TAX TIPS and Strategy

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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Gifting out of surplus income - The exemption that could save you 40% on tax!

Gifting out of surplus income – The exemption that could save you 40% on tax!

There is a little-known trick that allows you to pass on unlimited wealth to your loved ones free of inheritance tax. It doesn’t require complex trusts or bonds, expensive advice, or endless admin. In fact, all you need to set it up is a letter.

The exemption is known as gifting out of surplus income. In other words, you can pass on as much money as you like so long as it comes from your income rather than existing assets.

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Tax Implications of Social Media Influencers: What You Need to Know

In recent years, the rise of social media has given birth to a new breed of celebrities known as social media influencers. These individuals have amassed large followings on platforms like Instagram, YouTube, and TikTok, and they often collaborate with brands to promote products and services. However, what many influencers may overlook amidst their newfound fame is the tax implications associated with their earnings.

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Self Assessment Tax return for PSC

HMRC nudges more company controllers

The tax office is writing to persons with significant control registered at Companies House who declared income of less than £100,000 on their last tax return, or who haven’t submitted a tax return.

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