Companies House is the Government agency responsible for maintaining the public register of companies in the UK. Filing with Companies House typically refers to the submission of various documents and records, as required by the registrar of companies in the United Kingdom. In today's guide, we'll take a look at what types of document need to be filed, when to file them, and what happens if they're not filed on time. The post Filing with Companies House – A Guide for Limited Companies appeared first on Taxfile ..read more

by Faiz at Taxfile An SA302 is a document issued by HM Revenue & Customs (HMRC) that summarizes your income tax calculation for a specific tax year. It shows how your tax bill was arrived at, including your income from various sources, any deductions and allowances, and the final amount of tax owed or refunded. In today's guide, we explain why your SA302 is important, how and where to get a copy of it, and why it's important to check tax returns and avoid errors. The post Demystifying the SA302: Your Tax Summary Explained appeared first on Taxfile ..read more

by Daniel at Taxfile. Understanding the Employer Payment Summary (EPS) monthly claims for limited companies within the CIS Limited company contractors operating within the Construction Industry Scheme (CIS) have distinct payroll obligations, including the submission of their Employer Payment Summary (EPS). In today's guide, we'll explain what the EPS is, its purpose, and the submission rules limited companies have to follow if they work within the Construction Industry Scheme. The post Guide to the <em>Employer Payment Summary</em> (EPS) – for Limited Companies within the CIS appe ..read more

by Ali at Taxfile. The UK Chancellor, Jeremy Hunt, delivered his Spring Budget on March 6, 2024, amidst a backdrop of subdued economic growth and limited fiscal headroom. The budget aimed to strike a delicate balance between supporting economic activity, controlling public spending, and preparing for future challenges. If you have missed the announcements, the Key Highlights for the majority of our clients are as follows. The post Spring Budget 2024: A Balancing Act for the UK Economy appeared first on Taxfile ..read more

by Daniel at Taxfile. The CIS Contractor's Monthly Return is a mandatory requirement for contractors operating within the Construction Industry Scheme (CIS). It acts as a mechanism for contractors to disclose to HM Revenue and Customs (HMRC) payments issued to subcontractors and the corresponding tax deductions withheld from those payments. By providing HMRC with information regarding payments rendered and the accompanying tax deductions, the CIS Contractor's Monthly Return guarantees transparency and adherence to regulations within the construction sector. In today's guide, we explain the va ..read more

by Sue at Taxfile. Whether you’re new to self-employment and have just started to run your own business, or have been doing it for a while – the fact is: Making Tax Digital (‘MTD’) is coming and it would be best to get set up in the right way, now. In today's post, we explain everything you need to know about setting up for MTD including bookkeeping, which records to keep, taking cash and card payments for sales — and more. Take a look! The post Setting Up for <em>Making Tax Digital</em> appeared first on Taxfile ..read more

by Mohamed at Taxfile. Have you ever felt that you've paid more in taxes than necessary? Whether due to calculation errors, changes in personal circumstances, or evolving tax laws, overpayments can happen to anyone. The good news is that there's a way to reclaim those excess funds through the process of overpayment relief claims. In this comprehensive guide, we'll walk you through the ins and outs of reclaiming your hard-earned money. The post Understanding Overpayment Relief appeared first on Taxfile ..read more

[February 2024]: If you missed the deadline to submit your self-assessment tax return, the first thing to know is that you are now into the penalty stage. HMRC applies an automatic £100 penalty to those who are even 1 day late (the deadline was 11.59pm on 31st January) and further penalties are added if you take even longer to comply. It's worse, of course, if you also haven't paid any tax owed as you'll then owe interest too, so our advice is to pay as much as you can as soon as possible, so you'll reduce any element of interest. However, if you “took reasonable care to meet” a deadline and ..read more

[As at 31 January 2024]: The 31st January is THE FINAL DEADLINE by which you need to file your Self Assessment tax return with HMRC. If you miss(ed) that deadline (11.59pm on 31st), you risk a £100 HMRC fine right away plus other significant penalties thereafter. Interest will also be charged from 1 February if tax is not paid by midnight on 31 January (rules apply). The post Today is the Tax Return Deadline! appeared first on Taxfile ..read more

[As at 30 January 2024]: There is only 1 full day left in which to file your Self Assessment tax return and pay any tax due by HMRC's 31 January deadline. If you miss that deadline, you risk a £100 HMRC fine right away plus other significant penalties thereafter. Interest will also be charged from 1 February if tax is not paid by midnight on 31 January (rules apply). Time is running out, so contact Taxfile for help with your tax return as soon as possible please. Book an appointment* with one of our helpful tax advisors and accountancy experts TODAY and we'll make filling in and submitting yo ..read more