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16/03/2022
How to claim higher rate tax relief on pension contributions?
Personal Pensions are common types of 'registered pension schemes' which allow members to obtain tax relief on contributions into the scheme and tax-free growth of the fund within limits.
See more: https://www.guildford-group.co.uk/post/how-to-claim-higher-rate-tax-relief-on-pension-contributions
17/02/2022
Do you have to pay tax on cryptocurrency? HMRC has added a new section on Decentralised Finance to its cryptoasset manual. But what is DeFi, and why has HMRC’s latest instalment of crypto-guidance caused controversy? The new Decentralised Finance (DeFi) section in HMRC’s cryptoasset manual (CRYPTO61000 - Decentralised Finance: Lending a...
04/02/2022
Self-Employment Income Support Scheme (SEISS) Pros and Cons The self-employed income support scheme has supported millions of small businesses through the pandemic, but many taxpayers have misunderstood the rules and may end up in trouble with HMRC. 4th Feb 2022 Self-employed individuals could apply for up to five separate self-employed income support scheme...
01/02/2022
HMRC Tax Calendar 2021/22 31 January 2022 Electronic income tax self assessment returns, and any paper returns or self assessment returns which are excluded from online filing, for 2020/21 must be filed by this date. All outstanding self assessment income tax, and class 4 NIC, plus any capital gains tax for 2020/21 must be p...
31/01/2022
What is the deadline for MTD VAT? From April 2022 MTD for VAT will be extended to cover all VAT registered businesses, regardless of their turnover. As a result, many voluntary VAT registrations will be brought within the scope of MTD for the first time. Since its introduction in 2019, MTD for VAT has only been compulsory for busine...
27/01/2022
FIRMS COULD SAVE UP TO £5,000 WITH GOVERNMENT SOFTWARE SCHEME
January 27, 2022
A new government scheme offering discounts for small businesses looking to adopt digital accounting or CRM tools for the first time has opened.
Launched on 20 January, the Help to Grow: Digital scheme aims to assist eligible businesses to choose, buy and adopt digital technologies by providing advice and money off accounting and CRM software licences.
Through a government portal on the Help to Grow: Digital website, eligible businesses can apply for a one-time discount of up to 50% on the costs of buying approved software, worth up to £5,000.
The offer covers one discount towards the purchase of 12 months of approved software product ‘core costs’, up to a maximum of £5,000 (not including VAT).
See more: www.guildford-group.co.uk
24/01/2022
What are R&D tax credits? In the UK companies are able to claim tax relief for their R&D activity. These government schemes are designed to boost innovation by supporting businesses who seek to improve or overcome challenges and uncertainties in their products and processes. These schemes are administered by HMRC. Large or s...
19/01/2022
How can an investor minimise the risk? Rather than invest all ones money just in one share (and therefore being subject to both the systematic and unsystematic risk), and investor should spread their money between several shares. In this way the unsystematic risk can be removed - some companies may do better, some may do worse, but they....
18/01/2022
Back in 2014, HMRC stated in their tax guidance for cryptoassets that “a transaction may be so highly speculative that it is not taxable or any losses relievable”. This was interpreted as comparing cryptoasset trading to gambling for tax purposes and led to taxpayers concluding that gains were not taxable.
In December 2018, as cryptoassets had become much more widely used and accepted throughout the UK, and clarified the position in their guidance.
HMRC have now clearly stated that they do not consider the buying and selling of cryptoassets the same as gambling, meaning that gains are taxable and most likely subject to capital gains tax.
Anyone who trades (buys/sells) or mines cryptoassets, or uses cryptoasset derivatives, needs to first consider if they are engaged in financial trading in cryptoassets (i.e. a business activity), rather than simply assuming they are classed as an investor and taxed under the capital gains tax regime/miscellaneous income regime.
