How is my crypto taxed? Surprising answers for UK residents and non-doms

In the increasingly digital world we live in, HMRC are simultaneously trying to keep up with, and crack down on, new ways of avoiding tax. Of particular significance, is the rapidly expanding cryptocurrency market, often making headlines for mind-blowing returns (and losses). Recent estimates suggest there are over 10,000 cryptocurrencies available on exchanges worldwide – although the top 20 cryptocurrencies make up nearly 90% of the total market. These include Bitcoin (BTC), Ethereum (ETH), XRP and Elon Musk’s favourite – Dogecoin.  

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Crypto Assets? HMRC have their eye on you…

Cryptocurrency and crypto assets are increasingly becoming a common investment opportunity for many individuals and businesses. Whilst most investors will be ‘testing the water’ with any gains arising from the Capital Gains Tax ‘CGT’ annual exempt amount of £12,300 each year, there are others who are lucky enough to be realizing substantial gains which do need to be reported to HMRC. Crypto also provides privacy and anonymity, which can, unfortunately, attract criminal activity.

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Working from Home – will the tax relief be axed?

Throughout the COVID-19 pandemic, workers across the country have been required to work from home due to national lockdowns and to curb the spread of coronavirus. As a result, and to help with the cost of increased household expenses, the government allowed a concession whereby workers could claim an allowance of £6 per week (raised from £4 per week in the previous tax year).   

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July Tax Payments

HMRC routinely promote the benefits of filing Self Assessment Tax Returns early, and we agree that there are many advantages to doing so. One such benefit is that it enables you to ascertain and manage your tax payments.

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What came of Tax Day 2021?

The Treasury and Chancellor previously suggested that more effective tax changes would be introduced after undertaking consultation and seeking comment on the output from such consultation exercises. Therefore, instead of this being lost in the Budget Announcement a separate date, Tax Day, was set for the consultation announcements to be delivered – 23 March 21.

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Budget 2021 – will we see changes to Tax rates and reliefs?

Before the scheduled Autumn budget, advisors and taxpayers alike were bracing themselves for a hike in the rate of Capital Gains Tax (“CGT”) as well as the very real possibility that some reliefs might be withdrawn altogether.  For example Business Asset Disposal Relief (“BADR”), known previously as Entrepreneurs’ Relief.  When the budget was pushed back to Spring there was an audible sigh of relief but with a number of recent budgets containing surprise announcements, it is important to consider any possible changes ahead of budget day on 3rd March.   

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Brexit changes for UK residents with EU properties

Following our previous blog on the personal tax impact of Brexit, it seems those who own property in France or Spain may be particularly affected by Brexit.

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Business Asset Disposal Relief  – When is a Preference Share an Ordinary Share?

Business Asset Disposal Relief (BADR), previously Entrepreneurs’ Relief, reduces the Capital Gains Tax rate on qualifying BADR Gains to 10%, as opposed to the current 20%.

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Why complying with CCO should still be a priority during the pandemic

The Pandemic

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The Scottish Budget 2021-22

The Scottish Budget for 2021-22 has been delivered but what does it mean for the Scottish taxpayer?

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