The tax implications of buying, using and selling cryptoassets from the point of view of a person (an individual or a company) carrying on, or intending to carry on a business. Suggested approach In the absence of tax legislation relating specifically to cryptoassets, we must apply general principles with help from HMRC’s Cryptoassets Manual. One way…
Read more
The Society of Trust Practitioners (STEP) has claimed that HMRC’s proposals to reform accounting basis periods will push all small businesses and landlords into the Making Tax Digital (MTD) income tax reporting scheme on 6 April 2023.
If you want to get the most benefit for your client’s business through R&D tax credits, you have to maximise your claim. This will involve doing a lot of research and sometimes it’s difficult to even know where to start when preparing your application. It’s worth it to put in the time and effort though,…
Read more
HMRC have issued a reminder that married couples and those in civil partnerships could reduce their income tax by up to £252 a year by sharing their Personal Allowances. Marriage Allowance allows married couples or those in civil partnerships to share their personal tax allowances if one partner earns an income under their Personal Allowance…
Read more
Rarely does a day go past without tax reform rearing its head in a daily financial news bulletin. In particular, continued talk of capital gains tax (CGT) reform in the UK has been widespread and resounding for some time. In the wake of the unprecedented, but necessary, public spending throughout the pandemic, the Treasury will…
Read more
2 August Forms P46(Car) for quarter ended 5 July (where benefits not payrolled) to reach HMRC by this date 5 August Employment intermediary’s quarterly report (6 April to 5 July) of agency workers paid gross (end user organisation can be classed as the employment intermediary in some circumstances) 16…
Read more
HMRC has confirmed that the penalty regime for non-payment of VAT due to the deferred VAT scheme introduced at the start of the pandemic is now in place A financial penalty may be charged if you did not take any action to pay your deferred VAT in full, or failed to make an arrangement to…
Read more
‘Cash basis’ is a way to work out your income and expenses for your Self Assessment tax return, if you’re a sole trader or partner. Why use cash basis If you run a small business, cash basis accounting may suit you better than traditional accounting. This is because you only need to declare money when it comes…
Read more
With the fifth in the series just days away, the Self-Employed Income Support Scheme (SEISS) seems intent on overtaking the Fast and Furious film franchise (which currently stands at nine). This time around, the twists and turns come in the form of a new turnover test which determines how much the applicant is entitled to…
Read more
The rollout of Making Tax Digital may have slowed due to the pandemic but there is low awareness about the next stage covering landlords, small business and partnerships, warns Kevin McCallum, chief commercial officer at FreeAgent HMRC introduced the first stage of its Making Tax Digital (MTD) legislation in April 2019. Envisaged as the biggest…
Read more
