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Saturday Appointments Available — Book Now for Tax Returns & More

December 23, 2025/in 2024, 2025, Accountancy, Accountants, Accounts, Annual Return, Self-assessment, Self-employed, tax rebates, Tax refunds, Tax return, Tax returns, Taxes, Taxfile, Tulse Hill/by Mark

Taxfile is open on Saturdays until the end of January, by appointment, with this coming Saturday 24 January 2026 opening from 9 am to 5 pm. We’re also open on Sunday 25 January, from 10 am to 5 pm, by appointment. Weekend appointments might be useful if you need to see us for your 2024/25 tax return, or any other accountancy work, but can’t do it on a weekday. Weekend slots are limited, so please book in urgently if a weekend appointment suits you — before slots are all taken. Late appointments are also available on Mondays and Tuesdays, when we open until 6pm during January, or choose any other weekday if you can come earlier. Please see the footer of our website for latest opening times.

Book in on 0208 761 8000 or book your appointment online (here). We are happy to do virtual (video/phone) or physical appointments at our Tulse Hill office in Thurlow Park Road — whichever suits you best. Read more

Information You Need to Supply for Professional Help with Your Tax Return

November 7, 2025/in 2022-23, 2023-24, 2024-25, Accountancy, Accountants, Dulwich, Income tax, Self-assessment, Self-employed, Sole traders, South London, Tax, Tax advice, Tax advisors, Tax return, Tax returns, Tulse Hill/by Mark

[Updated November 2025]: If you’re self-employed in the UK and earn more than £1,000 after allowable deductions, you need to file a self-assessment tax return each year. It’s not only the self-employed, though. If you are on a higher income* or receive untaxed income from things like property rental, tips, commission, savings, investments, dividends, or foreign income, you also have to submit a return. Partners in business partnerships and those who made a capital gain resulting in Capital Gains Tax (CGT) also need to submit a return. You can check here if you’re not sure.

If you do have to fill in a self-assessment tax return, getting all the tax return fields filled in properly and the figures right can sometimes be difficult. That’s where professional help from companies like Taxfile is worth its weight in gold. But what information will your accountant or tax advisor need from you? In today’s guide, we’ll explain exactly what you’ll need to supply.

^{* (Those earning more than £100,000 for tax years up to and including 2022-23, or over £150,000 for the tax year 2023-24. Higher earners earning only through PAYE for tax years thereafter only need to submit a tax return if their tax was not collected correctly at source). You can check here if you’re not sure.}

What Information Do You Need to Supply for Professional Help with Your Tax Return?

If you’re getting help filling in and submitting your tax return through an accountant or tax advisor like Taxfile, a list of what they will need from you follows below. You’ll need to supply information for the right financial tax year, of course, unless you have a different accounting period.

For the purpose of this post today, let’s assume information will be required for the tax year starting on 6 April 2024 and ending on 5 April 2025.

Here’s what will be needed:

Income-related information if applicable:

Copies of all employment income documents (P60s, P45s, and P11ds), as well as any unreimbursed employment expenses.
Copies of all pension income documents (P60s, state pension notices, etc.).
Details of bank and building society interest.
Details of all investment income (interest, dividends, etc.), as well as details of any investments that may qualify for relief, such as the Enterprise Investment Scheme.
Details of any self-employed income and expenses (schedules and paperwork).
Details of any rental income and expenses (schedules and paperwork).
Details of any assets that were sold (or gifted) and may be subject to Capital Gains Tax (CGT).
Details of any other income received, including foreign income.

Potential tax relief information:

Details of any personal pension contributions made from taxed income.
Details of any gifts to charity using Gift Aid.

You’ll also need to confirm if there is any other information that may be relevant to the completion of your tax return.

Personal Information:

If you’re a new client or an existing client who hasn’t supplied them already, you’ll also need to provide the following:

A copy of your passport or driver’s licence. This is to comply with ‘Know Your Customer’ (KYC) and ‘Anti-Money Laundering’ (AML) regulations.
Confirmation of any changes to your personal details, such as a change of address.
If you or your partner receive Child Benefit, you’ll need to provide details.
If you have a student loan, you’ll need to provide details of the amount you paid during the year and the remaining balance as at April 5, 2025.

Once your accountant or tax advisor receives all of your information, they will be in a position to prepare your tax return. Once approved by you, they will be able to submit it to HMRC on your behalf.

Do You Need Help With Your Tax Return?

Taxfile would be delighted to help you with your self-assessment tax return — or any other type of tax return. We prepare and submit hundreds of tax returns every year for our clients as well as offering all the usual accountancy-related services like bookkeeping, VAT returns, end-of-year accounts for limited companies, arranging tax rebates for CIS sub-contractors and others, accounting for capital gains tax (CGT), payroll, auto-enrolment for workplace pensions and much more. If it involves tax or accounting, we can help!

For help with any tax or accounting matter, call Taxfile on 020 8761 8000 or book your free 20-minute, no-obligation consultation here. Alternatively, send us a message and we’ll come right back to you. We’re tax advisors and accountants in Tulse Hill near Dulwich (SE21) in the South East. We are open 6 days a week during December and January!

020 8761 8000 Book Appointment Contact Us

We Open 6 Days a Week This Week!*

* Mon/Tues: 9 am-6 pm, Weds/Thurs: 9 am-5 pm, Fri: 9 am-3 pm as usual. Saturday 31 January 2026: 9 am-6 pm by appointment only.

Tax Refunds After Redundancy: Claiming Your Cash Back – A Guide

Tax Refunds After Redundancy: Claiming Your Cash Back – A Taxfile Guide

July 22, 2025/in Redundancy, Tax, tax rebates, Tax refunds/by Taxfile

If you’ve recently lost your job and are wondering how tax refunds on redundancy payments work and are considering claiming back tax you may have overpaid, you’ve come to the right place. Being made redundant is a challenging time, both emotionally and financially. Amongst the many adjustments, understanding your tax position might feel like an unwelcome extra burden. However, here at Taxfile, we know that many individuals who experience redundancy are actually due a tax refund or tax rebate. So, we’re here to cut through the jargon and help you get back what you’re owed.

Why You Might Be Due a Tax Refund After Redundancy

The PAYE Puzzle

The UK’s Pay As You Earn (PAYE) system is designed for a consistent annual salary. When your employment ends part-way through a tax year (which runs from 6th April to 5th April), your employer has likely been deducting tax based on the assumption you’d earn that full year’s salary. This often leads to an overpayment and a potential tax rebate after redundancy.

Here’s why this “PAYE puzzle” often results in an overpayment:

Annual Tax Calculation: The Unfinished Year — Your Income Tax liability is calculated for the entire tax year. If your income stops or significantly reduces due to redundancy, your actual annual earnings will be lower than anticipated. This means you’ve paid too much tax upfront on income you ultimately didn’t earn for the full year.
Emergency Tax Codes: A Common Culprit — Sometimes, a final payment or even the redundancy payment itself can be processed with an emergency tax code (like 0T M1). These codes deduct tax at a higher, non-cumulative rate, often leading to a larger tax deduction than necessary. It’s a “better safe than sorry” approach by HMRC that often means you’re overpaying.
Income Below Personal Allowance: The Tax-Free Threshold — For the 2024/2025 tax year, most people have a Personal Allowance of £12,570 – this is the amount you can earn tax-free. If your total income for the year, including any taxable redundancy elements, falls below this threshold, you’ll have paid tax unnecessarily on earnings that should have been exempt.

Understanding Tax on Redundancy Payments

Unpacking Your Package

This is often the most confusing part, and it’s where many people miss out. Not all money you receive when leaving a job is treated the same way for tax. Knowing the difference is key to calculating your potential refund.

The £30,000 Tax-Free Golden Rule — The first £30,000 of your genuine redundancy payment (compensation for loss of employment) is completely tax-free. This is a significant benefit designed to help individuals during this transition.
What’s Taxable Above £30,000? Any portion of your redundancy payment that exceeds £30,000 is subject to Income Tax at your marginal rate. Crucially, this excess is not subject to National Insurance Contributions (NICs), which is an important distinction from regular earnings.
Other Payments That Are ALWAYS Taxable (Beware the “Hidden Taxables”) — Be aware that some payments in your redundancy package are always taxable as normal earnings, regardless of the £30,000 threshold. These include:
- Payment in Lieu of Notice (PILON) — Whether it’s contractual or non-contractual, money paid instead of working your notice period is subject to Income Tax and National Insurance.
- Accrued Holiday Pay — Payments for any untaken annual leave.
- Outstanding Wages, Bonuses, or Commission — Any pay for work you’ve already done or earned.
- Restrictive Covenants — Payments for agreeing not to work for a competitor, for example.

Taxfile Insight: It’s vital not to simply assume your employer has calculated everything correctly. Over or underpayments can occur, and it’s ultimately your responsibility to ensure you’re paying (and reclaiming) the right amount of tax. We’ve seen many cases where a simple check of the redundancy payslip reveals significant overpayments.

How to Claim Your Tax Refund

Your Options (And How Taxfile Can Help)

The method for claiming back tax after redundancy largely depends on your individual circumstances. Here are the common routes:

The All-Important P45 — Your employer must provide you with a P45 when you leave. This crucial document summarises your pay and tax deductions for the current tax year. Keep all parts safe – you’ll need Parts 2 and 3 for most claims!
If You Remain Unemployed (for 4+ weeks) and Don’t Claim Taxable Benefits:
- You can often get an in-year refund by completing a Form P50 (“Claiming tax back when you’ve stopped working”). You’ll send this to HMRC along with Parts 2 and 3 of your P45.
- Alternatively, you can claim your refund online via your HMRC Personal Tax Account – this is often the quickest and most straightforward route if you’re comfortable with online services.
If You Start a New Job Quickly (within 4 weeks):
- Hand Parts 2 and 3 of your P45 to your new employer. They should then adjust your tax code, and any overpaid tax should be refunded through your new salary via PAYE. It may take a couple of pay cycles to see the adjustment.
If You Claim Taxable Benefits:
- If you’re claiming benefits like Jobseeker’s Allowance or Carer’s Allowance (which are taxable), the Benefit Office will typically manage your tax refund as your benefits affect your overall tax position. You’ll need to send them Parts 2 and 3 of your P45. (Note: Universal Credit is generally not taxable, so you might still claim directly from HMRC if that’s your only benefit.)
HMRC P800 Tax Calculation (The Automatic Review):
- After the end of the tax year (which is 5th April, so typically summer 2025 for the current tax year), HMRC reviews PAYE records. If they identify an overpayment, they’ll send you a P800 tax calculation, explaining how to claim your tax refund. Important: Since May 2024, HMRC often requires you to actively claim your P800 refund online, rather than sending it automatically. Don’t miss this!
Self Assessment Tax Return (For Complex Cases):
- If your tax affairs are more complex (e.g., you’re self-employed, have significant other income, or need to declare certain payments that fall outside standard PAYE), you might be required or choose to file a Self Assessment tax return. Any overpaid tax would then be reclaimed through this comprehensive process.

Important Deadlines: Don’t Delay! You can generally claim a tax refund for up to four tax years after the end of the tax year in which you overpaid. For example, for the tax year ending 5th April 2021, the deadline to claim would have been 5th April 2025. Don’t leave money on the table!

Beyond the Refund: What Else Should You Consider After Redundancy?

While getting your tax refund is important, redundancy can open up other financial considerations:

Pension Contributions — If you received a significant redundancy payment, consider whether a portion could be paid into your pension. This can offer significant tax relief and boost your retirement savings.
New Employment & Tax Codes — Ensure your new employer uses the correct tax code from your P45. If you don’t have one, they might put you on an emergency code initially, which could again lead to overpayments.
Becoming Self-Employed? Redundancy often sparks a move into self-employment. If this is your plan, you’ll need to register with HMRC as a sole trader and understand your new tax obligations (e.g., Self Assessment, Class 2 & 4 NICs). Taxfile specialises in supporting self-employed individuals!
Income Protection/Benefits — Review any income protection insurance you have, or explore eligibility for state benefits to bridge the gap.
Financial Planning — This is an opportune moment to review your overall financial health, budget, and future goals.

Let Taxfile Take the Burden Off Your Shoulders

Navigating tax refunds after redundancy can be complex, especially during an already stressful period. At Taxfile, we have extensive experience helping individuals just like you claim back the tax they are owed quickly and efficiently.

Why choose Taxfile?

Expert Guidance — We understand the nuances of redundancy payments and tax codes.
Stress-Free Process — We can handle the paperwork and communications with HMRC on your behalf.
Maximise Your Refund — We ensure you claim everything you’re entitled to, avoiding common pitfalls.
Personalised Advice — Beyond the refund, we can offer guidance on your next financial steps, whether it’s understanding tax on a new job or navigating self-employment.

Don’t let overpaid tax remain with HMRC. Contact Taxfile today for a no-obligation chat about your redundancy tax refund. Let us help you claim your cash back and take one less worry off your plate.

020 8761 8000 Book Appointment Contact Us

Decoding IR35: Your Guide to Contractor Tax Status

July 16, 2025/in Employment Status, IR35/by Taxfile

For many independent professionals, the flexibility and financial benefits of contracting are a significant draw. However, navigating the complexities of UK tax legislation, particularly IR35 (Off-Payroll Working Rules), can be a daunting task. At Taxfile, we understand these challenges and are here to provide clear, actionable insights to help you manage your IR35 status effectively and ensure HMRC compliance.

What is IR35

and Why Does it Matter?

Introduced to tackle “disguised employment,” IR35 aims to ensure that individuals working through an intermediary (like a Personal Service Company or PSC – a limited company set-up to provide the services of a single contractor) who would otherwise be considered employees are taxed appropriately. Getting your IR35 status determination right is crucial, as an incorrect assessment can lead to significant backdated tax bills, interest, and penalties from HMRC.

Essentially, IR35 differentiates between a genuinely self-employed contractor and someone who, despite operating through a PSC, is performing work akin to an employee.

Who Determines Your IR35 Status?

A vital change in recent years is the shift in responsibility for IR35 status determination. Generally, the end client (the company you are contracting for) is now responsible for assessing your IR35 status, unless they qualify as a “small business” or are based overseas. If your client is a small business, the responsibility for determining your status typically remains with you.

When determining status, HMRC takes an “overall view” of the working relationship, considering both the written contract and the actual working practices. No single factor is definitive, but several key areas are heavily weighted.

The Three Key Pillars of IR35 Status

HMRC primarily focuses on three critical areas to test your employment status for tax purposes:

1. Control

This assesses the extent to which your client dictates how, where, and when the work is performed.

Outside IR35 indicators — You have significant autonomy over your work delivery, set your own hours (within project scope), and decide your work location.
Inside IR35 indicators — Your client dictates your working hours, location, and closely supervises your methods, much like an employee.

2. Personal Service / Right of Substitution

This examines whether you are required to personally provide the services or if you have a genuine right to send a suitably qualified substitute.

Outside IR35 indicators — Your contract explicitly allows for a genuine right of substitution, and your client’s acceptance of a substitute is not unduly restrictive. This demonstrates you’re providing a service, not just your personal labour.
Inside IR35 indicators — Your client insists that only you perform the work, with no genuine right of substitution.

3. Mutuality of Obligation (MOO)

This considers whether there’s an ongoing obligation for the client to offer work and for you to accept it.

Outside IR35 indicators — Your engagement is for a specific project with a defined end date, with no expectation of continuous work or obligation for you to accept further assignments.
Inside IR35 indicators — There’s an expectation of ongoing work, regular contract renewals, and an implicit obligation for you to accept work offered, similar to an employment relationship.

Other Important Factors HMRC Considers

Beyond the core three, HMRC also looks at a range of other factors to build a comprehensive picture of your working relationship:

Financial Risk — Do you bear any genuine financial risk for the work, such as having to rectify mistakes at your own expense?
Provision of Equipment — Do you use your own equipment, or is it provided by the client?
Part and Parcel of the Organisation — Are you integrated into the client’s organisation (e.g., attending staff meetings, having an internal email address, receiving employee benefits)?
Exclusive Service — Do you work for multiple clients, or are you effectively working exclusively for one?
Basis of Payment — Are you paid by the job/project, or on a regular, fixed basis similar to a salary?
Intention of the Parties — While not solely determinative, the mutual intention of both parties (as reflected in documentation and practices) to establish a self-employed or employed relationship can be considered.
Business on Own Account — Do you operate as a genuine business (e.g., having your own website, business cards, professional indemnity insurance, marketing your services)?

The Status Determination Statement (SDS)

When an end client determines your IR35 status, they are legally required to issue a Status Determination Statement (SDS). This written statement declares your deemed employment status (inside or outside IR35) and provides the reasons for that conclusion. The client must take “reasonable care” when making this determination.

Utilising the CEST Tool

HMRC provides an online tool called Check Employment Status for Tax (CEST), which can assist in determining IR35 status. If the tool is used correctly and all information is entered accurately, HMRC states it will stand by the outcome. You can find it here.

It’s crucial to remember that IR35 status is assessed on a case-by-case basis for each engagement. Both the contractual terms and the actual working practices are considered equally important.

The Impact of Being ‘Inside IR35’

If your contractor engagement is deemed to fall inside IR35, the implications for your take-home pay and financial arrangements can be significant:

Your client (or the agency) will generally place you on a PAYE (Pay As You Earn) scheme, deducting Income Tax and National Insurance Contributions (NICs) at source, similar to a traditional employee. This will directly affect your net income.
The expenses you can claim will be significantly limited compared to being outside IR35.
You typically won’t be able to pay yourself in tax-efficient company dividends.

Taxfile: Tax & Accountancy Help

Contact Taxfile for help with any tax-related and accountancy issues for individuals, the self-employed, sole traders, limited companies and more. Whether you are confused about your IR35 status, have a one-off accounting-related issue, or require something more regular like payroll handling, Taxfile can help. We excel in bookkeeping, limited company accounts, VAT, taxes, self-assessment tax returns, tax refunds for CIS subcontractors, and many more areas of accountancy and tax. Contact us today — we offer a free 20-minute introductory consultation at our Tulse Hill office in South London or, if preferred, via a simple phone call or video link.

020 8761 8000 Book Appointment Contact Us

CIS sub-contractor refunds - a service from Taxfile, Tulse Hill, South London

CIS Sub-contractors – Claim Your Tax Refund Now!

April 23, 2025/in 2023-24, 2024-25, Accountancy, CIS, Construction Industry Scheme, Dulwich, Income & Expenditure, Income tax, London, Personal allowance, Refund, South Circular, South London, Subcontractor, Tax, Tax refunds, Tulse Hill/by Mark

[Updated April 2025]: It’s now time to start the process of claiming your tax refund if you are a sub-contractor working within the Construction Industry Scheme (‘CIS’). Refunds are usually fast through Taxfile. What’s more, we’ve reduced our prices this year for CIS customers earning less than £40k (click here for details).

What you need to do

Don’t delay – book an appointment with Taxfile today or call 0208 761 8000 and we’ll sort it all out for you. We have staff who speak English, Polish, Pashto, Dari, Russian, Malayalam, and Dutch, should you need them on the day. Our Tulse Hill office is at 25 Thurlow Park Road, London SE21 8JP. Call 0208 761 8000 or book an appointment — the first 20 minutes is free! Alternatively, you can have a ‘virtual’ appointment with us on Zoom, Teams, Google Hangouts, Skype, FaceTime, WhatsApp or whatever you prefer.

We’re open from Monday to Saturday in April & May including early evenings on Mon/Tues

Our Tulse Hill office is open 6 days a week during April & May and offers Saturday morning appointments plus early evening appointments on Mondays and Tuesdays if standard office hours do not suit you (please see the footer of this website for details or simply call us).

Check List

Lower Prices for CIS Clients – We’re on Your Side!

April 23, 2025/in 2024-25, CIS, Construction Industry Scheme, Contractor, Self-assessment, Self-employed, Sole traders/by Taxfile

By Julie at Taxfile.

At Taxfile, we understand that the cost of living is hitting everyone’s pockets. That’s why we have taken bold action to make things a little easier for our valued CIS (Construction Industry Scheme) clients earning less than £40k. We are dropping our prices like never before! Now, you can benefit from our expert services for just £220 +VAT (£264). That’s right – we have slashed our prices by £55 to make sure you keep more of your hard-earned money where it belongs: in your pocket.

Why Choose Taxfile?

With over 25 years of experience, we know a thing or two about providing reliable, friendly, and expert accountancy services. Unlike other accountants, we pride ourselves on being approachable and accessible. When you work with us, you’re not just another number – you are part of our Taxfile community.

The internet is full of agents promising you huge tax rebates, but the truth is, many of these so-called “experts” leave you at risk of being investigated by HMRC. Taking shortcuts with your taxes can be costly in the long run. At Taxfile, we do things the right way – no dodgy deals, just honest, professional advice you can trust.

Our invoices will have an additional £6 HMRC investigation cover fee, which means you are protected from additional costs if HMRC decides to investigate your tax return. At a total cost of £270, not only will we calculate and submit your tax return, but we will support you after its completion.

If you are a sub-contractor working in the CIS scheme, find out what you need to provide to begin your tax refund claim here.

We want to Give Back to Our Community

We value your trust in us. That is why we offer a £35 referral fee for every new CIS client you recommend. So, why not share the love and put some extra cash in your pocket?

We hope to be leading the way by giving access to affordable, professional accountancy services. Together we can build a stronger and more financially secure community, bucking the trend of rising costs.

Contact Taxfile

Our team of friendly, experienced agents are here to make your life easier. We know times are tough, and we’re doing everything we can to ensure our services remain affordable and accessible.

020 8761 8000 Book Appointment Contact Us

Taxfile: CIS tax returns and tax rebates for sub-contractors, accountancy and tax advice in South London.

Stay Ahead of HMRC Compliance Checks for CIS Contractors

April 23, 2025/in 2024-25, CIS, Construction Industry Scheme, HMRC, HMRC enquiry, HMRC investigation, Refund, Self-assessment, Self-employed, Sole traders/by Taxfile

By Ali at Taxfile.

As the new tax year approaches, CIS contractors must prepare for the upcoming 2024/25 tax return season. Last year we witnessed a significant increase in HMRC compliance checks delaying refunds, with many contractors being asked to provide detailed CIS pay/deduction slips and bank account transactions to verify their income.

At Taxfile, we are here to help you navigate these challenges and ensure your tax affairs are in order while offering you peace of mind with our unique HMRC investigation cover.

Why Are HMRC Compliance Checks on the Rise?

HMRC has ramped up its efforts to ensure compliance among CIS contractors, particularly focusing on verifying income and deductions. Last year, many contractors were caught off-guard when asked to provide:

CIS pay/deduction slips to confirm tax deductions at source.
Bank account transactions to prove income received from contractors.

Failure to provide these documents can lead to penalties, delays, and even full-scale investigations. With HMRC’s increased scrutiny, it’s more important than ever to ensure your records are accurate, complete, and readily available.

At Taxfile, we specialise in supporting CIS contractors with their tax returns and compliance needs.

How we stand out:

1. Expert Preparation of CIS Tax Returns

Our team ensures your 24/25 tax return is accurate, compliant, and submitted on time. We review your CIS pay/deduction slips, income, and expenses to minimise the risk of errors that could trigger an HMRC compliance check.

2. HMRC Investigation Cover is Included

Unlike other accountancy services, our invoices include HMRC investigation cover as standard. If HMRC decides to investigate your tax return, we’ll handle all the additional work required to represent you—at no extra cost. This means you’re protected from unexpected fees and stress.

3. Proactive Record-Keeping Support

We guide you on how to maintain proper records, including CIS slips, bank statements, and expense receipts, so you’re always prepared for an HMRC request.

4. Dedicated CIS Specialists

Our team understands the unique challenges faced by CIS contractors. We’re here to answer your questions, provide tailored advice, and ensure you’re fully compliant with HMRC regulations.

With HMRC’s increased focus on compliance, now is the time to act to ensure you get your refund sooner. We urge you to come prepared with your CIS deduction slips and your bank feed covering the period from 06/04/2024 – 05/04/2025.

Don’t let HMRC compliance checks catch you off-guard and delay your refund:

Contact Taxfile Today

020 8761 8000 Book Appointment Contact Us

Taxfile: accountancy and tax advice in Tulse Hill, South London.

Lowering the Secondary Threshold for Employer NI – What You Need to Know

March 6, 2025/in 2025, Accountancy, Employment allowance, National Insurance, NI, NIC's/by Taxfile

From April 2025, the secondary threshold for employer National Insurance (‘NI’) will be lowered. This means that employers will need to start paying employer NI contributions on their employees’ earnings sooner.

How Will This Affect Employers?

This change will affect employers in a number of ways. Firstly, employers will need to pay more in employer NI contributions. Secondly, employers will need to update their payroll systems to reflect the new threshold.

Employer NI and Employment Allowance Update

As an employer, you are responsible for deducting and paying National Insurance contributions (‘NICs’) for your employees. There are two types of NICs:

Employer NICs — These are paid by you as the employer.
Employee NICs — These are deducted from your employees’ wages.

Employment Allowance

The Employment Allowance is a relief that allows eligible employers to reduce their National Insurance contributions. The allowance increases from £5,000 to £10,500 per year from April 2025.

Increase in Employer NICs

From April 2025, the rate of Employer NICs increases from 13.8% to 15%. This means that you will need to pay more NICs for your employees.

How Taxfile Accountants Can Help

Taxfile Accountant can help you with all aspects of your payroll, including:

Calculating and deducting NICs
Claiming the Employment Allowance
Preparing and filing your payroll reports

We can also provide you with advice on how to minimise your NICs liability.

Payroll Help from Taxfile

Contact Taxfile today to learn more about how we can help you with your payroll and any accounting matter.

020 8761 8000 Book Appointment Contact Us

Taxfile are accountants and tax advisors in Tulse Hill, and London SE21.

Capital Gains Tax Hike: A Blow to Investors

November 7, 2024/in 2024, Accountancy, Autumn Budget 2024, Capital gains tax, CGT, Chancellor's Autumn Statement, Crypto Assets, Stocks & Shares/by Taxfile

October 2024’s Autumn Budget delivered a significant blow to investors with the announcement of increased Capital Gains Tax (CGT) rates. Today, we explore the new rates, how they will affect the sale of assets, and how investors can mitigate their effects.

The New Capital Gains Tax Rates

Effective from 30th October 2024, the basic rate of CGT will rise from 10% to 18%, and the higher rate will increase from 20% to 24%.

What This Means for Investors

These changes will make it more expensive for investors to realise gains from selling assets like shares, bonds, and cryptocurrency. This could lead to a number of consequences, including:

Reduced investment activity — investors may be less inclined to sell assets, particularly if they expect to make significant gains;
A shift towards tax-efficient investments — investors may seek out tax-efficient investments, such as ISAs and pensions;
A greater need for tax planning — investors may require more sophisticated tax planning strategies to minimise tax liabilities.

How Can Investors Mitigate the Impact of the CGT Increases?

Investors have several ways to mitigate the worst effects of the CGT rate increases. They can:

Seek professional advice — a good tax advisor like Taxfile can help investors understand the full impact of the changes and develop a tax-efficient strategy;
Review their investment portfolios to identify the potential tax implications of the new CGT rates;
Utilise tax-efficient investments, for example, through the use of tax-efficient wrappers like ISAs and pensions;
Time investments wisely — carefully timing the sale of assets may help to significantly reduce CGT liabilities.

Taxfile is Here to Help

Taxfile is here to help proactive investors navigate the new tax landscape and protect wealth. Contact us today if you would like professional help with any tax or accountancy-related issue. We’ll be delighted to help. The first 20-minute consultation is free and without obligation.

020 8761 8000 Book Appointment Contact Us

Taxfile are accountants in Tulse Hill in SE21, and Dulwich in South London.

Accountants for Uber Drivers – Are They Needed?

July 17, 2024/in Accountancy, Accountants, Driving for a Living, Self-assessment, Tax returns, The Gig Economy, Uber Drivers/by Mark

Are you an Uber driver? If so, you need to ensure that you submit an accurate self-assessment tax return each year and, with new rules and data sharing now in place, it’s never been more important to get your figures right. You may therefore be wondering whether you need an accountant. Today’s guide gives Uber drivers an overview of the main rules for complying with HMRC, what they need to supply, and how accountants like Taxfile can help drivers with accounting, bookkeeping and self-assessment tax returns each year. By getting these right, Uber drivers will minimise tax, keep on the good side of HMRC and fulfil their tax obligations. Doing so will also help them avoid a financial mess and, potentially, nasty penalties from HMRC.

Do Uber Drivers Need an Accountant?

As well as doing the job of driving, Uber drivers need to report their earnings and pay any taxes and National Insurance due to HMRC. This needs to be done accurately and on time in order to avoid HMRC penalties. This is more important than ever now because, since 1 January 2024, digital platforms like Uber will be legally required to report drivers’ income directly to HMRC. Professional drivers will therefore need to be 100% accurate in what they report and pay in terms of tax. Therefore, getting expert help from an Uber accountant is recommended — and the accountancy fees are tax-deductible.

“The regulations will support the government’s work to help taxpayers get their tax right first time, and to bear down on tax evasion.” (HMRC)

As part of the process, Uber drivers will need to submit an accurate self-assessment tax return each year. At the time of writing (July 2024), the next one they will need to file with HMRC is for the tax year 2023-24. The deadline is in January 2025 (or 3 months earlier if filing via the old-style paper tax return).

“Drivers remain self-employed for tax purposes and still have to complete an annual tax return.” (Uber.com)*

Tempted to Do Your Own Tax Return?

When Uber drivers log into their Uber account, they will have access to a tax report which shows their earnings and expenses. It may be tempting to use only this information to do their own Self-Assessment tax return. However, the information supplied via the Uber account will not include capital allowances on vehicles purchased and potentially many other claimable expenses like those that we highlight later in this guide. In other words, they could lose out — and pay more tax than they need to! That’s a major reason why employing an accountant like Taxfile makes sense for Uber drivers.

Taxfile: an Uber Driver Accountant in South London

Taxfile’s accountants and tax agents work with many professional drivers every year, including Uber drivers. We are therefore experts at working out income, expenses, National Insurance, income tax, and compliance with HMRC requirements and deadlines. This culminates in us submitting hundreds of self-assessment tax returns for drivers every year. For professional drivers working through digital platforms like Uber, we work out drivers’ income and help to reduce any tax liability by offsetting all eligible expenses. We also help drivers register for Self Assessment when they first start. This gives them a UTR number, which is needed in order to file a tax return.

What Expenses Can Uber Drivers Offset Against Tax?

There are several expenses that Uber drivers can potentially offset against income in order to reduce tax. As you might expect, many stem from the use of a vehicle for the business. Examples include:

The part of the driver fees paid to Uber;
Road tax;
The cost of MOT tests;
The cost of maintaining the vehicle e.g. servicing, cleaning and repairs;
Fuel costs/mileage (there are several different ways to approach this);
The cost of leasing or renting the vehicle;
Capital allowances on vehicles purchased;
Parking and any toll fees;
The cost of vehicle insurance;
Accountancy fees associated with running the business;
Bank loan interest;
Use of a phone, radio, and/or GPS system for the business;
Costs associated with marketing the business (advertising etc.);
And possibly additional costs not listed here.

Taxfile can advise on all of these to ensure that Uber drivers pay no more tax than they absolutely need to. Such expenses can usually be offset where they apply to business-related use (not personal). Uber drivers must keep comprehensive and accurate records, i.e. invoices and receipts etc., in order to claim.

So, if you are an Uber driver or are planning on becoming one, please get in touch with Taxfile. We’ll help to get you set up for Self-Assessment and subsequently work with you to ensure your figures are correct, your tax return is accurate, and that it is submitted to HMRC in good time before the deadline. By doing so, you’ll know your tax affairs are in order and be able to avoid any nasty HMRC penalties. With our help, you’ll pay no more tax than you need to. You’ll also get a more accurate picture of your finances and help avoid surprises that might otherwise adversely affect cash flow.

Uber Drivers in South London: Contact Taxfile

We offer a free, 20-minute, no-obligation consultation, so you have nothing to lose by getting in touch. We’ll confirm pricing and explain more about how we can help you, with zero pressure.

020 8761 8000 Book Appointment Contact Us

Taxfile are accountants with offices in Tulse Hill in SE21, and Dulwich in South London.

*Are Uber Drivers Employees, Workers, or Self-Employed?

In terms of employment status, Uber drivers in the UK are now legally classed as workers rather than self-employed contractors or employees. This follows a ruling by the UK Supreme Court in 2021 (∞), which gives them certain employment rights.

However, purely from a tax standpoint, Uber drivers are effectively self-employed, hence the requirement to submit a Self-Assessment tax return each year.

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Taxfile: an Uber Driver Accountant in South London

What Expenses Can Uber Drivers Offset Against Tax?

Uber Drivers in South London: Contact Taxfile

Taxfile are accountants with offices in Tulse Hill in SE21, and Dulwich in South London.

*Are Uber Drivers Employees, Workers, or Self-Employed?

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