Cryptoassets make up a growing portion of the market, and businesses are increasingly looking to take advantage of these digital currencies. If your business carries out activities involving the exchange of cryptoassets, then you are liable to pay tax on them. However, understanding how HM Revenue & Customs (HMRC) treats cryptoassets for tax purposes can […]
The recent rise in employers’ National Insurance Contributions (NICs) to 15 per cent will lead to a 60 per cent increase in NIC costs for a business employing minimum wage staff, according to the Centre for Policy Studies. With no new business reliefs announced in the Spring Statement and prices continuing to rise, many businesses […]
Making Tax Digital (MTD) is the Government’s initiative designed to streamline and digitise tax reporting in the UK. While the MTD scheme has been in force for the past few years, changes are approaching, particularly for sole traders, self-employed individuals, and landlords. Below, we outline clearly what MTD is, who it affects, the upcoming changes, […]
Making Tax Digital for Income Tax (MTD for IT) will be introduced from 6 April 2026. Below are some frequently asked questions and answers. Who will be affected by MTD for IT, and when? Individuals with self employment and/or income from property will need to comply with MTD for IT once they are mandated. The […]
From 6 April 2025, a new regime for the taxation of UK resident non-domiciled individuals came into effect. HMRC have published a brand-new manual on the regime which can be viewed here. Until 5 April 2025, special tax rules applied to individuals who were resident in the UK but whose domicile (i.e. their permanent home, […]
The Furnished Holiday Lettings (FHLs) regime was abolished on 6 April 2025. What does the abolition mean for your holiday letting property? The property will become part of either your main UK or overseas property business. This means that some of the beneficial tax rules that previously applied will no longer apply, such as: Tax […]
Date What’s Due 1 May Corporation Tax for year to 31/07/2024, unless quarterly instalments apply. 19 May PAYE & NIC deductions, and CIS return and tax, for month to 05/05/2025 (due 22/05 if you pay electronically). 31 May Give each employee a P60 for 2024/25. 1 June Corporation Tax for year to 31/08/2024, unless quarterly […]
In her Spring Statement, Chancellor Rachel Reeves struck a cautiously optimistic tone as she declared the Bank of England’s two per cent inflation target “achievable” – though not immediate. The announcement follows news that UK inflation fell to 2.8 per cent in February, down from 3 per cent in January, offering some relief after the […]
Millions of people across the UK use ISAs to grow their savings without incurring a tax burden. But with inflation outpacing interest rates, the real return on cash savings is often disappointing over the long term. That is why potential ISA reforms could be a positive step outlined by the Government in their Spring Statement. […]
If you have made gains on your investments recently, your Capital Gains Tax (CGT) bill may be considerably higher than in previous years. Rates are now the highest they have been in two decades, with a staggering 46 per cent increase in CGT collected at the end of 2024 compared to the year before. Investment […]
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