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 …
Taxation of Shares for Individuals
During periods when savings account interest rates are low there is often a rise in individuals who invest in the stock market, therefore knowing the rules on the taxation on shares is important. This article will cover some aspects of the taxation on shares for those who are resident in the UK: ISA and Non-ISA How to determine your Capital …
The Badges of Trade used by HMRC
The ‘badges of trade’ tests, are used by HMRC to help determine whether an activity is a trading activity (business). Careful consideration needs to be given when deciding if a hobby has become a taxable activity. If that happens, your trading activities will be subject to Income Tax and National Insurance. This post will provide basic information on badges of …
High Income Child Benefit Tax Charge helpful information
Issues around Child Benefit and the High Income Child Benefit Tax Charge require careful consideration. They involve money paid to parents or guardians who are responsible for bringing up a child in their care. Who is eligible to claim Child Benefit? You can claim child benefit if you are responsible for looking after a child who is under 16 or …
Charity Donations and Waiving Income tax rules
Charity donations and waiving income during the Coronavirus (Covid-19) pandemic has been more prevalent in order to support others and their business. HMRC are keen to support these moves and tax implications need to be considered. This applies whether you are self employed, a director, an employee or a shareholder. What does waiving mean? A director or employee can choose …
Types of Partnership
Partnership Types There are 3 different Partnership Types, which can suit differing business scenarios: General Partnership Act 1890 (GP) Limited Partnership Act 1907(LP) Limited Liability Partnership Act 2000 (LLP) Other areas covered are: LLP Disguised Employees Conditions Mixed Partnership – HMRC Manual PM 210000 Types of Partners Partnerships used to charge Limited Companies There is another type of partnership for …
Coronavirus – Job Support Scheme
JOB SUPPORT SCHEME Details published by the Government on the “original” Coronavirus Job Support Scheme announced on 24 September 2020 can be found on this factsheet. The main points are: The scheme will be open from 1 November 2020 to the end of April 2021. HMRC claims service will be available from early December 2020. Grants will be payable in …
2020 Budget and Coronavirus Government Assistance
With the recent 2020 Budget and now daily announcements regarding Coronavirus Government assistance, we want to take a proactive approach by providing you with a useful resource of links to assist you and your business. LAST UPDATE 06/05/20 – Bounce Back Loan is live and SEISS (Self-employed support) RPP and Coronavirus In these uncertain times we wanted to let all …