In today’s digital age, cryptoassets have become increasingly popular as a form of investment. However, with their rise in popularity comes the need for individuals to ensure they are compliant with tax regulations. The UK government, through Her Majesty’s Revenue and Customs (HMRC), has launched a specific disclosure route for individuals with unreported taxes on
In recent years, the popularity of cryptoassets has soared, attracting millions of individuals worldwide. However, what many people fail to realise is that transactions involving cryptoassets may have tax implications. In this comprehensive guide, we will delve into the world of cryptoasset tax, helping you navigate the complexities and ensure compliance with the tax authorities.
The ‘non-dom ding dong’ between Prime Minister Rishi Sunak, whose wife is a non-dom, and Labour leader Sir Keir Starmer, who is proposing to scrap non-dom status, has helped to keep the issue in the headlines. Andrew Robinson of DSW Tax Advisory, who advises many high-net worth clients, explains which rules apply, who the non-doms
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