london Archives | Page 12 of 14

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

AMAZING OFFER! Save Time, Money & Space with a FREE Sage Bookkeeping & Accounts Package!*

January 14, 2016/in Accountancy, Accountants, Auto Enrolment, Bookkeeping, Cash flow, expenses, Filing deadlines, Income & Expenditure, Income tax, London, National Insurance, NI, NIC's, Online returns, PAYE, Payroll, Real Time Information, RTI, Sage, Save money, Self-assessment, Software packages, South London, Special Offers, Tax, Tax advice, Tax advisers, Tax calculation, Tax returns, Taxfile, VAT/by Mark

[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;
Say hello to quick and easy bookkeeping and record-keeping;
Quick and easy cash flow management tools;
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

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.

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

Case Study: a high rate taxpayer in a complex tax situation

June 30, 2015/in Case Studies/by Mark

The Client

A new client, Mr ‘K’, is a higher rate taxpayer who previously used to file his own tax returns.

The Problem

Mr K got into a complicated financial situation in 2013/14 due to having received redundancy pay, severance pay waiver, investment income, PAYE income and pension income. He needed professional guidance and advice regarding his tax liability.

The Solution

Taxfile looked into all the records and correspondence regarding the redundancy and severance pay so as to make sure of the right tax treatment for each. We also calculated the various tax rates for each type of income and advised that the remaining tax liability should be collected through the tax code system.

The Result

The client was reassured that the tax calculation was done professionally and accurately and was able to pay the right amount of tax in the most appropriate way.

Client Feedback

The client was impressed with how quick and efficient Taxfile’s service was and, as a result, is continuing to use our service now and into the future. Read more

STILL haven’t filed your tax return? You owe £410 in fines & counting!

May 26, 2015/in HMRC, Late return, Tax advice, Tax advisers, Tax returns/by Mark

If you STILL haven’t filed your tax return despite the end of May being almost upon us, you’ll owe £410 in HMRC penalties by the end of this week. Continue to throw money down the drain at the rate of £10 extra per day thereafter if you still don’t submit your return.

As we explained in our last post, missing the original January 31 deadline meant an automatic HMRC penalty of £100 (on top of tax owed, of course) at that time.
But, with the additional penalty of £10 per extra day extra having been piling up since 1st May, it means you’ll need to add £310 to the original £100 penalty by the end of this week. Carry on like this for yet another month and by the end of June you’ll owe a whopping £710. It doesn’t end there — by the end of July it’ll be worse still as there is an additional £300 penalty levied by HMRC. Yes, that’s on top of the daily £10 fine and the original £100 penalty, meaning that the total penalty will then be £1300 as a bare minimum (it can be worse still if HMRC deem your case to be particularly serious). All this simply because your tax return is late.

All these penalties are in addition to the actual tax you owe!

Don’t forget … even if you owe no tax, you still need to submit your tax return so aren’t immune to the penalties. Take another look at the full post for more detail or, better still, contact us here at Taxfile urgently if you’d like our professional help in filing your tax return on your behalf — and minimising the penalties you’ll need to pay to HMRC. Call 0208 761 8000, click here to contact us or book an appointment with one of our tax advisors here and we’d be delighted to help. We are based in Tulse Hill, South London.

Still Haven’t Filed Your Tax Return? Expect a Nasty Bill from HMRC!

April 22, 2015/in 2014, Accountancy, Accountants, Advice, HM Revenue and Customs, HMRC, Income tax, Key dates, Late return, London, Nil return, Online returns, penalties, penalty, Self-assessment, South London, Tax, Tax advice, Tax advisers, Tax affairs, Tax bill, Tax return, Tulse Hill/by Mark

If you still haven’t filed your tax return for the financial year up to 5 April 2014 you can expect the penalties from HMRC to begin racking up daily — and potentially very significantly — starting from Friday 1 May.

If you missed the 31 January Tax Return deadline …

If you missed the 31 January 2015 deadline for tax returns, you already owe HMRC £100 in fines on top of any tax you owe. If you don’t owe any tax whatsoever, HMRC still require a tax return from you, plus that £100 in penalties.

If you still haven’t filed your return by 1 May …

From 1 May 2015 you can also expect a £10 daily penalty to kick in, on top of the £100 fine above, up to a maximum addition for the period of £900 (90 days) extra. But it gets even worse…

If you STILL haven’t filed your return by 30 July …

After the 90 day period beginning on May 1st, if you STILL haven’t filed your tax return you’ll receive a further £300 penalty (or 5% of the tax due; whichever is highest) plus a possible additional fine equivalent to 100% (or more) of the tax due, depending on how serious the case is.

Each of these individual penalties is in addition to the preceding ones.

So, to conclude, if by 30 July 2015 you STILL haven’t filed your latest tax return you will be in for a minimum penalty of an incredible £1300.00 and that’s in addition to the tax you owe. Also, Read more

Construction Industry Scheme (CIS): How to Claim a Tax Refund

March 24, 2015/in Accountancy, Advice, CIS, cis gross payments, CIS4, CIS5, CIS6, Construction Industry Scheme, Contractor, Contractor Monthly Return, Multilingual staff, National Insurance, New CIS, NI, NIC, Non-domiciled residents, Rebate, Refund, South London, Subcontractor, Tax, Tax refunds, Tulse Hill, UTR/by Mark

It’s now time to start the process of claiming your tax refund if you are a subcontractor working within the construction industry and have been paying tax, in advance, through the Construction Industry Scheme (‘CIS’). In this article we will tell you how you qualify and how to claim your tax refund. First, though, a little bit of background to the scheme:

The CIS Scheme

The Construction Industry Scheme, or CIS, is a scheme whereby a contractor in the construction industry usually deducts a proportion of the money due to their subcontractor, at source. The deducted amount is then passed direct to HMRC and counts towards the subcontractor’s tax and National Insurance, the tax element effectively being paid in advance. The exact proportion deducted depends on whether the subcontractor concerned has registered under the CIS system. If the subcontractor has not registered, the deduction will usually be made at a rate of 30%. If they have already registered, then the deduction will usually be made at a rate of 20%. Either way, by the financial year end, the amount of tax deducted at source will usually end up being more than they really needed to have paid, simply because it won’t have factored in the personal allowance which every UK taxpayer is entitled to (most UK citizens can earn up to £10,000 before paying tax at time of writing, this figure being set to rise to £10,600 in the tax year 2015-16, 10,800 a year later then increasing to £11,000 by 2017-18 following the recent budget proposals). Hence, many subcontractors in the construction industry will be due a tax refund because of the overpayment. The good news is that the time to apply for the refund is pretty much now, so get in touch if you’d like our help claiming.

What kind of work does CIS cover?

You qualify to be in the CIS system if you are a subcontractor who supplies construction work to buildings. This includes labouring, decorating, site preparation and refurbishment but excludes things like architecture, surveying services, the hire of scaffolding without labour, the fitting of carpets, the delivery of materials, and finally non-construction type services such as site facilities (canteens etc.).

What if your business is not in the UK?

Even if your business is abroad, the same rules apply if you work as a subcontractor within the UK. However there are some slightly different rules regarding the treatment of taxation for non-resident workers from countries which have ‘Double Taxation’ treaties with the UK (we can, of course, also help with that — just get in contact).

Registering for CIS

If you haven’t already registered for CIS as a sub-contractor, Taxfile can help to do this for you. You’ll need to be registered for Self Assessment (we can also help with this) and this will give you your UTR (unique taxpayer reference) number. We’ll also need your name, National Insurance number, your legal business/trading name and contact details. Once registered with CIS one of the immediate benefits will be that you’ll then have tax deductions made at the 20% rate rather than at 30%, which would otherwise be the case. If your business is a legal partnership you will also need to register it for CIS but this would need to be done in addition to being registered as an individual or sole trader. Of course, Taxfile can help with that too. Once you have been registered with CIS and have passed certain eligibility criteria, it is also possible to apply for ‘gross payment status’ meaning that you’ll then be paid by the contractor without the usual ‘at source’ deductions. Instead you’ll need to pay any outstanding tax and National Insurance at the financial year end; however HMRC will review your business each year to check that you still qualify for this status (paying tax late and/or submitting returns late would put your gross payment status at risk).

Offsetting Expenses against your tax

Taxfile can also help you to offset certain expenses against your subcontractor income. This means that any tax refund will be larger — or any tax outstanding will be lower. We can offset Read more

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