New Advanced Corporate Tax Roadmap
The UK government’s new Corporate Tax Roadmap is designed to provide clarity, stability, and support for businesses of all sizes through well-defined policies aimed at boosting investment and simplifying tax compliance. With a strong focus on sustaining the economic health of small and medium enterprises (SMEs), this roadmap reflects the government’s commitment to making the […]
Making Tax Digital for Income Tax: The Important things to Know
The UK government’s Making Tax Digital for Income Tax (MTD IT) initiative, also known as MTD for Income Tax Self Assessment (MTD ITSA), is set to change how millions of small business owners and landlords report their earnings. Recently confirmed in the 2024 Autumn Budget, Making Tax Digital IT will be implemented gradually, eventually covering […]
NEW HMRC Charges
Changes in HMRC Interest Rates for Late Payments Following Bank of England Rate Cut Following the recent monetary decision by the Bank of England to reduce its base rate from 5% to 4.75%, HM Revenue and Customs (HMRC) has announced corresponding adjustments to its interest rates on late payments and repayments. As part of its […]
Bookkeeping and Accounting, what are the certain and appreciative Differences?
Bookkeeping vs. Accounting: Understanding the Distinction and the Overlap Bookkeeping and accounting are often viewed as interchangeable, but they play distinct roles within the financial health of a business. Bookkeeping forms the foundation of accounting, as it involves recording and reporting a business’s daily financial transactions. This meticulous record-keeping is essential for the broader accounting […]
A Complete Basis Period Reform Update
Who Will Be Affected? The UK Basis Period Reform, set to take effect in the 2024–25 tax year, will bring significant changes impacting a variety of self-employed individuals and entities. Those affected include sole traders, professionals with a self-employed status, partners within trading partnerships, and other unincorporated bodies with trading income, such as trusts and […]
“The 2024 Autumn Budget: A balanced Path to Growth”
Autumn Budget 2024: What Small and Medium-Sized Businesses Need to Know. At JG Bookkeeping we’re here to help SMEs navigate changes in the Autumn Budget 2024. This year’s budget includes substantial tax, wage, and employment adjustments, which could impact your business’s financial planning. Our analysis covers the key changes for small and medium-sized enterprises (SMEs), helping […]
The problem of Tax Evasion
A recent article from Financial Times has highlighted that small businesses have become the leading contributors to tax evasion in the UK, a growing challenge for Her Majesty’s Revenue and Customs (HMRC). However, despite recognizing this trend, the tax authority has yet to articulate a robust and targeted strategy to address the issue effectively. Tax […]