self-assessment Archives | Page 3 of 7

Taxfile Covers Clients for HMRC Enquiries

December 1, 2021/in Accountancy, Accountants, Corporation tax, Fee protection cover, HMRC, HMRC enquiry, HMRC investigation, Payroll, Self-assessment, Tax returns, VAT, VAT returns/by Mark

Did you know that Taxfile’s clients are protected from HMRC enquiries, for example for tax returns and similar submissions we make to HMRC? Through a simple, low-cost fee, Taxfile promises to liaise with HMRC on clients’ behalves should HMRC ever want further clarification of figures submitted. This includes HMRC queries following a tax return, VAT return, corporation tax return or payroll submission made by us. Usually, protecting clients from this type of HMRC investigation could mount up in terms of cost, as it can sometimes take hours to deal with, even for tax experts like us. However, with Taxfile’s low cost cover, it’s all covered automatically (within reason, of course*).

The enquiry cover costs only …

£5 for a self assessment income tax return;
£10 for a VAT return;
£25 for a corporation tax return;
£4 for a payroll submission.

(VAT extra). Most accountants would charge you a considerable sum for this level of protection against HMRC enquiries. However, at Taxfile, we spread the cost through the whole business and, as a result, the cost to clients is a fraction of what it could otherwise be. We hope you agree that it’s a very small price to pay for such peace of mind, should the worst happen.

Tax Advisers & Accountants in Tulse Hill, Dulwich, South London & The South West

Do ask a staff member if you would like more information or, indeed, if you would like any tax or accountancy help. Telephone 020 8761 8000 or contact us here. We are Read more

Saturday Appointments in December – Book Now for Tax Returns Etc.

November 22, 2021/in 2020, 2021, Accountancy, Accountants, Accounts, Annual Return, Self-assessment, Self-employed, tax rebates, Tax refunds, Tax return, Tax returns, Taxes, Taxfile, Tulse Hill/by Mark

[Update for January 2022 available here]. Read more

Taxfile’s Autumn Newsletter 2021

September 30, 2021/in 2021, Accountancy, Accountants, Accounts, Devon, Dulwich, Newsletter, Tax, Tax accountant, Tax accountants, Tax advice, Tax advisers, Tax agents, tax experts, Taxes, Taxfile, Tulse Hill/by Mark

Welcome to Taxfile’s Autumn Newsletter for 2021. One of our biggest yet, it includes useful tax- and accountancy-related news that you need to be aware of, ways to save time or money – and much more. Take a look!

QR Codes

You’ll find QR codes throughout the newsletter. These are a quick and easy way to access further information about the topic. Assuming you are viewing the newsletter on a desktop device or a printed* version, simply point your mobile camera phone at a QR code and then open the link that pops up. Your mobile’s browser will then take you straight to the information page. Alternatively, we supply simple link URLs to simply tap in.

Download As an Acrobat PDF & Print Out

* If you’re viewing on a small screen, it may be easier to read if you download the newsletter as an Acrobat PDF so you can print it out at full size (A4). Read more

New 30-Day Rules for Capital Gains on Residential Property

July 22, 2021/in 2020, 2021, 2022, Accountancy, Accountants, Annual exempt amount, Buy to let, Capital gains tax, CGT, Devon, Dulwich, Furnished Holiday Lettings, HMRC, Holiday lettings, Key dates, Land and property, Landlords, Lettings, property, Property investment, Self-assessment, South London, Tax, Tax advice, Tax advisers, Tax return, Tax returns, Taxes, Taxfile, Tulse Hill/by Mark

New rules have now come into force in relation to capital gains made on disposals of UK residential property*. Several key actions are now required if a taxable capital gain has arisen, including some that now need to be made fast:

Taxpayers need to report the property’s disposal within 30 days of the actual disposal;
They will need to pay the estimated Capital Gains Tax (‘CGT’) to HMRC within 30 days of the disposal.
Those who fill in and submit a Self-Assessment tax return will also need to include details of the disposal on their return.

Who Do the New CGT Rules Apply To?

The new rules apply whether you’re an individual, joint property owner, trustee, partner in a partnership or LLP, or a personal representative.

What Counts as a Residential Property Disposal?

The new rules apply to all UK residential property that was disposed of (taken as the date of the exchange of contracts) since 6 April 2020 inclusive, where a capital gain was made that will require payment of CGT.

To fall within the rules, a UK residential property must be one that:

is suitable for use as a dwelling, or;
is being built or adapted for use as a dwelling.

It can be one in which the the owner has never lived or has lived for only part of the period they owned it. It can also be a rental property or a holiday home.

Where a property has been used for mixed purposes, only the capital gain that’s equivalent to Read more

Harnessing Technology at Taxfile

July 8, 2021/in 2021, Accountancy, Accountants, Accounts, Bookkeeping, Buy to let, Cab drivers, Capital gains tax, CGT, CIS, Construction Industry Scheme, Devon, Dulwich, Furnished Holiday Lettings, IHT, Income tax, Landlords, Lettings, Lettings income, Limited companies, Limited company, London, Partnership, Self-employed, Sole traders, South London, South West, Tax, Tax accountants, Tax advice, Tax advisers, Tax refunds, Tax returns, Tulse Hill, VAT/by Taxfile

The rapid pace of technological change has caused some of the biggest shifts in how we view and process our tax returns. At Taxfile, we’re constantly striving to use technology as effectively as possible to aid us in collecting, analysing, and collaborating when working on your personal data.

Over the pandemic, we’ve had to place our reliance even further on technology to maintain our standards, with regular meetings online. We’re constantly improving the efficiency of our work pipeline and, with the ability to pull figures directly from online bank statements, we can ensure precision in the numbers we present you with. For the last two years, we’ve implemented cloud technology as both a collaborative tool between our senior and junior staff and as storage for various databases used to track everything from employee working hours to the status of your tax return. We’re expanding further on this concept in collaboration with Pure Technology by merging our existing cloud systems with our current remote work solution to form one, all-encompassing workspace environment. Hosting it in the Microsoft Cloud ensures that, with the help of our office staff, your paperwork and bookings can be sent to and viewed by your tax agent as soon as possible. This and a variety of other endeavours are examples of our ambitions to be at the forefront of innovations, and constant review of our policies ensures we remain ahead, or on track, to meet the standards set by Making Tax Digital (MTD) for its 2023 launch.

Contact South London’s Favourite Accountant

Taxfile can help you with all your tax or accountancy requirements. We offer Read more

Faiz from Taxfile – Helping the Community with Tax Problems

June 22, 2021/in Accountancy, Accountants, Accounts, HMRC, Landlords, NI, NIC's, P60, Partnership, PAYE, Self-assessment, Self-employed, Subcontractor, Tax, Tax advisers, Tax affairs, Tax agents, tax experts, tax rebates, Tax refunds, Tax return, Tax returns, Taxes, Taxfile, Tulse Hill/by Taxfile

Hello; I’m Faiz Mazloumiar. I have been working for Taxfile since May 2005, mostly doing tax returns for subcontractors, self-employed individuals, partnerships and landlords. I specialise in helping clients who, for whatever reason, have fallen behind in their tax affairs, assisting in making disclosures to HMRC whilst trying to minimise the penalties imposed on them over the years. I always aim to put our customers first by calling HMRC to try to cancel recent years’ penalties, then I submit any outstanding tax returns. When I submit the tax returns I also do an appeal for older years’ penalties to be revoked. In many cases HMRC accept my appeals and clients get their money back for anything they have had to pay. I am always fighting for my clients and I have been known to battle on behalf of them for over a year.

I also help many people in our local community who are on PAYE but perhaps do not know if they are paying the right tax and NI contributions. It is a little like charity work. When people from the local community bring in their P60, I will check it and give them advice on how to contact HMRC and ask for a refund if they have overpaid. When new clients come with any problems, they are usually very stressed and anxious and sometimes don’t understand the intricacies of the UK tax system. We aim to help them with their tax problems, so they can leave us feeling relieved and a little happier. When I help clients they trust me and I have grown my client base only through recommendations. It is very exciting and satisfying for me to be able to help my clients and community as a whole.

Contact Taxfile, South London’s Favourite Tax Accountants

For any tax- or accountancy-related needs, contact us. We’d love to help! Call Faiz direct on 020 8655 7891 or speak to our main switchboard on 020 8761 8000. Alternatively message us your tax-related query here. We also offer a free 20-minute introductory appointment and this is available in person, through a video call (Zoom, Teams etc.) or via telephone — whichever you prefer. We are accountants and tax advisors in Tulse Hill, Dulwich, South London and Devon/Cornwall in the West Country.

This post was brought to you by Faiz at Taxfile.

Are you self employed? Advice from Taxfile

June 9, 2021/in 2021, 2022, Accountancy, Accountants, Accounts, Advice, Class 2 NICs, Devon, Dulwich, expenses, National Insurance, South London, South West, Tax returns, Tulse Hill/by Taxfile

Are you self employed? If so, Joe from Taxfile has some quick advice for you:

Class 2 National Insurance

It is important to register for Class 2 National Insurance. A lot of people don’t have this set up correctly and, if not sorted, then it can greatly affect your pension in the future. Class 2 National Insurance isn’t a lot of money, so speak to one of our advisors to make sure you’re set up. Finding out missing years is also possible.

Tax Returns

Try to file your tax return early. A major benefit to this is knowing what your tax liability will be long before it is due. That way, you can plan ahead or even set up a payment plan.

If you are filing your return late, then it is very important to try to get up to date as soon as you can. Apart from the initial £100 penalty for late returns, you will eventually end up paying a £10 per day penalty too if you don’t get up to date soon enough. That can soon spiral out of control. HMRC is very good at helping people who are struggling, but they can’t help if you bury your head in the sand. Penalties for late tax returns can be appealed but you must have very a good reason, like illness or death in the family.

Are you claiming the right expenses?

Speak to one of our agents about allowable expenses. A lot of people don’t claim the right expenses and can end up overpaying their tax. We can help with that, so you save unnecessary tax.

Contact Taxfile

Speak to Taxfile for any of your tax needs. Our staff skills are so versatile that, between us, there is nothing accounting- or tax-related that we can’t help with.

Call Taxfile on 020 8761 8000 or email your tax-related query and we’ll be happy to help. We also offer a free 20-minute introductory appointment if you’d like to meet us in person or virtually through a video or telephone call — whatever you prefer. We are accountants and tax advisors in Tulse Hill/Dulwich South London and Devon/Cornwall in the South West.

This post was brought to you by Joe at Taxfile.

Peace of Mind from Using an Experienced Tax Team

June 3, 2021/in 2021, Accountancy, Accountants, Accounts, Advice, Bookkeeping, HMRC, Income tax, London, Self-assessment, SME, Sole traders, South London, Tax accountant, Tax accountants, Tax advice, Tax advisers, Tax agents, tax experts, Tax return, Tax returns, Taxes, Taxfile, Tulse Hill/by Taxfile

When using Taxfile, you are using an experienced team that will make dealing with your tax affairs seamless. A lot of clients start by coming into our office stressed and overwhelmed, not knowing where to start. Using your current position and needs, we plan a step-by-step approach to keep you on top of your affairs and the relationship between you and HMRC harmonious. Once you are officially on board with us, we will have access to your HMRC record and, with our dedicated agent lines to HMRC, we’ll be able to speak to them on your behalf. This way, you are free from having to call them yourself and wait longer than we do for a call handler. You can also have any issues or queries explained to you in an easy to understand way by our friendly team. If you receive any letters that from HMRC and you don’t understand anything, we will be able to take a look for you and explain what it’s all about.

Any fee you pay Taxfile is tax deductible, so will be put on your tax return and result in a reduction of tax.

Our up-to-date knowledge of the tax system will give you peace of mind, alleviate any anxiety you may have and make the whole experience very different to how a lot of people find it when they are not using a team like ours. We know the best way to approach a tax situation that, without our experience and knowledge, could otherwise result in a lot more time and money being spent unnecessarily. From something as small as missing a tax return deadline, it can spiral into something a lot bigger, potentially including penalties, late payment interest, debt collection agencies being involved and so on. We inform all our clients of upcoming deadlines, for their particular tax situation, and let them know what needs doing and when, avoiding this situation and many more.

Unlike a lot of other companies, our tax experts and accountants are approachable, accessible and happy to help. We’re a unique tax advisor and accountancy practice like no other, with offices in Tulse Hill, Dulwich and Devon. We can help with any tax-related issues, including bookkeeping, filling in a tax return, limited company accounts, help accounting for property lettings, tax refunds and anything accountancy-related. Call Taxfile on 020 8761 8000, book a free 20-minute appointment with us (remote or in-person options available) or simply email us your tax-related query here.

This post was brought to you by Julie at Taxfile.

Taxes & Cryptocurrency

May 20, 2021/in 2020, 2021, Alt Coins, Bitcoin, Capital gains tax, CGT, Crypto Assets, HMRC, Income tax, Stocks & Shares, Tax, Taxfile, Trading Crypto Coins/by Taxfile

According to HMRC, ‘cryptoassets’ are cryptographically secured digital representations of value or contractual rights that can be:

transferred
stored
traded electronically

There are various types of cryptoassets including exchange tokens, utility tokens, and security tokens. HMRC does not consider cryptocurrency to be currency or money & their complete Cryptoassets Manual can be found HERE.

As far taxes are concerned, investing in cryptocurrency is akin to investing in other assets such as stocks, bonds, and the sale of rental properties. This means that capital gains and losses rules apply when you ‘dispose’ your assets, and in this case your cryptocurrency.

HMRC explains that disposals include:

selling cryptocurrency for money
exchanging cryptocurrency for a different type of cryptocurrency
using cryptocurrency to pay for goods or services
giving away cryptocurrency to another person

Any of the above situations subject any profits to Capital Gains Tax (CGT) and the simple formula for calculating capital gains (or losses) is:

Fair Market Value – Cost = Profit or Loss

The fair market value is the market price of the asset at the time that you sold, traded, or disposed of it. The cost is the price you paid at the time of the purchase.

Although this is a simple and logical calculation, calculating CGT on your profits becomes a bit more complex when you have multiple transactions to account for. The UK requires a specific type of method for calculating the cost basis of your coins known as Shared Pool Accounting also known as a 104 Pool.

With the shared pooled accounting method, you are essentially Read more

Tax “Payment Plans” are ENDING – Act NOW if you Owe Tax!

March 31, 2021/in 2019, 2020, 2021, Accountancy, Accountants, HMRC, Income tax, Late return, London, payment plans, penalties, penalty, Self-assessment, Tax advice, Tax bill, Tax return, Tax returns, Tulse Hill/by Mark

Are you late paying your tax? Do you owe unpaid tax for the last financial year, or earlier? Are you struggling to pay it?

Taxfile has recently been helping some of our customers with tax debts from 2019/20 and earlier. In particular, we’re helping them to arrange payment plans with HMRC as part of their ‘Time to Pay‘ scheme. This spreads the cost of those tax debts instead of paying them off in one go. This is really useful to those who are struggling financially following the pandemic. The new payment plans are only available until 1 April 2021, though, so really you should apply by 31 March 2021. Our advice is to act now if you are in a position to take advantage of the payment plans while they’re still — just about — available.

The benefits of arranging a tax payment plan now

Agreeing a payment plan with HMRC will help avoid the 5% late payment penalty that’s usually charged on outstanding tax not paid by the deadline. And, of course, spreading the cost helps those who might otherwise struggle to get together the full amount in one transaction. The HMRC interest rate seems relatively low too.

How Tax Payment Plans have gone so far

What we’ve found so far is that Read more

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