As of April 6, 2023, the Self-Assessment (SA) for income tax has undergone a significant transformation, known as Basis Period Reform. This change aims to align the taxation of business profits with the standard April-April tax year, rather than any other accounting periods that may have been required by the taxpayer.
While the transition to the new basis period has introduced certain complexities, it also presents opportunities for businesses to manage their tax liabilities more effectively. One such opportunity lies in the spreading of tax arising from transitional profits.
Transitional profits refer to the profits that arise from the transition between the old and new basis periods. These profits can be spread over Read more
https://www.taxfile.co.uk/wp-content/uploads/2023/12/Tax_Spreading.jpg8611080Taxfilehttps://www.taxfile.co.uk/wp-content/uploads/2020/03/taxfile-logo-2020.pngTaxfile2024-01-02 15:56:322024-01-02 16:03:35Basis Reform and Spreading
The domestic reverse-charge is a major change to the way VAT is collected by HMRC in the building and construction industry reporting under the Construction Industry Scheme (CIS).
It was being introduced to combat VAT fraud in the sector and the initial roll-out on 1st October 2019 was delayed due to a combination of the sector being ill-prepared for the change and Brexit. The date was moved forward 12-months to 1st October 2020 but due to COVID-19 the start date has been further advanced to 1st March 2021.
At Taxfile, we will start contacting our VAT clients working under the CIS, in preparation for the 1st March 2021 start date.
If you would like to know how to prepare your business for this, you will need to: Read more
https://www.taxfile.co.uk/wp-content/uploads/2020/07/DRC_delayed.jpg468800Taxfilehttps://www.taxfile.co.uk/wp-content/uploads/2020/03/taxfile-logo-2020.pngTaxfile2020-07-30 09:47:112021-10-31 17:27:00Further Delays on the Roll-Out of the Domestic Reverse Charge for the Building & Construction Services.
[UPDATE: Please note that this offer has now expired]. Taxfile’s customers can benefit from an incredible offer on a range of Sage accounting packages at the moment. We’re offering a FREE or, in effect, heavily subsidised* Sage accounting package to all active Taxfile customers, whether existing or new. There are various different packages available so we’re sure we’ll have one which will suit every customer perfectly. The list of benefits is almost endless — here are just a few:
Firstly we’ll GIVE* Taxfile customers the package — you don’t have to pay Sage at all;
Cloud-based record keeping means you can access accounts records from anywhere with an internet connection;
Automatic bank statement integration makes bank reconciliation a breeze, helping when receipts go missing and even recognising – and accounting for – regular transactions;
A mobile app module allows you to simply snap a photo of your receipt and it uploads to your Sage account (say goodbye to physical receipt storage!);
Less paperwork!
Automatic tax computations performed by the software;
Report and analysis options;
VAT handling;
Automatic VAT return options (or let us handle it for you as you prefer);
Shows you the taxes and National Insurance due so you can easily pay them on time;
Fast and easier tax returns;
Help from Taxfile at any point and from Sage’s own helpful videos;
Helps you stay in line with UK laws, taxes and regulations;
No experience needed;
Perfect for the self-employed, start-ups and small businesses;
Taxfile will even be happy to set you up;
Integrated invoicing and quotation options available (even from your mobile phone!);
A quick and easy payroll bolt-on is also available for limited companies, with payslips, RTI, Auto Enrolment integration etc.;
Auto enrolment communications included if you have a company pension scheme;
Option to automatically integrate online e-commerce records into your Sage account;
Fast and easier company accounts preparation;
… and much more!
But there is more major benefit – collaboration with us, your accountant!
The Sage packages we supply are not only free, or in effect heavily subsidised depending on the package involved, but also allow us, your accountant and tax adviser, to collaborate with you within your Sage package with your permission. So where you cannot do something yourself, we can log in using our own integrated Sage administration system to get involved on your behalf, for example to set things up for you, run reports, activate VAT returns, tax returns, end of year accounts, payroll and so on. It’s amazing really! So you do as much or as little as you want to … and we cover everything else!
You save money!
Using the easy but powerful Sage bookkeeping and accounting packages supplied by Taxfile
means that you’ll save money. It’s as simple as that. Customers using such packages makes our job easier, reducing our chargeable hours working on your accounts, so quite simply saves you money!
You also save time!
Our Sage packages will save you SO much time you’ll never look back! Once you’ve tried our Sage packages for a while you’ll Read more
https://www.taxfile.co.uk/wp-content/uploads/2016/01/free-accounting-software.jpg308390Markhttps://www.taxfile.co.uk/wp-content/uploads/2020/03/taxfile-logo-2020.pngMark2016-01-14 14:24:282021-10-31 20:02:27AMAZING OFFER! Save Time, Money & Space with a FREE Sage Bookkeeping & Accounts Package!*
[UPDATE: Please note that this offer has now expired]. Get Sage One Cashbook FREE, only with Taxfile. If you are a Taxfile customer you can currently get this excellent online accounting and cashflow package totally free of charge. This is better than any special offer you’ll find online for the same product and an additional benefit is that it allows us, your accountants and tax advisors, to collaborate with you within the package (with your permission of course), making managing your income, expenditure, tax accounting and bookkeeping absolute child’s play. You can stop at any time; it’ll cost you nothing either way.
Features & Benefits of Sage One Cashbook online include:
It allows you to record income & expenditure for your business quickly and easily;
Access your records from anywhere with an internet connection, any time;
No accountancy experience is necessary – it’s simple;
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