The UK cryptocurrency landscape is about to change dramatically. From January 2026, new regulations will give HMRC unprecedented access to your crypto trading data, marking the end of anonymous digital asset transactions. Whether you’re a casual Bitcoin holder or an active DeFi trader, these changes will directly impact how you manage and report your crypto
In the ever-evolving landscape of tax incentives, R&D tax relief plays a pivotal role in fueling innovation, driving technological advancements, and supporting economic growth. Particularly for small and medium-sized enterprises (SMEs), understanding the nuances of R&D tax relief is key. Recently, HMRC has provided clarity on a topic that has long been a source of
On March 26th, 2025, Chancellor Rachel Reeves delivered the highly anticipated Spring Statement to the House of Commons. This annual event provides a critical assessment of the UK’s economic health while outlining the government’s fiscal strategies for the future. It plays a significant role in shaping economic policy and offers valuable insights for individuals and
In recent times, the debate on implementing a wealth tax in the UK has garnered increasing attention, especially with claims that such a tax could generate a staggering £460 million each week. As we grapple with historically high tax burdens, the idea of a wealth tax has been thrust into the spotlight by campaigners like
As the UK government prepares to implement new amendments to its tax system, focus has been drawn to the new 10-year non-dom rule, set to take effect in April 2025. From April 6th the current remittance basis rules will be abolished, transitioning to a new system based on tax residence. This shift aims to close
Recent hikes in Capital Gains Tax (CGT) have captured the attention of business owners and investors alike. With the Chancellor’s announcement during the Autumn Budget, the CGT rate for basic rate taxpayers has risen from 10% to 18%, while higher rate taxpayers will see an increase from 20% to 24%. These changes took effect immediately
A new and stricter tax landscape awaits ‘non doms’ in the UK from the coming year, as the Labour government hardens plans to dissolve the ‘outdated’ tax benefits and revamp the inheritance tax (IHT) accountability. These stringent transition rules with a fresh residence-based model for IHT are expected to roll out from the 6th of
Given that most companies making an R&D tax relief claim will likely be scrutinised by an HMRC compliance check, it has never been more vital to be well-prepared. From Rare Occurrences to Standard Procedure Historically, compliance checks into research and development (R&D) tax relief claims were rare, usually triggered by a clear error within a
If you’re a business owner operating a personal or family company, chances are you’re frequently wrestling with how to go about extracting profits efficiently. As we approach the 2024/25 fiscal year, it’s time to explore strategies to optimize profit extraction whilst keeping your tax obligations in check. Paying Salaries One of the simplest and
As self-assessment season commences, it’s crucial for taxpayers to remain vigilant against scammers impersonating the tax authority in order to steal personal details. In a recent development, a fraudster has been apprehended in a remote Indonesian village, 6,500 miles away from UK soil. While the mangrove forests of North Sumatra face the depletion of freshwater
In the last tax year, a staggering £16.7bn in capital gains tax (CGT) was raised, marking a significant increase in revenue. This blog post delves into the details of this record-breaking achievement, shedding light on the factors contributing to this surge and its implications for taxpayers. Join us as we explore the key insights surrounding
2023 has seen changes to Corporation tax and the National Living Wage. Corporation tax is a tax based on a company’s profits and is currently set at 19%. Since April 1st 2023, it has been increased to 25% for companies with profits over £250,000, whereas for companies with profits under £50,000, it will remain at
HMRC is exploring ways to simplify the tax treatment of crypto assets used for decentralised finance (DeFi) transactions. The proposal would stop treating these types of assets as a disposal, which is often subject to capital gains tax (CGT). Instead, DeFi users will likely be taxed on their underlying income when engaging with such transactions.
UK Crypto Tax If you’ve made any gains through your cryptocurrency investments, it’s important to note that they must be included when filing taxes. In many cases, HMRC considers crypto transactions as taxable income, so it pays to understand how it works and what you need to report to stay compliant with the law. Here
Gifting property – Does capital gains tax apply? Gifting a property can be a way of reducing your Inheritance Tax liability. However, it is important to be aware that other taxes, such as capital gains tax, may be levied. HMRC deems the act of giving away your property as a disposal for capital gains tax
If you have made capital gains within the last tax year (6 April 2020 – 5 April 2021) and you are not already registered for self-assessment, you must register on or before 5 October 2021. What is capital gains tax? Capital gains tax (CGT) is levied on the portion of profit (capital gain) you
Cryptoassets have undoubtedly grown in popularity over the past year and with cryptocurrency prices increasing at a rapid rate, many investors are likely to have made sizeable gains. But are investors aware of the UK tax implications? In a statement released in 2019, HMRC confirmed that individuals selling cryptoassets will be subject to capital
Does capital gains tax (CGT) apply when gifting a property? Gifting a property can be a way of reducing your Inheritance Tax liability however, it is important to be aware of other taxes, such as capital gains tax, which may be incurred. Certain taxes will be due depending on specific factors such as, who the
Selling a property with a dedicated home office? Check the capital gains tax implications Individuals planning to sell their main home should be aware of the potential capital gains tax implications, when selling their property with reference to a dedicated home office. The potential risk to sellers surrounds Principal Private Residence Relief (PPR) and the
As of April 2020, landlords and those selling second homes must declare and pay any capital gains tax due, within 30 days. HMRC revealed that thousands of landlords have incurred fines for failing to pay the tax within the 30-day window. Latest figures from April 2020 to January 2021 show that 51,300 capital gains tax
