What are the tax implications of cryptoassets? Research suggests that some 2.3m adults in the UK now hold cryptoassets (also called cryptocurrency, crypto tokens or just “crypto”). That figure has increased by more than 400,000 since 2020 (source: Financial Conduct Authority), with more and more
Read moreUpdate January 2023: Making Tax Digital MTD for income tax has been delayed by two years until April 2026. With the 31st October paper return deadline fast approaching, we thought it would be useful to look at the paper return and the other methods you
Read moreShould you register as a sole trader or form a limited company? COVID-19 helped to push UK business start-up figures to new heights in 2020. According to the Centre for Entrepreneurs, annual year-on-year UK business formations in 2020 rocketed by 13% to 772,002. A key
Read moreUpdate January 2023: Making Tax Digital MTD for income tax has been delayed by two years until April 2026. This week MPs voted 319 to 248 for a 1.25 percentage point rise in National Insurance Contributions (NICs) for workers and employers to help fund health
Read moreUpdate January 2023: Making Tax Digital MTD for income tax has been delayed by two years until April 2026. How much do you know about Making Tax Digital (MTD)? Well, if you’re a UK landlord you should know some basic facts, because MTD could affect
Read moreThe ongoing British “staycation boom” is welcome news for furnished holiday lettings (FHL) property owners throughout the UK. Although international travel restrictions brought by the COVID-19 pandemic have been a key driver in 2021, the UK furnished holiday lettings market has shown strong, growing demand
Read moreWhether to pick up supplies, drop off deliveries, see customers or make site visits to quote for jobs, each year many self-employed people (AKA sole traders) rack up thousands of miles on UK roads while running their business. You may be self-employed and use your
Read moreUpdate January 2023: Making Tax Digital MTD for income tax has been delayed by two years until April 2026. Payment on account can be one of the most common stumbling blocks when it comes to your self-assessment tax return. Although it was introduced as an
Read moreA hobby is an activity performed for fun, whether that’s making art prints of movie stills or teaching guitar basics on YouTube. When this activity becomes monetised, that’s when you draw the attention of HMRC and your hobby may be regarded as a business. Once
Read moreIn the UK, landlords are able to save tax by sharing the Personal Allowance of their lower-earning spouse. This way, they can maximise the total household’s take-home pay without falling foul of the taxman. However, there are strict rules. And it’s for this reason that
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