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Tax Credits Renewal Deadline Just Days Away – Don’t Miss Out!

July 20, 2018/in 2018, Accountancy, Accountants, Child Tax Credit, Tax credits, Working Tax Credit/by Mark

If you’re claiming tax credits and haven’t yet renewed, then you’d be wise to pay very close attention to the following …

Don’t Miss Out

Tax Credits are payments made to eligible people with children and/or very low incomes. Examples include Tax Credits and Child Tax Credits and the payments are made by the UK Government. However, the scheme rules are complex and part of that includes a strict renewal process, with a built-in deadline.

Renewal Deadline

Alarmingly, even if you are already claiming tax credits, there’s a high likelihood that your payments will cease completely unless you take proactive steps to renew your claim to them by 31st July* 2018 — that’s just a few days away at time of writing, so there is no time to lose.

* If your renewal pack states a different deadline, then that applies instead of 31st July in your case.

How to Renew Tax Credits

If you are claiming tax credits, you will be sent a renewal pack.

If your renewal pack has a red line across the first page, then you will need to send a reply.

Note that you can only renew your claim once you have received your renewal pack. Having received the pack, you should then ideally renew your tax credits online although see below for other options.

Automatic Renewal

If your form shows the code ‘TC 603 R’, you do not need to send a reply and your tax credits will be renewed automatically. However, you must make sure that you check the form carefully in case any of your details are incorrect. Should you fail to report any errors or to confirm any changes in your circumstances, your tax credits could stop or you could receive a fine. You can report errors and changes in circumstances using the Tax Credits Online Service.

Online Renewals

Renewing online is HMRC’s preferred method of renewal, via the Gov.UK website.

Telephone Renewals

To renew your claim to tax credits via telephone, simply contact the Tax Credit Helpline on 0345 300 3900 or textphone: 0345 300 3909.

Postal Renewals

You can also renew your tax credits claim by post. Send your claim to: Comben House, Farriers Way, Netherton L75 1AX. Make sure that your renewal claim arrives by 31 July and we also recommend sending by recorded delivery so you have some proof of the arrival date.

What Next?

You should hear back from HMRC within Read more

Undeclared Overseas Assets? Beware the ‘Requirement to Correct’ Deadline!

June 28, 2018/in Offshore assets, Overseas assets, Requirement to correct, RTC, Undeclared assets, Undeclared income/by Mark

What does this mean for me?

If you are a taxpayer with overseas assets which are undeclared as regards income tax, capital gains tax or inheritance tax, you have an obligation to sort things out by 30 September 2018.

People who ignore this requirement and whose income or assets subsequently come to light will face much, much higher penalties and sanctions after the deadline.

Why bother now?

The United Kingdom has signed up for information exchange with a whole host of other countries. The information it receives from them will be input into its intelligence system known as Connect. This increases the likelihood of undeclared sources coming to light.

What if I do nothing?

After the deadline date, if your undeclared sources of income or gains come to light, you will face potential penalties as follows:

A tax geared penalty of between 100% and 200% of the tax due;
A potential asset based penalty of up to 10% of the asset value where the relevant tax at stake is over £25,000 in any one tax year;
Adverse publicity from being publicly named as a tax cheat where the tax is over £25,000;
A further potential penalty of 50% of the standard penalty if the Revenue show that assets or funds have been moved in an attempt to avoid the requirement to correct.

If you have a reasonable excuse for failing to correct your tax position, such as failing health for example, then penalties may be reduced or not charged in exceptional circumstances.

Get Started:

If you think you might be affected or are in any doubt, we suggest you act now to avoid any problems before the deadline.

Call Taxfile on 0208 761 8000 for a no-obligation discussion if you want to put things right. Alternatively, book an appointment here. We have a wealth of experience in dealing with voluntary disclosures and negotiating settlements with HMRC, so can definitely help you. We offer tax advice and accountancy services from our offices in Tulse Hill and Dulwich in South London.

Second Property & Rented Property ‘Tax Trap’ for the Unwary

June 13, 2018/in 2020, Accountancy, Battersea branch, Capital gains tax, CGT, Dulwich, Lettings, London, London SW8, Property investment, property investor, South London, Tulse Hill/by Mark

Owners of second properties and let properties need to be aware that HMRC is planning to introduce new rules from 6 April 2020 to require payment of Capital Gains Tax much, much earlier! The window of payment will be reduced from 31 January following the year of the gain to a mere 30 days from the date of the sale.

Effectively, ‘in year’ reporting of the estimated gains – and payment of the tax – is mandatory under the new rules. Failure to report the gains and pay the tax will lead to penalties for landlords and second home owners.

You will only be able to offset losses accrued at the time of the disposal, so losses later in the year will not be available against the payment on account.

Summing Up:

If you make a capital gain in 2018/19 (before the new rules kick in) you will pay the capital gains tax on or by 31 January 2020.
For the sale of a house that is let, or a second property, with exchange of contracts occurring on, say, 15 April 2020 with completion happening on 15 May 2020, the Capital Gains Tax (CGT) has to be paid by 14 June 2020. This accelerates the payment of the tax to the Exchequer by 7 months.
So, perversely, the later year requires the Capital Gains Tax payment before the earlier year, as you can see above!

The other difficulty is knowing what rate to apply because a higher rate taxpayer has to pay 28% on a gain but a basic rate taxpayer has to pay tax at 18% up to the limit of the basic rate band that is unused. This is, of course, one situation where Taxfile can help to work out the tax implications for its customers. Tax calculations are what we do best and we’re here to help you!

Note that Scottish tax rates may vary.

HMRC is currently assessing feedback on their consultation, which closed on 6 June 2018.

If you believe this change of rules is wrong, one option is to write to your MP to complain.

Professional Help with Tax & Accountancy – for Landlords & More

For help with accountancy and tax for any property, lettings or any capital gains situation you may find yourself in, contact your nearest branch of Taxfile. We have London offices in Tulse Hill, and Dulwich, in London SE21. Call 0208 761 8000 for an introductory chat or appointment, contact us here or click the bold links for more information. We’ll be happy to help and to get your tax affairs in order.

Making the Most of your Tax Allowances for Small Trading?

June 8, 2018/in Accountancy, Accountants, Saving tax, Tax, Tax allowance, Tax calculation, tax experts, Trading Income Allowance/by Mark

Are you making the most of your tax allowances for small trading? If you have small earnings from self employment, then it may be advantageous to make a claim for Trading Income Allowance i.e. to claim a flat rate deduction of £1,000 for expenses instead of claiming the actual expenses incurred.

Example:

Christina has income of £2,360 and expenses for web hosting of £204, software of £103 and publishing costs of £430
(total expenses £737).

As her expenses are less than £1,000 she can claim £1,000 Trading Income Allowance in preference to claiming the actual expenses.

Her taxable profit therefore becomes £1,360 instead of £1,623. So, she pays less tax!

This is just one simple way in which Taxfile’s knowledge of the tax system can help its customers pay less tax in a totally acceptable way from HMRC’s perspective.

Contact your nearest Taxfile branch

Please do contact us for any accountancy work that you or your business(es) require. We’re tax experts and are also very well trusted by HMRC because we deal with them on a daily basis on behalf hundreds of clients. We have several UK branches including in Tulse Hill and Dulwich in South East London. Call 0208 761 8000 or contact us here for more information — we’ll be happy to help you to get your tax affairs in order in the most tax-efficient way.

May Newsletter – New Battersea Branch, Easy CIS Tax Refunds, Avoid £10 Daily Fines & More

May 11, 2018/in Accountancy, Accountants, Accounts, Battersea branch, Bookkeeping, CIS, Construction Industry Scheme, Contractor, Income tax, Late return, Limited companies, Limited company, London, London SW8, National Insurance, New CIS, NI, Payroll, Rebate, Refund, Self-assessment, Subcontractor, Tax, Tax advice, Tax advisers, Tax bill, tax experts, Tax overpayment, tax rebates, Tax refunds, Tax returns, Taxfile, Tulse Hill, VAT/by Mark

Our informative May e-Newsletter is now ready to view online. It includes exciting news of our new branch opening in Battersea along with important tax and accountancy-related news that might affect you. Here is a quick summary of the newsletter’s contents:

The first article announces the opening of our new Battersea Branch in London SW8. New and existing customers are welcome to pop in and say hello and to get expert help with your tax affairs and accountancy requirements. Learn more about the opening of the Battersea branch, and the core services on offer, here or click the big button below to read the newsletter.
If you work on one of the many Battersea construction sites in or around SW8, we can help you reclaim overpaid tax and much more … see the newsletter for more details – click the big button below.
If you’re a sub-contractor working in the construction industry scheme (‘CIS’), you’re almost certainly due a tax refund (learn why here). Taxfile are experts at getting tax rebates from HMRC, so come and see us and we’ll get you the maximum refund possible. Read the newsletter (click the big button below) to learn how we make your tax refund application fast and hassle-free.
We can help limited company contractors too! We’re tax and accountancy experts so we can help you register as a limited company or register for CIS if you’re not already set up, we’ll help you with the monthly tasks demanded of you by HMRC including accounts preparation, confirmation statements, corporation tax handling, CIS set-off rebate, National Insurance (NI), VAT, bookkeeping, payroll and much more. We’ll save you time and will make operating the Construction Industry Scheme a breeze. Click the pink newsletter button below for more details.
If you introduce a family member, friend or colleague to Taxfile, you will get a discount off your next tax return if they sign up as a new paying customer with us. Click the button for details.
Taxfile recently printed some brightly coloured postcards to promote our new Battersea office and our tax-related services. Simply get in contact if you’d like some of these postcards to hand out to colleagues. If you write your full name on the back and use it to refer a colleague, it might even save you money! Click the button for more details.
Our team are multi-lingual and always happy to help. If English is not your first language, let us know and we’ll try to match you to the most appropriate staff member.
If you, your friends, family or colleagues have not dealt with your old tax returns, HMRC will be adding £10 per day to the penalty from 1st May. That’s on top of the £100 fine that will have applied immediately after missing the original 31 January deadline. Let Taxfile get your tax records, tax returns and overdue tax all in order so you don’t have to pay any more in fines than you have already. Learn more here or contact your nearest branch for a consultation.
All Taxfile clients get free ‘Tax Enquiry Fee Protection Insurance‘ when they file their tax return through Taxfile by the statutory deadline. So – if you’re investigated by HMRC – our fees to sort it out are covered. Click the button for more details.

Read the Newsletter

Feel free to Read more

New Battersea Branch – Now Open in London SW8!

May 11, 2018/in Accountancy, Accountants, Battersea branch, CIS, Construction Industry Scheme, Contractor, Limited companies, Limited company, London, London SW8, Multilingual staff, New CIS, Rebate, Refund, Subcontractor, Tax, Tax advice, Tax advisers, Tax agents, tax rebates, Tax refunds, Tax returns, Taxfile/by Mark

Our new branch is now open in Battersea, London SW8. You’ll find it very convenient if you work nearby — we’re at Cloisters Business Centre, near Battersea Park Station, just off Battersea Park Road (A3205). You can park easily too – just pull into the business centre and you’ll find us opposite the church, on the ground floor with the brown door (unit 4). Come and see us there too if you’re an existing client and find Battersea more convenient than our Tulse Hill and Dulwich Village offices.

During April & May, the Battersea branch is open from 11am right through to 7pm from Monday to Thursday — so you don’t need to take a day off work to come and see us. On Fridays we’re open 11am to 3pm by appointment and Faiz will be a familiar face to many that day.

The new Battersea branch will especially suit construction workers in the building industry, which is very active in this location. Contractors who have set up as limited companies will find our CIS work, payroll and bookkeeping services very useful, affordable and convenient. Meanwhile, sub-contractors will like the fact that we’re experts at getting workers tax refunds and rebates, particularly if they’ve been working within the Construction Industry Scheme (‘CIS’). We claim thousands back from HMRC on their behalf every year.

Call 020 7821 9444 for a free 20 minute consultation at the Battersea branch, or 020 8761 8000 for Tulse Hill, Dulwich and all other branches.

Taxfile’s Battersea branch is at Studio 4, Cloisters House, Cloisters Business Centre, Battersea Park Road, London SW8 4BG. Opening hours: Mon-Thurs 11am-7pm (& Fridays 11am-3pm by appointment). Visit our new, stand-alone Battersea branch website for more details.

Taxfile: Your One-Stop Tax & Accountancy Shop

February 3, 2018/in Accountancy, Accountants, Accounts, Advice, Auto Enrolment, Bookkeeping, Buy to let, Cab drivers, Capital gains tax, CGT, CIS, Construction Industry Scheme, CT, Disclosure, Dulwich, Estate Planning, HMRC, Income tax, Landlords, Lettings income, Limited companies, National Insurance, NI, NIC, Non-domiciled residents, Partnership, PAYE, Payroll, Self-assessment, Sole traders, Tax, Tax advice, Tax advisers, Tax enquiry, tax experts, Tax planning, Tax returns, Taxi drivers, Tulse Hill, VAT, Workplace Pensions/by Mark

Taxfile has over 100 years of combined tax and accounting experience. It’s incredible to think that the key personnel have administered over 30,000 tax submissions in the past 20 years! Beginning way back in 1994 (and continuing as Guy Bridger Limited from 1997), we originally started business offering only CIS sub-contractor returns but quickly developed the service to help the self-employed, local businesses and higher rate taxpayers with their tax computations. Along the way we added tax and accounting services for taxi drivers, cab drivers, landlords and more. We also offer Capital Gains tax expertise and tax investigation help and, more recently, professional help with disclosures, written tax advice and tax planning for things like inheritance.

We have exceptional accounting experience in all key tax and accounting areas including:

CIS computations, CIS returns and refunds for sub-contractors and limited companies in the construction industry,
Tax, tax returns and accountancy for the self-employed, small businesses, partnerships etc.,
Tax help for taxi drivers and cab drivers,
Tax help for landlords,
Tax help for limited companies,
Tax help for directors,
Payroll services,
Bookkeeping,
VAT including VAT registrations, VAT returns and VAT accounting,
Corporation tax,
Capital Gains Tax (CGT),
Year end accounts for limited companies, SME’s, partnerships,
Non-domicile taxes/foreign taxes,
PAYE and National Insurance Contributions (NIC),
Company registrations,
Auto Enrolment for Workplace Pensions
and just about any other tax and accounting-related assistance you can think of.

Taxfile helps individuals as well as businesses. Our customers are very varied, turning over anything from £10,000 to over £1 million a year. A few are high wealth individuals who no longer need to work but still need to account for their taxes etc. Some customers have retired, others operate small businesses and some don’t even live in the UK but may have assets here. So, whatever your income, assets or situation, the message is that if you need ANY tax-related help, you’ve found the right place in Taxfile.

Taxfile also has the back-up and expertise of professional bodies on tap (so nothing is too complicated for us) and also has excellent relations with the tax authorities — we’re very well trusted by HMRC. Guy even helps in the local employment zone, which aims to improve business in the Tulse Hill and West Norwood area. So, Taxfile is very much part of the local community, particularly in South London (but expanding to other areas too — keep an eye on this blog for forthcoming information about that in the very near future).

Whatever help you need with tax and accountancy-related matters, call Taxfile on 0208 761 8000 and we’ll be delighted to help you. Alternatively, Read more

New: Tax Advice & Planning Service

February 2, 2018/in Accountancy, Accountants, Accounts, Advice, Bitcoin, Capital gains tax, CGT, Corporation tax, CT, Disclosure, Dividends, Dulwich, Estate Planning, Higher rate tax payers, HMRC, IHT, Income tax, Inheritance Tax, Investments, Land and property, London, Non-domiciled residents, South London, Stocks & Shares, Tax, Tax advice, Tax advisers, Tax enquiry, tax experts, Tax planning, Tulse Hill/by Mark

You can now get tax planning and tax advice from Taxfile. We have highly experienced senior accounting staff who can give you the right tax advice when you need it most — for example, when your circumstances are changing, if you’ve had trouble keeping on top of your tax commitments and need to bring things up to date, or perhaps a friend or relative simply needs a bit of reassurance with regard to their tax situation. Perhaps you have assets or income abroad as well as income in the UK and want to make sense of your tax position. Or, perhaps you have recently made a tidy profit trading crypto coins like Bitcoin and want to know where you are from the standpoint of Capital Gains or Income Tax. Maybe you need to disclose income from property rental that you have previously not told HMRC about (more about that in a later post). Those are all examples of typical situations where our new Professional Tax Advice and Tax Planning services can help you to see the wood from the trees.

A Free Telephone Consultation

In the first instance, we are inviting clients to speak for just 15 minutes with one of our resident tax planning experts. This will be in the form of a free, introductory telephone call, perhaps in February or March if it suits you. We can then see what’s needed and take it from there. We can, of course, discuss any costs with you before you commit to anything further, and there is no obligation.

Whether it’s about labour taxes, investment taxes, business taxes, disclosures to HMRC or even professional help to support you during an HMRC tax investigation, we can make sense of all the options for you and — in a fair and ethical way — help to make sure you are paying no more tax than you should do. With decades of experience in accountancy and tax planning, we know exactly what’s what when it comes to tax, so can definitely help you. Call 0208 761 8000 to arrange your free 15 minute telephone appointment with a tax expert, at a mutually convenient time. Alternatively, Read more

Christmas & New Year Opening at Taxfile

December 21, 2017/in 2017, 2018, Accountants, Christmas, New Year, Self-assessment, Tax advice, Tax advisers, Tax return, Tax returns, Tulse Hill/by Mark

The Taxfile Team would like to wish all our readers and customers a very happy festive season and to pass on our very best wishes to everyone for the New Year.

Taxfile will be open as usual until Saturday* 23 December. We then close briefly for Christmas Day and Boxing Day (Monday 25 & Tuesday 26 December respectively).

We will be open again as usual from Wednesday 27th to Saturday* 30th December, then closed for the New Year’s celebrations until Tuesday 2nd January 2018 when we re-open again —from that date it’s back to our usual working hours. Here are the full details:

Thursday 21 December: open 9am – 5pm
Friday 22 December: open 9am – 3pm
Saturday 23 December: open 10am to 1pm (by appointment only)
Sunday 24 December: closed
Monday 25 December (Christmas Day): closed
Tuesday 26 December (Boxing Day): closed
Wednesday 27 December: open 9am – 5pm
Thursday 28 December: open 9am – 5pm
Friday 29 December: open 9am – 3pm
Saturday 30 December: open 10am -1pm (by appointment only)
Sunday 31 December: closed
Monday 1 January 2018 (New Year’s Day): closed for the Bank Holiday
Tuesday 2 January onwards: open as usual Mon-Tues 9-6, Wed-Thur 9-5, Fri 9-3, Sat 9-1 (by appointment)

*Saturday morning opening is from 10am to 1pm and is for appointments only, so do book an appointment if you’d like to discuss anything with us at the weekend rather than during the normal working week.

Last few free 20 minute appointments – act fast if you’d like a free tax consultation!

If you would like a free 20 minute consultation for any tax matter, please book a date before the end of December as we pause free consultations during our busiest month of the year – in January we are swamped with tax return deadlines and have to concentrate on hitting those on behalf of our customers. Free 20 minute consultations will, of course, resume from 1st February.

You can book an appointment online here or simply call 0208 761 8000 (07766 495 871 after office hours) to arrange one with our tax professionals.

The Taxfile Team wishes you all a very happy festive season and our very best wishes for the New Year. Thank you too for your custom during 2017 — we really appreciate it. Here’s to 2018 when it arrives!

Tax Return Reminder: Beat the Last Minute Rush & Save Money!

December 21, 2017/in 2016, 2017, 2018, Accountants, HMRC, Self-assessment, Tax return, Tax returns/by Mark

If you’d like our help with your Self-Assessment tax return, please do try to get your records and figures to us before 10th of January if you want to avoid the last minute rush and save money – there will be slightly higher charges for our help from that date (inclusive). This is to cover extra staff and overtime required during the the final part of January – our busiest time of the year – when we can deal with all the last minute returns for those who have left it until the last minute. So, save hassle, avoid the last minute bottlenecks and also save yourself some money by getting your records and figures to us well before 10th January if at all possible. We can still help thereafter, of course, but it’ll cost you a little bit more.

For individuals, your figures, records and, where applicable, receipts are required for the financial year 6 April 2016 to 5 April 2017. (For business accounts, of course, we will also need to do accounts based on the business’s individual year end).

Either 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.

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