Cryptocurrencies are becoming more and more popular. However, many crypto traders are unsure how HMRC taxes cryptocurrencies. As cryptos rise in popularity, more people begin to trade and use these digital currencies. However, not many people know how the HMRC taxes cryptocurrencies. One of the most prominent myths surrounding taxes on cryptocurrency is that they…

Parliamentary group urges amendment to ‘flawed’ IR35 rules

This month has seen long-anticipated new off-payroll working rules take effect, after a year of coronavirus-related delays. The reform, which kicked in from 6th April, is aimed at helping HM Revenue & Customs to assess whether a contractor is genuine or essentially being used as a “disguised employee” for tax purposes. The Government has argued…

Sunak ‘awaiting US stance before deciding on online sales tax’

According to the Financial Times, UK government officials have revealed that Chancellor of the Exchequer Rishi Sunak will not make a decision on a prospective online sales tax until the autumn. The newspaper indicated that Mr Sunak was apparently waiting to see whether President Joe Biden’s administration in the United States would signal support for…

Half of the UK’s freelancers say they’ll cease contracting once IR35 reform takes effect

In another development that will be of little surprise to workers taking advantage of our own accountancy for contractors in Plymouth and Wellington, a new survey has revealed that half (50%) of contractors plan to stop contracting in the UK after IR35 rule changes are introduced in April. The UK government’s reforms of the off-payroll…

Spring Budget 2021: what’s the latest on R&D tax relief?

In last week’s Budget, the government confirmed its commitment to ensuring the UK remains a competitive place for cutting-edge research. Although the Chancellor didn’t uncover any extensive or immediate changes to R&D relief in his Budget speech, he did announce the previously announced SME cap will go ahead, and that the government will carry out…

Hospitality and retail firms to get £5bn for new Restart Grants

Chancellor Rishi Sunak has announced a £5bn Restart Grant scheme to help any small business badly impacted by Covid-19 – and support them as they get ready to reopen. The multi-billion pound package of support will replace the monthly Local Restrictions Support Grant (for open and closed businesses) due to end later this month, and…

Budget 2021: Updates

This week, the Chancellor delivered the government’s Budget for 2021. Mr Sunak announced extensions to a number of the current COVID-19 schemes, as well as additional support for individuals and businesses. Below is a breakdown of some of the key measures for employers. To get the full details on all of Budget 2021 measures announced…

Plymouth confirmed as one of first tax-break freeport sites

The creation of eight freeport zones across the UK has been announced in this week’s budget. While many of the freeports are situated in the North of England, Plymouth’s bid to become one of the Government’s first tax-break freeports has been successful. The remaining freeports announced will be located at East Midlands Airport, Felixstowe and…

What can businesses expect from the Chancellor’s 3rd March Budget?

To say that the UK’s upcoming Budget will be a critical one for British businesses would be something of an understatement. However, the challenge facing Chancellor of the Exchequer Rishi Sunak with his second Budget won’t just be to steward the UK economy through what remains of the COVID-19 crisis, but also to look well…

Tax Benefits for Electric Vehicles

Electric cars aren’t just great news for reducing your environmental impact. In fact, switching to an EV can also bring significant tax savings for your company! With the popularity of electric cars on the rise in the UK, in addition to the new tax breaks laid out by the government to encourage the switch from…

Update on self assessment tax returns: HMRC to waive late filing penalties for one month

The deadline for completing an online self-assessment tax return for the 2019/20 tax year is this Sunday. However HMRC has announced self assessment taxpayers struggling to meet the filing deadline on time will not receive a penalty for their late online tax return due on 31 January 2021, if they file online by 28 February.…

HMRC To Accept COVID-19 as a ‘Reasonable Excuse’ for Filing Self-Assessment Returns Late

The New Year means many things to many people, but one thing it should certainly mean for millions of people in the UK is the completion of a timely self-assessment tax return. The coronavirus crisis, however, may have complicated your efforts to submit your 2019 to 2020 return by the 31st January deadline. It might…