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Tax returns & tax refunds, South London

Need help with your 2016-17 tax return?

Tax returns & tax refunds, South London

Act fast to save money!

[Updated 21 December 2017] Do you need Taxfile to sort out and file your tax return? We’d be very happy to help and do well over 1000 Self Assessment tax returns for customers every year.

However you need, please, to start giving us your paperwork ideally during December or, at a push, up to the 10th January 2018 absolute latest if you are to avoid the price increases that may come into effect thereafter. (Price increases are sometimes necessary during the busiest accounting months of the year in order to cover the extra staff needed, overtime for long hours, evening and weekend work, particularly to work on returns for those who have left it until the last minute. After 10th January, the accounting world goes mad as everyone tries to hit the January tax return deadline all at the same time — we’ll have something like 400 last-minute tax returns to do in one crazy month). So the message is:

Avoid both the bottlenecks — and a likely price increase from 10th January 2018 — by coming to see us for your tax return as soon as possible. You can book your appointment online at taxfile.co.uk/appointments/ or call the office on 0208 761 8000 (07766 495 871 after hours). If English is not your first language we can still help, as our team speaks a variety of languages.

Please don’t leave it to the last minute – thank you.

We’ll require your records, figures and receipts for the financial year 6 April 2016 to 5 April 2017.

VAT on eBay & Amazon Fees - all Change for UK Sellers

VAT Clampdown for UK Sales on eBay & Amazon

VAT on eBay & Amazon Fees - all Change for UK Sellers

According to a website1 run by a campaigning group of UK eBay and Amazon business sellers, HMRC and UK traders lost out on £27 billion in sales revenue and taxes from such online marketplaces over the last three years alone. The group has campaigned for some time against over-leniency by HMRC towards overseas traders, particularly from China, who have not been charging VAT on products, despite those products being located (often via UK fulfilment houses) and supplied within the UK. Moreover, the overseas sellers’ volumes are also often well over the threshold for registering for VAT if selling from inside the UK, yet many have continued to flout the law and seem to have been getting away with it for a considerable time. That hurts both HMRC in terms of lost VAT and tax revenue, as well as making it difficult for compliant UK sellers to compete against competitor prices that seem ‘too good to be true’.

“This abuse has grown significantly and now accounts for £1 – 1.5bn of the total VAT gap. These overseas traders are unfairly undercutting all businesses trading in the UK, abusing the trust of UK consumers and depriving the government of significant revenue.”

(Source: David Gauke MP, Chief Secretary to the Treasury, 16th March 2016).

Levelling the Playing Field

However, following new changes that came into effect on 1st August, that is now starting to change. While it’s not yet a perfect system to fight VAT fraud in online marketplaces and level the playing field for legitimate UK businesses, it is at least a start. Genuine private sellers using the platforms will, though, see a small increase to their costs in the form of VAT now being levied on eBay and Amazon fees, but hopefully it’s a small price to pay to make for a more fair, and legal, system overall.

VAT Changes Starting This Month

As part of the March 2016 Finance Bill delivered by then Chancellor George Osborne, UK individuals selling on eBay will begin paying VAT on eBay charges, starting on the 1st of August (2017). The VAT rate will be the standard 20% rate and will be automatically charged on eBay fees to UK sellers who have not registered as business sellers with the company. It may at first seem odd to target non-businesses, but actually this is a way to force the likes of Amazon and eBay to put pressure on those who have not registered with them as businesses when, in many cases, they should have. Such online marketplaces will also potentially become liable for the outstanding VAT on products actually sold if they do not take measures to counter (or remove) non-compliant overseas sellers.

“HMRC will also be given new powers to make online marketplaces jointly and severally liable for the unpaid VAT of overseas businesses who are non-compliant with UK VAT rules and using their platforms to sell through … These measures will provide HMRC with the tools necessary to tackle the overseas businesses who do not comply with UK VAT rules and help level the playing field for all businesses.”

(Source)

Those businesses operating within the UK will need to properly register as business sellers, in which case they will generally also need to account for VAT as a business if their taxable turnover is above the VAT threshold of £85,000 (or £70,000 if ‘distance selling’ into the UK) over the course of a year.

UK eBay sellers, and overseas sellers supplying/fulfilling orders completely within the UK, will now Read more

TODAY is the deadline for submission of your tax return. Contact Taxfile for help filing & avoid a minimum £100 fine!

10 DAYS to the Self Assessment Tax Return Deadline!

10 days to the Self Assessment tax return deadline

There are just 10 days left in which to file your Self Assessment tax return with HMRC. Miss the deadline (11.59pm on 31st January 2017) and you’ll straight away be in for a £100 fine from HRMC, so don’t delay — contact Taxfile TODAY to book an appointment with one of our helpful tax advisors and accountancy experts.

We’ll make filling in and filing your tax return a breeze and what’s more, we’re currently open 6 DAYS A WEEK from now until the end of January (Saturday mornings by appointment). Don’t leave it to the last minute, though, as there is always a bottleneck for those who do — so come in as early as you can this week.

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 2015-16 financial year by the same 31 January deadline.

So get our professional help with filing of your tax return — you can book an appointment online, drop by the Tulse Hill shop to book one, send us an email message via our contact form or, better still, simply call us on 0208 761 8000 and we’ll book you in and help sort out your tax return accurately and on time. Don’t delay — time is quickly slipping by!

This Week Only – Beat the Tax Return Price Increase!

Beat the Tax Return Price Increase

Beat our 2017 price increase and get your tax affairs in order before the January rush by coming in to see Taxfile for your Self Assessment tax return before December is over.

It might be Christmas week for many but our staff are ready and waiting to help you get your figures correct and to fill out your tax return for you before the January rush. When complete, we’ll submit it to HMRC for you so you can relax for the start of the New Year, avoid any bottlenecks AND save money.

During January some of our prices will increase just a little, as forewarned in our previous post. This is simply to cover some of the overtime and extra hours that Taxfile staff will need to work during January, our busiest time of year, covering all the last minute tax returns. But don’t leave it until January — book an appointment with us during the remainder of December and you’ll save! Call 0208 761 8000 or book an appointment online here.

Act now & save on your tax return

It’s Time to File Your Self-Assessment Tax Return!

Time to file your self-assessment tax return

If you haven’t already done so, you need to file your Self-Assessment Tax Return* very soon. However, don’t leave it until January or it’ll cost you more! Think more in terms of sorting it out right now — as time is of the essence! And don’t forget, you need to submit your tax return irrespective of whether you owe any tax.

Beat the January 1st price increase!

If you need professional help filling in and submitting your tax return, contact us here at Taxfile during November or December — ideally well before Christmas — and you’ll beat our price increase that kicks in on January 1st. Why the increase? Because we have to open for extended hours and pay overtime during January to cope with all the tax returns that have been left to the last minute. So the message is avoid bottlenecks, save money, and reduce stress by contacting us now.

We also do tax refunds (including CIS), bookkeeping & accountancy work

We can also help you with your CIS tax refund application if you’re a sub-contractor working in the construction industry — if you act fast you might even Read more

Tax reforms coming in 2018

Big Changes Coming to the Tax System

Tax reforms coming in 2018

Starting on 1 April 2018, a brand new tax system, one that will affect most business owners in the UK, will begin to roll out. Whether you’re a landlord, are working for yourself as a sole trader or have a limited company, the changes will affect you.

So what’s happening?

Instead of a once-a-year tax return, HMRC will require quarterly profit and loss information. So, that’s four times a year. For Taxfile clients, that means we’ll need to know all your income and expenses during every quarter so that we can make the necessary financial data available, on your behalf, to HMRC. As well as your bank statements, we’ll need to see receipts for the expenses, whether they’re provided physically or via a suitable electronic medium (there are plenty of apps and software packages for this purpose). Once we have everything for the quarter in question, we will be able to make sure that you’re claiming for all the allowable expenses that you are eligible for and aren’t claiming for things that you shouldn’t, so that your figures are absolutely correct.

If you don’t file in time there could be an HMRC penalty, so letting Taxfile handle your quarterly reporting will help to keep you on track seamlessly when the new changes come into force. We’ll be able to confirm our own pricing nearer the time but it’s likely to be circa just £75 per quarter, excluding VAT.

A ‘cash basis’ system

The new tax system will be known as a ‘Cash Basis’ system and will also allow tax to be paid to HMRC on a pay-as-you-go (PAYG) basis. Essentially, it means that businesses need only calculate their profits based on receipts and payments, which is far more straight forward than the more complex system that currently exists. When integrated into the Government’s new ‘digital tax accounts’, the system will really help to simplify tax, make budgeting and cash-flow easier through near real-time reporting and eventually remove the need for the traditional tax return at the end of the year — that’ll eventually be the case for virtually everyone. As an added bonus it’ll also mean that business owners keep more on top of their bookkeeping and thereby avoid a last minute scramble to update records. Taxpayers will also be able to see a complete financial picture of their tax affairs in the one place — their digital account — and all their liabilities and entitlements will be clear to see and manage more effectively than ever.

Taxfile

Nearer the time the changes come into place, Taxfile will be there to help its customers adapt to the new system and between us we’ll make sure that it’s easy and hassle-free. We’ll be able to Read more

Taxfile multi-lingual staff at a glance

Taxfile’s multi-lingual, multi-talented staff, at a glance

multi-lingual accountants and tax advisers[Updated]: It’s common knowledge that most of Taxfile’s South London staff are multi-lingual but can you guess which staff member speaks no less than four languages fluently (Russian, Pashto, Dari and English) and which staff member is into both metal music and Irish dancing? And who should you ask for if you need payroll services? And who specialises in bookkeeping … who in limited company accounts and so on? Our staff ‘mind map’ tells you a bit more about each member of the team, what their specialities are, key interests and, of course, their contact details in case you ever need their help. Take a look … Read more

Autumn Newsletter 2016

Taxfile’s Autumn Newsletter 2016

Taxfile's Autumn Newsletter 2016

Taxfile's Autumn Newsletter 2016Hot off the press is our brand new Autumn newsletter for 2016. If you haven’t yet seen it, take a look because it’s jam-packed full of useful information that’ll help you keep your tax affairs and accounts in order, save you money and keep you up to speed on tax matters. Here’s a quick flavour of what’s included (or click the thumbnail image to view or download the newsletter):

  • Act fast to save money on your 2015-16 tax return – see the newsletter’s first article.
  • Sub-contractors working in the construction industry are invited to claim their CIS tax refunds through Taxfile, so they have their refund in time for Christmas!
  • Help if you’re late with any previous years’ tax returns and tax payments — and how you already owe HMRC at least £1300 if you haven’t filed your 2014/15 tax return or paid tax for that year.
  • Try the UK’s Number 1 cloud-based accounts package FREE, for a month. No credit card required – cancel at any time – full details are included in the newsletter. [UPDATE: Please note that this offer has now expired].
  • Help if your tax affairs are in a mess — are you late filing returns or paying tax? Are you worried about HMRC penalties? Are you a foreign worker, working in the UK, and need to get your tax records up to date following the Brexit decision? We’re here to help!
  • Taxfile are Finalists in the ‘Independent Firm of the Year, Greater London’ category of the British Accountancy Awards 2016.
  • Free tax enquiry Fee Protection Insurance for Taxfile customers who file their tax returns by the statutory deadline through Taxfile.
  • How online banking may save you time and money.
  • Introduce a new client to Taxfile and save 10% on our fees!
  • Saturday opening at Taxfile (Tulse Hill office) throughout November and December.
  • Help with all your tax and accounting needs – check out our list of all the things we can help you with — now including auto enrolment!
  • And a ‘thank you’ to all Taxfile customers … Read more

Taxfile are Finalists in the British Accountancy Awards 2016

Taxfile is a Finalist in the British Accountancy Awards 2016

Finalist in the British Accountancy Awards - Independent Firm of the Year, Greater London 2016 Taxfile are delighted to confirm that they’ve been nominated as Finalists in the sixth annual British Accountancy Awards taking place in November 2016. With a real chance of winning the Independent Firm of the Year, Greater London category, all the staff at Taxfile should take this as a pat on the back for their expertise and diligence looking after the tax affairs of clients in the Greater London region. “It’s a great honour!” said Guy Bridger, Taxfile’s Managing Director, who wanted to draw attention to the particularly hard work of Julie, Faiz, Ewelina and Ali on the Taxfile team. The awards ceremony takes place at The Brewery, London EC1, on 29 November.

Taxfile can add this to their already impressive list of previous accolades which include being a Finalist in the Award for Innovation and winner of the Best Small Business award. Our congratulations to all staff and best wishes to all accountancy companies taking part — it should be a night to remember!

Taxfile are accountants and tax advisors with London offices in both Tulse Hill and Dulwich in SE21. We can help with anything from simple bookkeeping, payroll, tax returns, tax refunds, VAT, National Insurance and Corporation Tax to full accounts work for limited companies, help with auto enrolment duties as well as sorting out complex tax problems. Read more

Help for Auto Enrolment

Professional, Affordable Help with Auto Enrolment

Help for Auto Enrolment

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