How do you tax Bitcoin? Are cryptocurrency or cryptoasset gains or profits taxable? Can you obtain tax relief if you make losses on Bitcoin? How do you tax Ethereum profits? Gains on transactions in cryptoassets, of which Bitcoin is a cryptocurrency are potentially taxable in the same way as other investments. What's new? In...
Income Tax Rates and Bands Recent income tax rates and bands are as follows: 2015/16 2016/17 2017/18 Savings rate: 10%, 0% from 2015/16 0 - £5,000 0- £5,000 0- £5,000 Dividend Allowance: 20% NA 0 - £5,000 0 - £5,000 Basic rate: 20% 0 - £31,785 0 - £32,000 0 - £33,500 Higher rate: 40% £31,786 - £150,000 £32,001 - £150,000 £33,501 - £150,000 Additional rate:...
Employees Working Abroad When your employees go to work abroad you need to think about their potential liability to income tax and national insurance, but be careful because there are different rules for each. Income tax The tax liability will depend on how long the employee is to...
The Basics of Inheritance Tax Inheritance tax (IHT) is starting to be more of a concern to many people. Most estates (the assets you leave when you die) are still not charged with inheritance tax, as the total value is not high enough, but more estates are...
The legislation that gives the power to HMRC to make a discovery assessment is section 29 Tax Management Act (TMA) 1970. Requirements for a discovery assessment HMRC cannot generally raise a discovery assessment if the taxpayer has filed a tax return unless HMRC has evidence to suggest that there is...
Family Tax Planning In this helpsheet we're going to look at the main ways of tax planning with the use of family members...
1. Overview Contributions to private pensions can be made free up to certain limits. This applies to most private pension schemes, including: workplace pensions personal and stakeholder pensions overseas pension schemes that qualify for UK tax relief - ask your provider if it's a 'recognised overseas pension...
An Introduction to Self-Assessment Self Assessment started in 1997, the idea being that taxpayers can easily complete their own tax returns. The reality has turned out to not be quite so simple. The tax year runs from 6th April to 5th April in the following year and...
CGT and Your Principal Private Residence The sale of an individual's home is normally exempt from CGT, with neither a taxable gain nor loss arising. This is certainly the case where it has been the individual's only or main residence throughout the period it has been...
Personal Tax - Self Assessment Late Filing The penalties for late Self Assessment returns are as follows: Initial £100 penalty for late filing of the tax return, irrespective of the tax due or if you have paid tax on time. If you haven't filed your return after...