Tag Archive for: south london

You are here: / south london

Posts

The Taxpayers Charter & how it can help you

/in , , , , , , , , , , , , /by

The Taxpayers CharterMany ordinary working taxpayers do not even know it exists, but The Taxpayers Charter is there to make sure that HMRC give you a service that is even-handed, accurate and based on mutual trust and respect. HMRC also want to make it as easy as possible for you to get things right.

The Charter is there to protect you and, better still, it gives you certain rights. In return for 3 simple obligations on your part (honesty, respect for HMRC staff and diligence to get things right) HMRC promises to:

  1. Respect you.
    This includes treating you with courtesy and making you aware of your rights;
  2. Help and support you to get things right.
    This includes processing the information you supply as quickly and accurately as possible and also correcting any mistakes as quickly as they can;
  3. Treat you as honest.
    This includes only questioning what you tell them if they have good grounds to do so;
  4. Treat you even-handedly.
    This includes consideration of any financial difficulties which you may be having and explaining what you can do if you disagree with their decisions, or if you wish to make a complaint;
  5. Be professional and act with integrity.
    Critically, this includes a useful sub-clause to ‘make sure that you are dealt with by people who have the right level of expertise‘ and another to ‘let you know how appeals, investigations or complaints are progressing‘. Here at Taxfile we feel that these may be the most helpful clauses of all, judging by past history;
  6. Tackle people who deliberately break the rules and challenge those who bend the rules;
  7. Protect your information and respect your privacy.
    This includes a sub-clause to respect your legal rights when they visit premises;
  8. Accept that someone else can represent you;
    Hey – we would be happy to represent you!
  9. Do all we can to keep the cost of dealing with us as low as possible.
    For example if you, or your representative (see clause 8 above) feel that an HMRC officer is relentlessly dragging out a tax enquiry with perhaps unfair queries, creating unnecessary work, then Read more

Time for ‘tax year end planning’ (pre-Budget)

/in , , , , , , , , , , , , , , , , , , /by

The budget will take place on March 19th 2014 so that gives us all just 5 weeks (at time of writing) for ‘tax year end planning’. So perhaps now is the time to start reviewing investments.

N.B. We’re not financial advisers (we are tax agents and accountants) so we can’t give advice on investments. But let us simply point out that if a portfolio shows signs of some gains, one can usually realise up to £10,900 in capital gains for the tax year 2013/2014, without a capital gains tax (CGT) liability coming into force.

It might also be worth considering making the most of ISA allowances before the tax year ends (April 5th). £11,520 can currently be invested into an ISA for the tax year 2013/2014, of which £5,760 maximum can be in a ‘Cash ISA’. Because you cannot carry forward ISA allowances into a new tax year, there is only very limited time remaining to make the most of the current ISA allowance. Tax benefits in relation to ISAs are well recognised in the UK, so much so that the Treasury has already looked at the possibility of capping their total value … and who knows what news the coming Budget will bring in this regard, particularly bearing in mind the continued need for austerity measures to reduce the budget deficit during these troubled economic times.

If you would like independent financial advice, Read more

New opening hours for Feb-March

/in , , , , , , /by

Please note that Taxfile’s opening hours for February and March 2013 are:

  • Mondays & Tuesdays: 9.00am-6.00pm
  • Wednesdays & Thursdays: 9.00am-5.00pm
  • Fridays: 9.00am-3.00pm
  • Saturdays & Sundays: closed (answerphone service)

Please contact us if you need accounting help or tax-related assistance.

 

It’s official: thousands are on the wrong tax code!

/in , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , /by

With the tax return deadline being only hours away (midnight 31 January 2014) there is still time to get professional help if you need it – particularly because HMRC  often get it wrong according to new research by UHY Hacker Young.

In just one example, HMRC sent a tax bill to a pensioner which demanded over £576k in tax! With an income of only £11k per annum this was clearly incorrect but what if it had been only hundreds of pounds wrong – would the pensioner have noticed and, if so, would he have been confident enough to question it with the might of HMRC?

According to the research, HMRC employees have been making ‘basic’ errors which have led to problems such as people being on the wrong tax code and consequently underpaying or overpaying tax. While underpaying it may sound attractive on the face of it, chances are the system will catch up and then a correction will need to be made later on, leaving the taxpayer with an unforeseen bill to pay – a real blow for cashflow.

While the UHY Hacker Young research cites an error rate in 2013 of 37% in the sample tested, HMRC are arguing that the research is wrong and that their PAYE coding notices are 99% accurate. Either way, when you consider that Read more

Tax return help 7 days a week!

/in , , , , , , , , , , , /by

By midnight on 31st January 2014, you will need to have submitted your self-assessment tax return to HMRC and have paid them any tax due for the 2012-13 financial year. It doesn’t matter if you have zero tax to pay – you still need to submit your tax return on time or you will be hit with an automatic penalty of £100 (delaying even further can, in the worst case scenario, increase this fine to as much as £1,600).

In view of this, for the month of January you can get help 7 days a week from Taxfile in Tulse Hill, South London.

Our team of tax advisers and accountants can help you with your return whatever your employment status. We can help you register with HMRC if you are not already registered, check your form and help fill it in where necessary, make sure you’ve claimed for any allowable expenses to offset tax, make sure you haven’t missed anything or claimed for something you shouldn’t have claimed, compute any tax due (or due to be refunded), and submit your tax return on-line (the only option available this late into January – paper returns are already too late!). Read more

© Copyright - Taxfile 2026. All rights reserved | Site by Starling Design
Call Now Button