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2 weeks to the Self-Assessment tax return deadline

2 WEEKS to the Self Assessment Tax Return Deadline!

2 weeks to the Self-Assessment tax return deadline!

[As at 17 January 2019]: There are just 2 weeks left in which 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 TODAY 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). 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 2015-16 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 2017 to 5 April 2018.

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

Christmas & New Year Opening Times at Taxfile

Christmas & New Year Opening Times at Taxfile

Christmas & New Year Opening Times at Taxfile

Please take a look at the calendar above and note our opening times over Christmas and New Year. As you can see, we’re closed on several days over the festive period. This is particularly important for those who need to come to see us for help with time-sensitive accounting and tax-related services in the run-up to January 31st.

Need Help Filing Your Tax Return?
Make an Appointment NOW!

In particular, we urge anyone who needs to file a 2017/18 Self-Assessment tax return to come and see us well before Christmas. By doing so, you’ll avoid the last minute stampede — way too many people leave it until January, which is the busiest time in the tax and accounting calendar. While the HMRC deadline for tax returns is the end of January, you run the risk of being caught up in the bottleneck if you leave things later than December. Taxfile files tax returns for thousands of customers during November, December and January, so we’re incredibly busy at this time of year — particularly January, which is frenetic! So, those leaving it until the last minute not only run the risk of being charged more to cover the long hours and overtime that we need to work during January, but they also risk receiving a fine from HMRC if they miss the deadline completely because they left things so late.

So the message is: please book an appointment with us now, ideally for a date before Christmas.

For Self-Assessment tax returns, records for the period 6th April 2017 to 5th April 2018 are required. For business accounts, we will also need to do accounts based upon the business’s individual year end.

Open for Saturday Appointments

We are happy to see people on Saturdays at this busy time of year (with the exception of the festive closures of course – see the calendar above). Saturday morning appointments should be more convenient for those who work on weekdays. As you can see on the calendar, we’re open from 10am to 1pm for most Saturdays in December and January but only for those with a pre-agreed appointment.

To book an appointment, please call 0208 761 8000 or book an appointment online here. Many thanks.

Taxfile's Autumn Newsletter 2018

Autumn Newsletter 2018

Taxfile's Autumn Newsletter 2018

Those of you who are not on our mailing list may be unaware of our latest newsletter. So, we thought we’d post a little about it here, along with a link where you can download an Acrobat PDF version to read at your leisure.

Keep on Top of your Taxes

The Autumn 2018 Newsletter is packed full of articles and advice to help you get on top of your taxes, make sure you are aware of the services we offer and, above all else, ensure that you file your tax return in good time.

It’s Tax Return Time! Act Now!

When it comes to Self-Assessment tax returns, the main message is to act now. That way you will avoid the January stampede and any unnecessary, additional expenses.

Key Contacts at Taxfile

Along with other tax news and advice, we also include a very useful table of your key contacts at Taxfile. Simply choose the service you require and the key people responsible for helping you can be found alongside, including their email addresses for direct contact.

Download Taxfile's Autumn Newsletter 2018Download the eNewsletter

To find out much more, download the Taxfile Autumn 2018 Newsletter here.

Professional Help to Get Your Tax Affairs in Order

Taxfile are super-keen to help you through the maze of HMRC rules and tax regulations. We’ll get your paperwork, accounts, bookkeeping and tax returns all in order. Simple!

Open for Saturday Appointments

Taxfile’s Tulse Hill (SE21) office is now open on Saturday mornings, from 10am until 1pm, for pre-booked appointments. So, if you’d like to discuss any aspect of your tax and a weekend appointment is more convenient than a weekday, call 0208 761 8000 to book one or book an appointment online here.

Letting a room through Airbnb? HMRC tracks your income & data!

Letting a Room through Airbnb? HMRC Tracks your Income!

Letting a room through Airbnb? HMRC tracks your income & data!

Back in late 2015, we forewarned that HMRC was planning to force on-line companies like Airbnb to share customer income data with them. That plan has come to fruition and HMRC is now receiving detailed information from Airbnb and other online providers. The data will tell HMRC about lettings income that may have been previously falling under their radar.

Airbnb is an on-line marketplace where people can rent out rooms, cottages, apartments and suchlike to those looking for short-term accommodation, city breaks, holidays or lower cost alternatives to hotels and overnight business stays.

We understand that various on-line providers, including Airbnb, are now exchanging information with HMRC. HMRC then uses their analytical tool “Connect” to track and monitor income from such sources. This powerful application was developed by BAE Systems and is the most advanced data gathering tool HMRC has at its disposal.

So, if you let property or a room on Airbnb, you can expect detailed information to be passed to the Revenue about your letting activities and the income it generates. While you may currently be able to earn up to £7,500* per year tax-free for furnished accommodation under the Government’s ‘Rent a Room Scheme‘, care needs to be taken to submit a tax return and pay tax on any income received once you have gone over that limit. Higher rate taxpayers also need to take care if their rental income pushes them into a higher tax bracket.

In order to qualify under the Rent a Room Scheme:

  • The room must be furnished;
  • The relief cannot be used if you let your home whilst living abroad;
  • The accommodation provided cannot be office space or business space.

Changes arriving in 2019:

HMRC recently held a consultation with relevant professionals and the public about whether the scheme should continue in its present form. Following this, they have announced that the scheme will be more restricted; landlords who do not live in their “main residence” at the same time as their tenants will probably no longer be able to claim “rent a room relief” from 6 April 2019.

Tax Help & Advice for Lettings Income

If you need our help handling your lettings tax needs, Taxfile is here to assist you. We’re tax experts and can guide you through the maze of rules and regulations concerning lettings, renting out accommodation, tax thresholds, knowing when it’s appropriate to work under the Rent a Room Scheme, whether you can claim expenses and so on. Book an appointment at your nearest Taxfile office: for Tulse Hill in London SE21 book an appointment on-line here; book here for Dulwich in SE21; for Battersea in SW8 book your appointment here or for Exeter and the South West, book your appointment here. We also have tax advisers who are available in other UK locations including Poole in Dorset, Carlisle, Yorkshire and Plymouth. Alternatively, simply call 0208 761 8000 or send us an email here and we’ll be happy to help to get you on the right track.

Learn more about our services to landlords and those earning an income from property lettings here.

* Correct for tax years 2016-17 and 2017-18. For tax year 2015-16 the threshold was only £4,250. Also note that the current year’s threshold reduces to £3,750 if someone else, for example a joint owner, receives lettings income in the same property.

Overseas assests - requirement to correct

Undeclared Overseas Assets? Beware the ‘Requirement to Correct’ Deadline!

Overseas assests - requirement to correct

What does this mean for me?

If you are a taxpayer with overseas assets which are undeclared as regards income tax, capital gains tax or inheritance tax, you have an obligation to sort things out by 30 September 2018.

People who ignore this requirement and whose income or assets subsequently come to light will face much, much higher penalties and sanctions after the deadline.

Why bother now?

The United Kingdom has signed up for information exchange with a whole host of other countries. The information it receives from them will be input into its intelligence system known as Connect. This increases the likelihood of undeclared sources coming to light.

What if I do nothing?

After the deadline date, if your undeclared sources of income or gains come to light, you will face potential penalties as follows:

  • A tax geared penalty of between 100% and 200% of the tax due;
  • A potential asset based penalty of up to 10% of the asset value where the relevant tax at stake is over £25,000 in any one tax year;
  • Adverse publicity from being publicly named as a tax cheat where the tax is over £25,000;
  • A further potential penalty of 50% of the standard penalty if the Revenue show that assets or funds have been moved in an attempt to avoid the requirement to correct.

If you have a reasonable excuse for failing to correct your tax position, such as failing health for example, then penalties may be reduced or not charged in exceptional circumstances.

Get Started:

If you think you might be affected or are in any doubt, we suggest you act now to avoid any problems before the deadline.

Call Taxfile on 0208 761 8000 for a no-obligation discussion if you want to put things right. Alternatively, book an appointment here. We have a wealth of experience in dealing with voluntary disclosures and negotiating settlements with HMRC, so can definitely help you. We offer tax advice and accountancy services from our offices in Tulse Hill, Dulwich and Battersea in South and South West London along with tax experts in Exeter, Plymouth, Poole, Dorset, Devon, Yorkshire and Carlisle.

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

Taxfile's new Battersea branch in London SW8

New Battersea Branch – Now Open in London SW8!

Taxfile's new Battersea branch in London SW8

Our new branch is now open in Battersea, London SW8. You’ll find it very convenient if you work nearby — we’re at Cloisters Business Centre, near Battersea Park Station, just off Battersea Park Road (A3205). You can park easily too – just pull into the business centre and you’ll find us opposite the church, on the ground floor with the brown door (unit 4). Come and see us there too if you’re an existing client and find Battersea more convenient than our Tulse Hill and Dulwich Village offices.

During April & May, the Battersea branch is open from 11am right through to 7pm from Monday to Thursday — so you don’t need to take a day off work to come and see us. On Fridays we’re open 11am to 3pm by appointment and Faiz will be a familiar face to many that day.

The new Battersea branch will especially suit construction workers in the building industry, which is very active in this location. Contractors who have set up as limited companies will find our CIS work, payroll and bookkeeping services very useful, affordable and convenient. Meanwhile, sub-contractors will like the fact that we’re experts at getting workers tax refunds and rebates, particularly if they’ve been working within the Construction Industry Scheme (‘CIS’). We claim thousands back from HMRC on their behalf every year.

Call 020 7821 9444 for a free 20 minute consultation at the Battersea branch, or 020 8761 8000 for Tulse Hill, Dulwich and all other branches.

Taxfile’s Battersea branch is at Studio 4, Cloisters House, Cloisters Business Centre, Battersea Park Road, London SW8 4BG. Opening hours: Mon-Thurs 11am-7pm (& Fridays 11am-3pm by appointment). Visit our new, stand-alone Battersea branch website for more details.

CIS sub-contractor refunds

CIS Sub-contractors – Claim Your Tax Refund Now!

CIS sub-contractor refunds

It’s now time to start the process of claiming your tax refund if you are a sub-contractor working within the Construction Industry Scheme (‘CIS’). The good news is that refunds usually take around only 2 weeks through Taxfile if you come in to see us before the rush.

Why you’re due a tax refund

CIS construction workers like you are usually taxed at source before being paid, and this usually results in a tax overpayment. That’s because you were taxed on the first £11,500 of your income even though that part falls within your 2017-18 ‘Personal Allowance’, i.e. the part of your income that should be tax-free. In addition, by pre-paying the tax, you will not have offset any allowable expenses such as tools etc. To rectify this, Taxfile will help you get the figures right, offset all allowable expenses and maximise your tax refund! Most sub-contractors receive their tax rebate within just 3 to 4 weeks, through Taxfile.

What you need to do

Don’t delay – book an appointment with Taxfile today by calling 0208 761 8000 and we’ll sort it all out for you. We have staff who speak English, Polish, Pashto, Dari, Russian, French, and Dutch, should you need them on the day.

Choose our Tulse Hill (SE21) or Battersea office (SW8)

Tulse Hill Office: You can either bring your records and figures to our Tulse Hill office at 25 Thurlow Park Road, London SE21 8JP or, if it’s more convenient, choose our brand new Battersea office, which is at Studio 4, Cloisters House, Cloisters Business Centre, Battersea Park Road, London SW8 4BG. Call 0208 761 8000 for an appointment at either office.

Outside of London? No problem – click here.

Office hours now include Saturday mornings and early evenings!

Our Tulse Hill office is open 6 days a week during April and offers Saturday morning appointments and early evening appointments on Mondays and Tuesdays if standard office hours do not suit you (please call for details).

Our Battersea office is open Monday to Thursday, 11am to 7pm.

Check List

  • Book an appointment by calling 0208 761 8000;
  • Bring in records of your invoices, whether they are self-billed or your own. If any are lost, try to bring copies.
  • Bring in all your CIS statements and receipts for the period 6th April 2017 to 5th April 2018;
  • Even if you don’t yet have your most recent CIS statement, we can still make a start;
  • Show us receipts for things you use for work including tools, equipment and plant hire – the law expects you to keep proof so don’t throw anything away;
  • Bring receipts for materials too, as some can be offset to maximise your tax refund;
  • If you had any equipment or tools stolen during the year, make sure you bring a crime reference number so we can obtain tax relief on those items;
  • Bring in bank statements — if any records for income or expenditure have been lost, bank statements can prove vital to fill in the gaps and give us a better view of your overall tax situation;
  • Lastly, if you have any payslips from any employment during the year, please do also bring in those.

Contact Taxfile to get your CIS tax refund fast!

Taxfile are experts at claiming back CIS tax refunds – we do over 500 of these per year and usually sub-contractors receive their refunds in just 3-4 weeks (often sooner for those who beat the rush and come in early). Taxfile are also very well trusted by HMRC so our sub-contractor CIS submissions and refund requests are rarely questioned. And currently we’re open 6 days a week at the Tulse Hill branch!

Come and see us. Our offices are ideally located if you’re in Tulse Hill, Battersea, Brixton, Dulwich, Elephant & Castle, Streatham, Camberwell, Peckham, West Norwood, Clapham, Stockwell, Herne Hill, Clapham, Pimlico, Vauxhall, Balham, South Lambeth, Earlsfield, Southfields, Wandsworth, Chelsea, Fulham & beyond.

  • Need a Saturday morning appointment? No problem – call us on 0208 761 8000 for latest staff availability.
  • Need a late afternoon/early evening appointment on a Monday or Tuesday? Again, no problem — call 0208 761 8000.
  • Live or work nearer Battersea? No problem – come to see us at our new Battersea office or visit the Battersea Taxfile website instead — call 0208 761 8000 for an appointment.

Working through a Limited Company?

Perhaps you a sub-contractor working through a limited company? If so, that’s also no problem! As well as CIS tax refunds, we can help limited companies with accounts preparation, confirmation statements, corporation tax computations, CIS set-off rebate, National Insurance (N.I.), VAT and much more.

Call Taxfile on 0208 761 8000. We look forward to seeing you soon! Read more

CIS tax refunds and returns - help now available across the UK

Help with CIS Tax Returns & Refunds Across the UK

CIS tax refunds and returns - help now available across the UK

As well as having 2 London based teams dealing with CIS returns and refunds, we’ve now introduced the same service for clients who are further afield in the UK. If you are a CIS contractor or sub-contractor we now have tax help available in the South West, the North East, the North West and, of course, our existing services in London and the South East of England.

More specifically, we can help you if you are:

  • in Cornwall/Devon (within a 30 mile radius of the Plymouth PL12 post code),
  • in Yorkshire in the North East (within a 50 mile radius of S72 post code area),
  • in the Carlisle region in the North of England,
  • in or around Exeter, Topsham, & Plymouth in Devon,
  • Of course, that’s on top of the existing bases in Tulse Hill and Dulwich in South London,
  • And our brand new tax & CIS refunds office in Battersea, London SW8.

So if you’re near any of these areas and need professional help with any aspect of accounting and tax, particularly for construction industry CIS tax returns and refunds, do get in touch.

In the first instance, call us on 0208 761 8000 to arrange an appointment with your nearest Taxfile representative, book an appointment online or use the contact form below to send us a message about your particular tax situation or accountancy needs. We’ll make paperwork and claiming any tax refund easy! Read more