Self-Assessment Due Jan 31 2024
If you need to submit your online self-assessment tax return or pay taxes, please complete it by midnight on January 31, 2024. HMRC indicates that there are still over 5 million people who have not submitted their tax returns, and missing the deadline will result in...
2024 UK Tax Changes: Your Essential Guide
In the just-passed year of 2023, our tax team assisted thousands of businesses in their tax planning. In 2024, the UK is set to undergo a series of tax changes. If you live, work, or run a business in the UK, it's essential to be aware of these new tax changes to...
Weekly News – J&P Accountants
Inflation in the UK has dropped to its lowest level in two years, standing at 3.9%. Starting in 2024, HMRC will intensify tax scrutiny on landlords. Next year, the UK may introduce a "boiler tax." Scotland will impose a 45% tax rate on high earners. Inflation Rate...
UK: Cross-Border Carbon Tax from 2027
On Monday this week, the UK government announced a new tax policy set to take effect in 2027. The UK will levy a carbon tax on imported goods in 2027, particularly targeting products such as steel, fertilizers, cement, and glass. This policy aims to safeguard...
Christmas Tax Insights for Businesses
Entering the festive season, the Christmas spirit is in the air, but for businesses, it's also a time to be mindful of tax matters. In this unique season, our team has compiled some tax considerations that businesses should pay special attention to during the holiday...
Weekly News – J&P Accountants
At the beginning of this month, the Nottingham City Council declared "bankruptcy," temporarily halting most new expenditures. Next year, council taxes are expected to rise in many areas. Vacant positions in the UK have significantly decreased, and wage growth is...
HMRC Inspections: Beware of ESS Tools
Recently, HMRC officials conducted surprise inspections at numerous takeaway shops and restaurants over the past month. A few takeaway shops and restaurants are suspected of engaging in electronic sales suppression (ESS) by underreporting sales to the tax authority....
New Tax Rules Affecting Online Sellers
HMRC is expected to implement new tax rules starting January 1, 2024, targeting sellers on online shopping platforms. According to the new rules, online shopping platforms must record sellers' income and report it to HMRC, thereby addressing tax evasion to some...
UK Sole Traders Year-End Tax Guide
If you're a sole trader, keeping an eye on some year-end deadlines is crucial. Ensuring sound financial health and tax compliance is paramount. Our accounting team has compiled a detailed guide to help you prepare for the upcoming year.Tax Return Deadlines Understand...
Tax Update: Changes to National Insurance
In our previous articles, we mentioned some changes in taxation during the autumn statement. For sole traders, a significant change is the partial cancellation of National Insurance contributions. This will alleviate financial and tax pressures for approximately 2...