At the 2024 Autumn Budget, changes surrounding employers national insurance were announced. For most employers this will lead to additional tax due: The increase in employers national insurance from 15% from 13.8% The reduction of the threshold of when tax starts to £5,000 from £9,100 creating a minimum tax charge of £615 on virtually all employees The employers allowance increases …
HMRC Cryptoasset Campaign
Table of contents: 1) Important Tax Update for Crypto Investors: What You Need to Know 2) HMRC’s Increased Scrutiny 3) Immediate Action Required 4) Contacting HMRC 5) Why This Matters 6) Steps to Take 7) Professional Advice 8) Key Resources 9) Assistance Important Tax Update for Crypto Investors: What You Need to Know As Chartered Tax Advisers with a wealth …
Understanding Cryptoasset Losses
Table of contents: Tax Implications of Cryptoasset Losses Unrealised Losses Strategies for Managing Cryptoasset Losses Time limits to claim losses Managing Cryptoasset Losses on Your UK Tax Return Types of Cryptoasset Losses You Can Claim Assistance Cryptoasset losses occur when you sell a cryptoasset for less than the amount you originally paid for it. This is determined using the formula: …
£100k tax trap and Childcare issues
This article will go through the issues that arise when your total earnings hit £100k. Please note that although the Personal Allowance issue applies to the whole of the UK, for Scottish taxpayers the tax trap percentage is 63% and not 60%! Table of contents: Personal Allowance Loss Childcare Loss Protecting the £100k tax trap Payroll Issues Assistance Personal Allowance …
Associated Companies for Corporation Tax
The article is a simplified guide regarding associated companies for Corporation Tax. From 1 April 2023 the single corporation tax rate was removed and associated company rules have once again become an important factor when calculating Corporation Tax. Table of contents: 1) Why are Associated Companies important? 2) The process of identification of Associated Companies? 3) What is an Associated …
Restricted Securities – What is RSU Tax UK?
This article will go through some of the things to consider with Restricted Securities, also known as Restricted Share Units or Restricted Stock Units – RSUs. Table of contents: 1) What are Restricted Share Units – RSUs? 2) What Restrictions may you have on your RSUs? 3) Why are RSUs awarded to Employees? 4) How are RSUs awarded and vested? …
Cryptocurrency Capital Gains Tax HMRC Letter
In recent years, HM Revenue and Customs (HMRC) has intensified its efforts to ensure that taxpayers report their crypto asset capital gains accurately. If you have engaged in cryptocurrency transactions and have not informed HMRC, you might soon find an HMRC letter in your mailbox. This article serves as a vital educational alert from a tax advisor to individuals engaged …
FCA Measures To Safeguard Crypto Investors
Recently, the Financial Conduct Authority (FCA) in the UK has implemented a series of measures aimed at enhancing consumer protection in the cryptocurrency market. These measures acknowledge the risks associated with cryptoassets and are designed to ensure that individuals fully comprehend these risks before investing. In this article, we will outline the key aspects of the FCA’s new regulations and …
HMRC Cryptoasset Reporting Changes from 2025
We would like to bring HMRC’s upcoming reporting changes for cryptoassets on self-assessment tax returns to your attention. From tax year 2024-25 onwards, the HMRC cryptoasset reporting changes will see taxpayers be required to separately identify amounts relating to cryptoassets on their self-assessment tax return forms. This includes all transactions involving cryptocurrencies and non-fungible tokens (NFTs). The aim of these …
What do you need to know before incorporating a Limited Company
When starting a business it is important to understand what business type you should adopt. This article cover what a Limited Company is along with the pros and cons of being such. We will only cover the most common type of Limited Company which is a Close Company, meaning it is effectively owned and managed by its shareholders (up to …