[Updated 1 February 2026]: 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. Here's our professional advice of what to do if you're late...

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[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.

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.

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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.

The post Tax Refunds After Redundancy: Claiming Your Cash Back – A Taxfile Guide appeared first on Taxfile.

As the new tax year approaches, CIS contractors must prepare for the upcoming 2024/25 tax return season.  Last year we witnessed a significant increase in HMRC compliance checks delaying refunds, with many contractors being asked to provide detailed CIS pay/deduction slips and bank account transactions to verify their income.

At Taxfile, we are here to help you navigate these challenges and ensure your tax affairs are in order while offering you peace of mind with our unique HMRC investigation cover. Learn more ...

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by Mohamed at Taxfile.

In today's guide, we look at the rules around whether or not you need to register for Self-Assessment and submit a tax return to HMRC each year. Let's take a look.

Reasons to Register for Self-Assessment

You generally need to register for a Self-Assessment tax return if your income isn't taxed at the source, meaning the tax isn't automatically deducted from your wages/salary. Here are some common scenarios where you would need to register for self-assessment:

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by Faiz at Taxfile

An SA302 is a document issued by HM Revenue & Customs (HMRC) that summarizes your income tax calculation for a specific tax year. It shows how your tax bill was arrived at, including your income from various sources, any deductions and allowances, and the final amount of tax owed or refunded. In today's guide, we explain why your SA302 is important, how and where to get a copy of it, and why it's important to check tax returns and avoid errors.

The post Demystifying the SA302: Your Tax Summary Explained appeared first on Taxfile.

Are you a sole trader or in a partnership? 

Do you have different accounting dates from the standard 6th of April to the 5th of Apri?

If you answered YES to both questions, some IMPORTANT changes will apply for the tax year 2023-24.

The concept of the basis period determines the time frame used to calculate taxable profits or losses for self-employed individuals, partnerships, and some trusts.  It marks a departure from the traditional "current year" basis, where business profits were taxed based on the accounting period ending within the tax year. Instead, it introduces a "tax year" basis, aligning taxable profits with the UK's standard tax year, running from 6 April to 5 April.

The post Understanding Basis Period Reform for Self-Assessment Tax in the UK appeared first on Taxfile.

Value Added Tax (VAT), a consumption tax levied on most goods and services in the UK, plays a significant role in the nation's economy. Whether you're a sole trader, limited company business owner or simply a curious consumer, understanding VAT is crucial for navigating the UK's tax system effectively. Today's comprehensive guide explains what it is, the various VAT rates, when you need to be registered for the tax, VAT schemes, and more.

The post Navigating the VAT Landscape in the UK: A Comprehensive Guide appeared first on Taxfile.

The original deadline for buying National Insurance 'credit' was 31st July 2023, but you can now 'buy' incomplete years to boost your state pension until 5th April 2025. The extension was approved by the Government, giving HMRC more time to deal with the process.

You can view our original blog on what you need to do to plug the gaps in your National Insurance contributions here.

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^{IMPORTANT: the video mentions the original deadline in April 2023. This has now been extended to 31 July 2023.}

Do you have gaps in your National Insurance record? If so, it could mean that you could get a lower State Pension when you reach state retirement age, particularly if you are aged between approximately 45 and 70 at the moment. Generally speaking, you need 10 years of contributions for a basic state pension and around 30 to 35 years for a full state pension. It does vary by circumstance though and, even with gaps, some people might have enough qualifying years for the full state pension already.

Urgently Check Whether You Have National Insurance Gaps

Our advice is to urgently check whether you do have any gaps in your National Insurance record. If so, in many cases it would be wise to make some one-off payments to plug any gaps for the years 2006 to 2016. However, there is limited time to do so despite the deadline for this opportunity having been extended from early April to the end of July 2023 [UPDATE: This has now been extended again to 5th April 2025]. Thereafter, the chance to fix all 11 years from 2006 to 2016 will be gone forever.More information follows, including how to check, how to top up and more.

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