advice Archives | Page 7 of 9

Professional, Affordable Help with Auto Enrolment

August 9, 2016/in Auto Enrolment, Payroll, pension scheme, Pensions, Workplace Pensions/by Mark

Good news – one less burden for Employers!

If you are an employer, you’ll no doubt know about the new Automatic Enrolment scheme that was recently imposed on UK businesses. For most employers, it’s yet another unwelcome administrative burden. However, it’s not all bad news; in fact, Taxfile has some excellent news to share with you …

As you probably know, compliance with the new Automatic Enrolment scheme is not optional. Virtually every UK employer has to choose and commit to a Workplace Pension Scheme, liaise with every employee, administer all the paperwork and comply with the various rules, regulations and deadlines. It’s a massive administrative burden. However, the good news is that Taxfile can handle it all for you! Our prices are incredibly affordable too. So — it’s a no-brainer!

Let Taxfile handle your Auto Enrolment for you

For a simple, affordable fee, Taxfile can help your company or organisation with:

Monitoring, compliance and administration of your Auto Enrolment duties. We’ll handle it all, on your behalf;
Registering your compliance with The Pensions Regulator at the correct intervals;
Integrating Auto Enrolment pension payments into your company payroll (if we handle payroll for you), so the right level of pension contributions, tax and NI is paid in relation to salaries;
If you and all your employees are eligible and want to opt out of Auto Enrolment, we’ll help you accomplish that too, within the rules.
If you’ve missed your ‘staging date’ and want to minimise any penalty and get back on track, we can also help with that.

With Taxfile handling it all for you, you can get on with

Received an HMRC Tax Refund Email? It’s probably a Phishing Scam!

May 12, 2016/in Advice, HM Revenue and Customs, HMRC, Phishing, Scams, Tax, Tax refunds/by Mark

Several Taxfile customers have recently told us that they’ve been receiving emails, supposedly from HMRC, inviting them to click links within the emails in order to apply for tax refunds. Regrettably, some have confirmed that they did indeed click the links then log onto fake HMRC websites, which looked every bit real to them, thereby giving away such sensitive information as their bank details and things like their mother’s maiden name. Handing over such sensitive information to fraudsters would be an expensive mistake. In view of this, we thought we’d give our readers more information on what to look out for, what to expect to receive from HMRC, and what not to.

Firstly: How to Recognise a Scam Email

Here is an example of a real phishing (scam) email recently received by one of our customers. We’ve highlighted various areas of the email to indicate some of the telltale signs that the email is, indeed, a phishing attempt by fraudsters rather than a genuine communication from HMRC.

Some of the many telltale signs that this email is fake include:

The sender is from a non-official domain (hmrcupdate.com is *not* a genuine HMRC website). Be careful, though, because some of the more advanced phishing emails do include genuine HMRC domains through what’s known as domain ‘spoofing’.
The recipient is not identified by name in either the ‘To’ field nor in the salutation (‘Dear Sir | Madam’ is a dead giveaway, as is the fact that the email was sent to ‘undisclosed recipients‘!). Genuine HMRC emails will always address you by the name you provided them.
Phishing emails often include silly errors that simply would not be published by the likes of HMRC. Under the logo, the date is wrong — it does not even mention a month!
The email states that you ‘are due some refunds‘ (plural). If HMRC did send emails announcing that a refund was available (and it doesn’t) then it would be singular, not plural! This is one of many hints that the sender has poor English (read on).
‘Press here‘ is another example of poor English. Of course, in the UK, we’d say ‘Click here’.
‘Povide us‘ is clearly spelt wrong — there should be an ‘r’ in ‘Provide’. Spelling errors are a common indication that the email is non-genuine and has instead come from overseas where English spelling and grammar are often not as accurate as they should be.
Further down it says ‘for refund‘ whereas it should say ‘for the refund’. Poor English/grammar again and another hint that this is a scam.
When you hover over the link included in the email (*without* clicking it), if your email application’s “status bar” is showing at the bottom of the screen, you can see where the link is pointing to. In this case it’s pointing to a goo.gl domain and this simply wouldn’t be the case if this was a genuine HMRC email.
Lastly, the email states that you have only 5 days to action the request. That is yet another telltale sign that this is a phishing scam. Fraudsters try to panic you into acting whereas HMRC would not make such a statement in a genuine email.

So you can see, when you look very carefully, that this is clearly a scam email. However, we should warn readers that other phishing emails are not so obvious. In fact, we’ve seen some real improvements in scam emails in recent months. One recent email was so genuine-looking that we’re not even 100% sure ourselves whether it’s a scam or not.

So what do you do if you are still not sure if an email is genuine?

If, after close scrutiny, you are still not sure whether the email is genuine, there are several things you can do … Read more

A Great Choice of Cloud-based Accounts Software Packages

April 8, 2016/in Accountancy, Accounts, Bookkeeping, Cash flow, expenditure, expenses, FreeAgent, Limited company, Sage, Software packages, South London, Special Offers, Tax, Tax calculation, Taxfile, Xero/by Mark

Sign Up & Your Favourite Charity Gets £25 Too!

[UPDATE: Please note that this offer has now expired]. If you are a limited company client that signs up to a new cloud accounting software subscription from Taxfile, we’ll donate £25 to your favourite charity. So, as well as saving yourself time and making your life easier, you’ll get a warm glow from making the world that little bit better! The accounting software packages that we currently offer and recommend are FreeAgent, Xero and Sage One, which are all leading accounts packages.

With any of the 3 cloud-based packages you’ll be able to:

Create and send invoices from within the software;
Automatically chase payments;
View real time cash-flow;
Track time and expenses;
Monitor Profit and loss;
Forecast your tax liability;
Connect and automatically import your bank statement data straight into the software;
And much more!

Best of all, though, will be the time-saving benefits that you’ll get from professional accounting packages like these. With the software working hard for you in the background, you’ll have more time to get on with something else.

Contact Ryan, our resident accounts package specialist, for advice on which package will best suit you and your specific circumstances. He’ll be able to walk you through the details of the many features and benefits of each package as well as any further information you require. Ryan can be contacted on the usual Taxfile number: 0208 761 8000 or, if preferred, fill in an enquiry form here and Ryan will call you back at a time that suits you.

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.

Want to save money before Christmas?

November 5, 2015/in Accountancy, CIS, Discount, Save money, Self-assessment, Tax refunds, Tax returns, Taxfile, Tulse Hill/by Mark

Check out Taxfile’s latest e-newsletter to find out our latest tax news and easy ways you can save money — but only if you act fast.

Taxfile’s friendly staff are always available to help on all matters regarding tax and if you come in before 21st December we’ll give you a discount – check out the e-newsletter for full details and other ways to save even more. Up to date bulletins can also be found here on our tax blog.

If you’d like to save money on your self-assessment or tax refund, including CIS refunds for sub-contractors, call into Taxfile’s Tulse Hill Branch in SE21, or telephone 020 8761 8000. You can also contact Taxfile online here or book a free introductory appointment with a tax advisor here.

If you’d like to be included in our future e-newsletter mail-outs, please click here. We only send a few each year and you can unsubscribe at any time with a simple mouse-click. Your details will, of course, not be passed on to anyone else — they are only used to send out our own newsletters and tax news.

Tax Credit Cuts Blocked by the House of Lords

November 3, 2015/in 2015, 2016, Chancellor of the Exchequer, Child Tax Credit, George Osborne, Tax credits, Working Tax Credit/by Mark

In an almost unprecedented move, the House of Lords has backed a motion asking the government to revise its proposed tax credit cuts. This is the first time in 100 years that the lords have voted down a financial package and this is an embarrassing blow to George Osborne. The Chancellor has been asked to delay his proposed tax cuts until he comes up with a way of compensating low paid workers over the course of the first three years.

At present 9 in every 10 households receive tax credits but under the Chancellor’s new proposals this would reduce to 5 out of every 10 from April 2016. This means 3 million working families would lose, on average, about £1000 if the proposed changes go through next April.

Working Tax Credit & Child Tax Credit

There are 2 types of credit; Working Tax Credit and Child Tax Credit. Under the Chancellor’s new proposals Read more

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

Received a ‘P800 tax calculation’ from HRMC in the post?

August 19, 2015/in P800, Tax, Tax calculation, Tax liability, Tax overpayment, Tax underpayment/by Mark

If you have paid either too much or too little tax during the financial year, HMRC will send you a ‘P800 Tax Calculation’ some time between now and October 2015.

If you’ve paid too much tax

If you’ve paid too much tax then you will receive a cheque for the overpayment within 2 weeks of the P800 being issued.

If you’ve paid too little tax

If you’ve paid too little then the P800 will explain how much you owe and how HMRC intend to collect it. Usually this will be by adjusting your tax code so that the tax is recouped via future tax on earnings, however exceptions to this would include, for example, a situation where the taxpayer is now unemployed, in which case HMRC would explain alternative options for paying the money due. 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

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