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 …
What do you need to know as a Sole Trader
When starting a business it is important to understand what business type you should adopt. This article covers what a Sole Trader is along with the pros and cons of being such. What is a Sole Trader? A sole trader is an individual who decides to undertake an activity with a view to make a profit. It is important to …
HMRC Tax Enquiry Dos and Don’ts
This article will cover some of the dos and don’ts when being subjected to an HMRC tax enquiry. If you have received an enquiry letter, do not panic. We have helped many people who have failed to disclose something and have received a letter from HMRC. If you are reading this article as you are worried about something you have …
Keeping Accurate Cryptocurrency Records
Keeping Accurate Cryptocurrency Records Keeping accurate cryptocurrency records is a requirement of anyone due to send a self-assessment tax return to HM Revenue and Customs (HMRC). An individual must retain their records for a minimum of 22 months after the end of the tax year the tax return is for. A business must keep their records for 5 years. That …
Staking Rewards & Income Tax
Staking Rewards Staking Rewards are received by participants of the respective blockchain, as an incentive for validating a block of transactions. By staking crypto, you choose to validate transactions on the blockchain, allowing for a quicker and safer network, this in turn allows you to receive a portion of tokens back from fees or a pool as Staking Rewards. If …
Should you purchase a Buy-to-Let property through a Limited Company?
We often get asked the question, “should I buy a property through a Limited Company?” Unfortunately, there is no simple answer and like lots of tax questions, the answer is… it depends! This article will cover some of the advantages and disadvantages of holding a residential Buy-to-Let property via a Limited Company. You may hear some people talk about using …
Dividends and Health and Social Care Levy
When a company make profits it often rewards its shareholders by way of a dividend payment. This article will look at Dividends and the new Health and Social Care Levy introduced from 6 April 2022. It will discuss what the tax bands are from 6 April 2022 and how you can save some tax by acting before the end of …