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Tax Deadline

You have only HOURS left to submit your Tax Return!

Tax Return DeadlineYou’re running out of time to submit your tax return and have just HOURS left! We are here to help you fill in and submit your self assessment tax returns to HMRC on Saturday 31st (by appointment only, 9-1pm) so come and see us quickly or you may miss the HMRC deadline. If you do miss it, you’ll get an automatic fine of £100 minimum – and it could get significantly worse (up to £1,600) if you continue to delay.

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 2013-14 financial year. So don’t miss your last chance to get our professional help with filing of your tax return!

ACT NOW and contact us on 020 8761 8000 or book an appointment online.

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Infographic: Stamp Duty Changes: Good News for Most!

In what, for most of us, is very welcome news, the Chancellor announced a significant tidy-up of Stamp Duty in his Autumn Statement yesterday. The changes will mean that 98% of those who pay Stamp Duty will save money — and potentially a significant amount. We believe that this is a fairer system, with the richest contributing the most and, in effect, counterbalancing the savings which will be made by those buying any property for less than £937,500.

So how will this affect you?

HM Treasury have released a rather useful infographic which, with the aid of examples, gives you a good idea of the savings you will make if the property you are buying costs less than £937,500 … or for richer people the extra you’ll pay if the property price is above that threshold.

Stamp Duty changes and their affects

So how does it work?

In the old Stamp Duty rules you had to pay a single Stamp Duty rate based on the entire value of the property being purchased. This meant sometimes hugely differing amounts of Stamp Duty being levied for sometimes similar property prices (depending on which side of the tax band threshold an individual house price fell). With the new tax bands, however, buyers will pay Stamp Duty at a rates applied to only the part of the property price falling within each tax band, rather like happens with income tax.

Here are the tax bands and the rates which apply:

Stamp Duty tax bands

You can also try the Read more

Happy With Our Service? Write a testimonial & receive £10 off!

customer-testimonialsIf you are happy with our service we’d love to hear more about your experience with Taxfile as we are putting together a page of customer testimonials on our website(s). They need only be short if you haven’t got much time, but longer comments are fine too! As a thank you, you’ll receive a £10 off voucher which you can offset against your next Taxfile bill. Please submit your testimonial here. Many thanks!

If you’re not happy, of course please let us know right away and we can work out how to put things right. We want all our customers to be happy!

HMRC are clamping down on landlords

HMRC are clamping down on landlords who do not declare income from lettingsHMRC are constantly reviewing who has and has not declared income properly from letting out property, whether that’s from short-term lets, long-term lets, holiday lets, letting rooms to students or to workforces. And with new, sophisticated, data sharing systems now in full force across many agencies, authorities, online, via tip-offs and surveillance, the Government has its sights on an estimated 1.5 million landlords who they think have under-paid tax.

Taxfile are here to help landlords get their tax right and to make sure all genuine expenditure is offset against their final tax bill. They can also help out when things have become complicated by liaising with HMRC on behalf of the landlord under fire. Contact Taxfile for an informal chat, without obligation (you can even book an appointment online) or ask for a copy of our ‘Landlords Beware’ information sheet.

Online banking may save you money!

Online banking can save you money on your accounting costsDo you have online banking? Sending us downloaded statement information straight from your online banking means we can more easily import the data into our system and check for expenses and income which might otherwise have been overlooked. It can also fill in the gaps where you are missing receipts or invoices. This simple service could therefore save both time and money! Most online banking platforms allow you to export this information, for example as a CSV file, and this format is perfect for our accounting system.

Don’t have online banking? No problem! We also have a new system where we can scan in your paper statements straight into our ‘Bankstream’ accounting platform, making analysis faster and easier.

Either way, ask us for further information or, better still, send us a sample download of a typical month’s bank data (or Read more

C.I.S. Subbies: claim your refund for Christmas!

CIS Construction workers get a tax refund in time for Christmas![UPDATED]: Calling all subbies! Claim your refund in time for Christmas AND get a 5% discount on Taxfile prices if you submit your records to us before 21st December!

If you’re a sub-contractor working in the UK construction industry, the first thing you should do is register for CIS (the Construction Industry Scheme). This gives you your own unique tax reference and you effectively become self-employed from a tax standpoint. Taxfile can help set you up on the CIS system (we charge just £36 + VAT for this at time of writing).

Once enrolled, any earnings will automatically be taxed, at source, at 20%. However, with the personal allowance being set at around £10,600 per annum in most cases, this means that many subbies will have overpaid tax and will be due a refund at the end of the tax year. Taxfile are experts at recovering this type of tax for construction workers. We can analyse income, offset any applicable expenditure and allowances, work out the correct National Insurance and income tax, then submit an accurate tax return. 9 out of 10 subbies using Taxfile receive a tax refund within 3 to 4 weeks, many of those receiving in excess of £1000. Taxfile do more than 500 of these annually and Read more

Tax bomb

Avoid Significant HMRC Penalties – file your tax return on time!

File your tax return in time or face severe fines[UPDATED AUGUST 2020] Did you know that you get an automatic £100 minimum penalty if you file your Self Assessment tax return (or pay any tax owed) even one day late? After 3 months you can add £10 per day extra to that fine (up to 90 days/£900 max) and after 6 months it gets significantly worse. And remember that you need to file your return on time even if you don’t owe any tax, or if you have already paid it! Latest indications are that there are also no warnings given by HMRC. See the table below for the detail.

Late return penalties by HMRC

So our message is simple: don’t file late, and don’t pay late! Taxfile are here to help you, of course. We know Self Assessment Tax Returns back to front and we can help you file accurately, and on time. If you’re late, we can help to sort things out quickly and so keep any HMRC penalties to a minimum.

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Taxfile Autumn Newsletter Now Available

Taxfile Newsletter Autumn 2014Download our jam-packed Autumn Newsletter right here for up-to-the-minute news, ways to save money, tips, new developments and tax information from Taxfile. Includes important news regarding tax return deadlines, refunds for C.I.S. sub-contractors working in the construction industry, key dates, ways to save money, HMRC tax news for landlords, imminent price changes plus an interesting mind map showing information about our lovely multi-lingual staff! Download the newsletter here (Acrobat PDF format – right-click to save the PDF to your hard drive then open it in Acrobat Reader or alternatively left-click the link to view the newsletter directly in most browsers).

Save Money, Beat the December Price Increase!

Beat the price increaseWhere possible, Taxfile customers are urged to submit their records to Taxfile before December 1st 2014 so as to beat the price increases which will come into effect from that date. Taxfile has held its prices for several years now, and unusually long for our industry, however every so often we have to take stock and catch up with inflation and the ever-increasing costs of operating a business inside London. At time of writing, Taxfile customers still have time to submit their paperwork and records for professional tax and accountancy help – for example for tax returns – so can totally avoid the price increases this year if they act reasonably fast and get their figures and records etc. to us before December 1st. This will also avoid bottlenecks as we fast approach the busiest time in the tax year. Taxfile will also be sending out reminders to its active customer database.

** New – Early Bird Reduction **

* If you miss the December 1st deadline, don’t worry because we’re offering a 5% ‘Early Bird’ reduction on prevailing Taxfile prices if you submit all your records to us before the end of December.

Call 020 8761 8000, click here to contact us or book an appointment online.

Taxfile would like to thank its customers for their loyalty and custom throughout the years, and for their understanding when occasionally we have to make these increases so as to keep pace with the rising cost of operating in London.

(For tax returns, figures and records are required for the year ending 5 April 2014).

Email Scam Warning in run-up to HMRC Tax Credits Deadline

Phishing scamsHMRC have sent out warnings over a significant threat from new ‘phishing’ emails purporting to be from them. They are, in fact, scam emails which include links to replicas of the HMRC site and are designed to trick people into disclosing security-sensitive financial and personal information such as bank details, National Insurance numbers, credit card details, passwords, mother’s maiden names and so on. In the wrong hands these details could mean theft of your money or even your identity. Many people do not realise they have been scammed until it’s too late so taxpayers need to stay alert when checking emails and browsing online.

HMRC state that they never ask for payment and personal information by email and also warned people to be very wary of opening email attachments as many contain malicious code of one form or another. This is especially difficult because some of the fraudulent emails look very genuine, even appearing on casual inspection to come from an email address like taxreturns@hmrc.gov.uk and containing promises of tax refunds or Read more