Tax News and Case Law

HMRC Crackdown on Cryptocurrency traders

In recent years, more and more people have invested in cryptocurrency, with some making instant gains of thousands and some losing everything. From April 2027, OECD’s Crypto-Asset Reporting Framework comes into effect, meaning that HMRC will have access via all crypto platforms to individual transactions.

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Conditions for incorporation relief

There still seems a lot of confusion over what constitutes a business for tax purposes and what will qualify for Incorporation relief. Many qualified accountants are still giving wrong tax advice!

A ‘company’ includes any body corporate, unincorporated association or unit trust scheme but does not include a partnership or a limited liability partnership.

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The taxman’s dodgy data

Over the years of JMS Accounting operation, we have dealt with many data issues in relation to HMRC.  When HMRC get things wrong they cause stress and waste large amounts of time for both our practice and our clients.  Clients will often not understand that HMRC are at fault and our practice wastes many man-hours resolving mistakes by HMRC. 

It was some comfort to our practice to read this article in the Spectator that highlighted the extensive data problems problems at HMRC.  It doesn’t solve the issues, but it helps to understand the issues that our practice has to deal with were not just experienced by us but many businesses. 

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