As part of the Autumn Budget measures the Chancellor announced that the duty rates on tobacco products were increased by 2% above the rate of inflation (based on RPI) effective from 6pm on 30 October 2024. It was also confirmed that the duty for
The long awaited, much anticipated and dreaded first Budget of the new Labour government was delivered to Parliament today - 30 October 2024 - by the Chancellor, Rachel Reeves. We now know where the funds will come from to finance investment and
Insurance companies have united to step up efforts to crack down on fraudsters seeking to manipulate the UK insurance market with bogus claims and duping innocent people into buying fake insurance policies. In 2023 alone, 84,400 fraudulent claims
It is rumoured that the Chancellor will delay any increase in the Income Tax higher rate tax threshold beyond the present April 2028 freeze. The UK Income Tax higher-rate threshold was last increased in April 2021, when it was set at £50,270. This
There are a little over three months remaining to file your self-assessment tax return online for 2023-24. The deadline is 31 January 2025. As this date approaches, an increasing number of individuals are reaching out to HMRC’s helpline for help.
There are specific rules that restrict changing a company’s year-end date, also known as the "accounting reference date". Initially, this is based on the date of incorporation. Under certain conditions, it’s possible to adjust the
There are specific customs requirements for commercial goods that you take with you to sell abroad. You must declare any goods intended for sale outside the UK, whether they are in your baggage or a private vehicle. The regulations for commercial
The VAT treatment of motor expenses is an important concern for any business that incurs VAT on these costs. Below, we highlight key points to consider regarding the recovery of input tax (VAT) when leasing vehicles. We have covered below some
If you have submitted a self-assessment return and later realise you need to make changes, there are specific rules to follow. This situation might arise if, for instance, you entered a number incorrectly or omitted certain information from your
A final reminder that the 2023-24 tax return deadline for taxpayers who continue to submit paper self-assessment returns is 31 October 2024. Late submission of a self-assessment return will incur a £100 late filing penalty. The penalty usually
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