

The All-Important P45 — Your employer must provide you with a P45 when you leave. This crucial document summarises your pay and tax deductions for the current tax year. Keep all parts safe – you’ll need Parts 2 and 3 for most claims!
If You Remain Unemployed (for 4+ weeks) and Don’t Claim Taxable Benefits:
- You can often get an in-year refund by completing a Form P50 (“Claiming tax back when you’ve stopped working”). You’ll send this to HMRC along with Parts 2 and 3 of your P45.
- Alternatively, you can claim your refund online via your HMRC Personal Tax Account – this is often the quickest and most straightforward route if you’re comfortable with online services.
If You Start a New Job Quickly (within 4 weeks):
- Hand Parts 2 and 3 of your P45 to your new employer. They should then adjust your tax code, and any overpaid tax should be refunded through your new salary via PAYE. It may take a couple of pay cycles to see the adjustment.
If You Claim Taxable Benefits:
- If you’re claiming benefits like Jobseeker’s Allowance or Carer’s Allowance (which are taxable), the Benefit Office will typically manage your tax refund as your benefits affect your overall tax position. You’ll need to send them Parts 2 and 3 of your P45. (Note: Universal Credit is generally not taxable, so you might still claim directly from HMRC if that’s your only benefit.)
HMRC P800 Tax Calculation (The Automatic Review):
- After the end of the tax year (which is 5th April, so typically summer 2025 for the current tax year), HMRC reviews PAYE records. If they identify an overpayment, they’ll send you a P800 tax calculation, explaining how to claim your tax refund. Important: Since May 2024, HMRC often requires you to actively claim your P800 refund online, rather than sending it automatically. Don’t miss this!
Self Assessment Tax Return (For Complex Cases):
- If your tax affairs are more complex (e.g., you’re self-employed, have significant other income, or need to declare certain payments that fall outside standard PAYE), you might be required or choose to file a Self Assessment tax return. Any overpaid tax would then be reclaimed through this comprehensive process.

Important Deadlines: Don’t Delay! You can generally claim a tax refund for up to four tax years after the end of the tax year in which you overpaid. For example, for the tax year ending 5th April 2021, the deadline to claim would have been 5th April 2025. Don’t leave money on the table!

Beyond the Refund: What Else Should You Consider After Redundancy?

While getting your tax refund is important, redundancy can open up other financial considerations:

Pension Contributions — If you received a significant redundancy payment, consider whether a portion could be paid into your pension. This can offer significant tax relief and boost your retirement savings.
New Employment & Tax Codes — Ensure your new employer uses the correct tax code from your P45. If you don’t have one, they might put you on an emergency code initially, which could again lead to overpayments.
Becoming Self-Employed? Redundancy often sparks a move into self-employment. If this is your plan, you’ll need to register with HMRC as a sole trader and understand your new tax obligations (e.g., Self Assessment, Class 2 & 4 NICs). Taxfile specialises in supporting self-employed individuals!
Income Protection/Benefits — Review any income protection insurance you have, or explore eligibility for state benefits to bridge the gap.
Financial Planning — This is an opportune moment to review your overall financial health, budget, and future goals.

Let Taxfile Take the Burden Off Your Shoulders

Navigating tax refunds after redundancy can be complex, especially during an already stressful period. At Taxfile, we have extensive experience helping individuals just like you claim back the tax they are owed quickly and efficiently.

Why choose Taxfile?

Expert Guidance — We understand the nuances of redundancy payments and tax codes.
Stress-Free Process — We can handle the paperwork and communications with HMRC on your behalf.
Maximise Your Refund — We ensure you claim everything you’re entitled to, avoiding common pitfalls.
Personalised Advice — Beyond the refund, we can offer guidance on your next financial steps, whether it’s understanding tax on a new job or navigating self-employment.

Don’t let overpaid tax remain with HMRC. Contact Taxfile today for a no-obligation chat about your redundancy tax refund. Let us help you claim your cash back and take one less worry off your plate.

020 8761 8000 Book Appointment Contact Us

Don’t Miss Out! Your Future Pension Needs YOU! – Check Your NI Contributions by April 5th, 2025

March 20, 2025/in 2024-25, 2025, National Insurance, NI, NI Class 3, NIC, NIC's/by Taxfile

By Mohamed at Taxfile.

Have you ever thought about your pension? It might seem far away, but it’s super important to start thinking about it now! One of the key things that helps build your future pension is your National Insurance (NI) contributions.

What are NI Contributions?

Think of NI contributions like little building blocks for your future. When you work and earn money, some of that money goes towards your NI. These contributions help you qualify for things like the State Pension when you’re older.

Why is it Important to Check?

Sometimes, there might be gaps in your NI record. Maybe you didn’t earn enough in a year, were travelling, or something else happened. If you have gaps, it could mean you get less State Pension later on.

The Good News: You Can Fill the Gaps!

You can often fill these gaps by making voluntary NI contributions to fill the gaps between 2006 to 2018 This means you pay a bit extra now to make sure you have a stronger pension later.

Big Deadline Alert! April 5th, 2025

There’s a really important deadline coming up: April the 5th, 2025. This is the last day you can pay voluntary NI contributions to fill certain gaps in your record. After the 5th of April 2025, everyone will only be able to pay for voluntary contributions for the past 6 years.

Why the Rush?

Boost your pension because filling gaps means a bigger pension in the future.
Don’t miss out — after the 5th of April 2025, everyone will only be able to pay for voluntary contributions for the past 6 years.

What Should You Do?

Check your NI record — it’s free and easy! You can check your NI record online through the government’s website.
See if you have gaps — look for any years where you didn’t contribute enough.
Think about voluntary contributions. If you have gaps, consider paying voluntary contributions.

Need Help? Taxfile Can Help!

If you’re feeling a bit confused or need help understanding your NI record, don’t worry! Taxfile is here to help. We can explain everything clearly and help you make the right decisions for your future.

020 8761 8000 Book Appointment Contact Us

Taxfile are South London accountants and tax advisors based in Tulse Hill.

Late with your tax return and tax payment? What happens now?

Missed the Tax Return Deadline? What Happens Now?

February 1, 2025/in 2021-22, 2022-23, 2023-24, 2024, 2025, Accountancy, Accountants, Deadline, Filing deadlines, HM Revenue and Customs, HMRC, Late return, London, Online returns, penalties, Self-assessment, South London, Tax, Tax accountants, Tax advice, Tax advisers, Tax advisors, Tax bill, Tax returns, Taxfile, Tulse Hill/by Mark

[Updated February 2025]: 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.

Our Advice if You’re Late

If you are late submitting your tax return and/or paying the tax owed, our advice is to:

submit your tax return without delay;
pay as much tax as you can as soon as possible*.
By doing both, you’ll minimise the penalty and interest payable to HMRC.

* Payment of any historic tax for 2023/24 and prior years is best dealt with by the last day of February at the latest. Any amount that remains due for 2023/24 is considered late thereafter and will attract an automatic HMRC charge of 5%.

What if you Cannot Pay?

If you cannot pay (or have tax arrears) it’s important that you demonstrate to HMRC that you’re paying as much as you can — and as regularly as possible. The good news is that HMRC has a quick and easy facility for exactly this purpose. By calling 0300 200 3402, you can pay using a debit card. It takes only minutes and doesn’t require any explanation — give it a try!

You will need your tax reference and, after making a payment, will be given a payment reference.

Possible Excuses for Late Tax Returns

What are your options if there were genuine reasons, beyond your control, that stopped you being able to submit your tax return on time? Well, if you “took reasonable care to meet” a deadline and there was a genuine reason why you were late, you have the option to appeal. However, your circumstances must fit HMRC’s eligibility criteria. Let’s take a look at those below.

Circumstances that are taken into account by HMRC when considering appeals include:

if a close relative or partner died shortly before the tax return or payment deadline;
if you had to stay in hospital unexpectedly;
if you had a life-threatening or serious illness;
if your computer or software failed at the time you were preparing your online return;
if HMRC’s online services were disrupted;
if you were prevented from filing your return or paying your tax because of a fire, flood or theft;
if there were unexpected postal delays;
if you have a disability of mental illness that affected the delay;
if you misunderstood your legal obligation, or were unaware of it;
if someone you’d appointed for the task (e.g. accountant or tax adviser) failed in their obligation on your behalf;
and occasionally other reasons which, if genuine, HMRC may deem to be relevant (for example, some Covid-related circumstances).

Excuses that aren’t usually accepted by HMRC include:

you didn’t receive a reminder from HMRC;
you found HMRC’s online system too difficult to use;
your cheque bounced or payment failed due to you having insufficient funds;
you made an error on your return.

Appealing Against an HMRC Penalty

You have the right to appeal against HMRC’s decision to issue you a penalty so long as it’s appealed soon enough after the penalty notice. That includes penalties for late tax returns or payments. Taxfile can help advise you about all of that (see below).

Taxfile are Here to Help

If your tax return is late, you owe HMRC tax, or are owed a refund by them, come and see us as soon as possible. Taxfile are accountants and tax advisors in Tulse Hill, South London. We’ll help to sort it all out for you with the minimum of fuss, at a competitive price. Come in as early in the month as you can and we’ll help you to sort things out — for the best possible outcome. We know the rules and liaise with HMRC every single day on behalf of our clients. So, if we can help convince HMRC to reduce or completely remove any penalty you may be facing, we will do so, so long as your circumstances fit the relevant HMRC criteria. You can only appeal within 30 days of the date of any penalty notice you receive, so the earlier you contact us the better – give us a call on 020 8761 8000 or fill in this short form and we’ll take it from there. Alternatively, book an appointment with one of our expert tax advisors to chat things over, without obligation. Payment plans called ‘Time to Pay’ arrangements may also be available for eligible people who cannot to afford to pay their tax in one lump sum — Taxfile would be happy to tell you more.

020 8761 8000 Book Appointment Get Started Here

Capital Gains Tax Hike: A Blow to Investors

November 7, 2024/in 2024, Accountancy, Autumn Budget 2024, Capital gains tax, CGT, Chancellor's Autumn Statement, Crypto Assets, Stocks & Shares/by Taxfile

October 2024’s Autumn Budget delivered a significant blow to investors with the announcement of increased Capital Gains Tax (CGT) rates. Today, we explore the new rates, how they will affect the sale of assets, and how investors can mitigate their effects.

The New Capital Gains Tax Rates

Effective from 30th October 2024, the basic rate of CGT will rise from 10% to 18%, and the higher rate will increase from 20% to 24%.

What This Means for Investors

These changes will make it more expensive for investors to realise gains from selling assets like shares, bonds, and cryptocurrency. This could lead to a number of consequences, including:

Reduced investment activity — investors may be less inclined to sell assets, particularly if they expect to make significant gains;
A shift towards tax-efficient investments — investors may seek out tax-efficient investments, such as ISAs and pensions;
A greater need for tax planning — investors may require more sophisticated tax planning strategies to minimise tax liabilities.

How Can Investors Mitigate the Impact of the CGT Increases?

Investors have several ways to mitigate the worst effects of the CGT rate increases. They can:

Seek professional advice — a good tax advisor like Taxfile can help investors understand the full impact of the changes and develop a tax-efficient strategy;
Review their investment portfolios to identify the potential tax implications of the new CGT rates;
Utilise tax-efficient investments, for example, through the use of tax-efficient wrappers like ISAs and pensions;
Time investments wisely — carefully timing the sale of assets may help to significantly reduce CGT liabilities.

Taxfile is Here to Help

Taxfile is here to help proactive investors navigate the new tax landscape and protect wealth. Contact us today if you would like professional help with any tax or accountancy-related issue. We’ll be delighted to help. The first 20-minute consultation is free and without obligation.

020 8761 8000 Book Appointment Contact Us

Posts

What Information Do You Need to Supply for Professional Help with Your Tax Return?

Here’s what will be needed:

Income-related information if applicable:

Potential tax relief information:

Personal Information:

Do You Need Help With Your Tax Return?

We Open 6 Days a Week This Week!*

Why You Might Be Due a Tax Refund After Redundancy

The PAYE Puzzle

Understanding Tax on Redundancy Payments

Unpacking Your Package

How to Claim Your Tax Refund

Your Options (And How Taxfile Can Help)

Beyond the Refund: What Else Should You Consider After Redundancy?

Let Taxfile Take the Burden Off Your Shoulders

What are NI Contributions?

Why is it Important to Check?

The Good News: You Can Fill the Gaps!

Big Deadline Alert! April 5th, 2025

Why the Rush?

What Should You Do?

Need Help? Taxfile Can Help!

Taxfile are South London accountants and tax advisors based in Tulse Hill.

Our Advice if You’re Late

What if you Cannot Pay?

Possible Excuses for Late Tax Returns

Appealing Against an HMRC Penalty

Taxfile are Here to Help

The New Capital Gains Tax Rates

What This Means for Investors

How Can Investors Mitigate the Impact of the CGT Increases?

Taxfile is Here to Help

Taxfile are accountants in Tulse Hill in SE21, and Dulwich in South London.

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