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2nd SEISS Grant Applications to start 17-08-2020

2nd SEISS Grant Applications to start 17 August 2020

The Government has announced that, much like the furlough scheme, the Self-Employment Income Support Scheme (‘SEISS’) would be extended for a second period.

If your business has been adversely affected as a result of COVID-19 on or after 14th July 2020 you will be able to make a claim from 17th August 2020 for the second and final grant.

You can make a claim for the second grant, if you’re eligible, even if you did not make a claim for the first grant. 

Your eligibility for the 2nd SEISS grant must meet the same criteria as those outlined for the 1st grant:

  • you must have traded in the tax year 2018/19 and submitted your Self Assessment tax return on or before 23 April 2020;
  • you must have traded as self-employed in the tax year 2019/20;
  • you must have all intentions to trade as self-employed in the tax year 2020/21;
  • your average trading profits must be less than £50,0000;
  • your trade must have been adversely affected by coronavirus.

Like the first SEISS grant, the second SEISS grant will be a taxable one. However, this time, it will be 70% of your average monthly trading profits. It will be paid out in a single instalment, based on a 3-month period of average profits, and will be capped at a maximum of £6,750.

Taxfile will be in touch with clients before 17th August to remind them. When the 2nd grant becomes available, do feel free to call us if you’d like our assistance in helping you to make your claim.

Please remember the deadline for claiming the first SEISS grant is 13 July 2020. You can start claiming the second SEISS grant from 17 August 2020.

Please call Taxfile on 020 8761 8000 if you need help to make a claim for either of these SEISS grants and we’ll be happy to help. Alternatively, fill in and submit the form below and we’ll be in touch to help you.

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First SEISS Grant Application Deadline Day Looms

First SEISS Grant Application Deadline Day Looms

Back in April, as a result of the Coronavirus pandemic, the Government announced the Self Employment Income Support Scheme (‘SEISS’), a taxable grant to support self-employed individuals and businesses affected by COVID-19.

The deadline for claiming this initial grant has been set as Monday 13 July 2020.

After this date you will no longer be able to claim for this first SEISS grant.

The 1st SEISS grant covered a 3 month period, for loss of income due to COVID-19, from April to June 2020. If you are eligible for this grant, you only have until Monday 13th July 2020 to make the claim. After this date the applications will close and you will have no means of applying.

Need Help?

If you have been putting it off, have not checked your eligibility status, or are unsure how to do so, then please call Taxfile on 020 8761 8000, and we can help you. Alternatively, fill in and submit the form below and we’ll be in touch.

(Interested in the 2nd SEISS grant? Click here).

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Tax Returns for Self-Employed Londoners - Special Offer

Tax Returns for Self-Employed Londoners – Special Offer!

Tax returns for self-employed Londoners - Special Offer!
Are you self-employed? Are you late filing your 2018/19 Self-Assessment tax return? If so, now is the time to get Taxfile to sort it out for you.

There are 4 important reasons why you should file your tax return now:

1. Save money, with our special offer!

For a very limited time, we are offering to do 2018-19 Self-Assessment tax returns for self-employed Londoners for just £199 + VAT (our usual pricing is from £277 + VAT). That’s a saving of nearly £94 including VAT.

2. Stay eligible for Government Help during the lock-down

Self-employed people who are struggling financially during the coronavirus lock-down may be eligible for financial help from the Government. This is in the form of their recently announced Self-Employed Income Support Scheme (‘SEISS’). However, to remain eligible, you must have filed your 2018/19 Self-Assessment tax return by 23 April. If you miss that deadline, you will no longer be eligible for that Government assistance.

3. Avoid severe fines from HMRC for being so late

The original deadline for submission of your 2018/19 Self-Assessment tax return was actually 31 January 2020. So, if you didn’t already file your tax return by that date, you already owe HMRC a fine of £100 minimum. That’s nothing, though, compared to the penalties they will start charging you after April. From 1 May, you will owe an additional £10 per day, every day from that date if you still haven’t filed your 2018/19 tax return. So, for example, after a week you’ll owe the original £100 plus an additional £70 as a minimum, or the £100 plus a further £140 after two weeks and so on. You may also be charged interest on top of all of that if you owed HMRC a tax payment on the original 31 January deadline and still haven’t paid it.

4. You may be due a tax rebate

Some self-employed people may be due a tax rebate. This depends upon your

Over 400 tax returns submitted

We Submitted Over 400 Tax Returns in January!

Over 400 tax returns submitted

Taxfile prepared and submitted more than 400 Self-Assessment tax returns for clients during January. That’s about a hundred a week and goes to show just how busy it gets for us during January, the busiest month in our accounting calendar.

Did you submit your tax return on time?

The deadline for submission of your tax return (and payment of any tax due) was 31st January at midnight. Did you manage to submit yours in time? If not, you’re already into the ‘penalty’ period where HMRC basically fine you for being late. The penalty comes in the form of an initial £100 fine but that increases, potentially very significantly, as you get later and later with your tax return submission. If you look at the table below, it’s safe to say that you can end up owing a thousand pounds or more if you bury your head in the sand and are 3 months late, or more.  If you continue to leave your tax payment and tax return submission outstanding for six months or more, the penalty is £1300 as a minimum – perhaps more (it depends upon how much tax you owe).

Late return penalties by HMRC

Is your tax return & tax payment late? Taxfile can help!

If you are late submitting your tax return or paying tax and don’t know how to straighten things out, don’t Read more

Late with your tax return and tax payment?

Missed the tax return deadline? What now?

Missed the tax return deadline? What now?

[Updated February 2020] If you missed the deadline to submit your self-assessment tax return, the first thing to know is that you are now into the penalty stage. HMRC applies an automatic £100 penalty to those who are even 1 day late (the deadline was 11.59pm on 31st January) and further penalties are added if you take even longer to comply. It’s worse, of course, if you also haven’t paid any tax owed as you’ll then owe interest too, so our advice is to pay as much as you can before 29th February, so you’ll reduce any element of interest. However, if there is a genuine reason why you were late with your return, and it fits certain criteria, you have the option to appeal …

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;
  • and occasionally other reasons which, if genuine, HMRC may deem to be relevant.

Excuses that aren’t usually accepted by HMRC include: Read more

TODAY is the deadline for submission of your tax return. Contact Taxfile for help filing & avoid a minimum £100 fine!

31 JANUARY was the Tax Return Deadline!

TODAY is the Self-Assessment tax return deadline!

[As at 31 January 2020]: 31st January was the last day to file your Self Assessment tax return on time with HMRC. Did you miss the deadline? If so, you’ll straight away be in for a £100 fine from HRMC, and if you continue not to submit your return, other penalties will soon also be added to your debt (click here for more details). So don’t delay — contact Taxfile 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 only). 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 2018-19 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 Read more

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.

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.

Final day to submit your Self-Assessment tax return

TODAY is the Self Assessment Tax Return Deadline!

Final day to submit your Self-Assessment tax return

[As at 31 January]: There is just TODAY left to file your Self Assessment tax return with HMRC. Miss the deadline (11.59pm tonight) 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 only). 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 2016-17 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 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 2016 to 5 April 2017.

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