UHY Ross Brooke Chartered Accountants
After two relatively friendly reminder letters to cryptoasset holders, to make sure that their tax affairs are in order, HMRC have upped the ante with a third nudge letter that should leave the reader in no doubt that HMRC are serious about collecting tax due on crypto assets. By Chris
The rise of cryptocurrencies and other cryptoassets has presented tax authorities around the world with a new and unique set of challenges. By Phil Kinzett-Evans – Crypto Tax Director The rise of cryptocurrencies presents a new challenge for tax authorities around the world. These challenges include the lack of uniform
In a recent article published in the FT Advisor, our Crypto Tax Director Phil Kinzett-Evans describes the tax challenges facing crypto investors. These issues include: Cross border regulation and reporting UK tax classification – Capital Gains or Income Tax? When is a crypto currency conversion liable for tax? Tax implications
HMRC recently launched a new campaign targeted at crypto investors as part of a crackdown on tax evasion. They have introduced a new disclosure and payment service for taxpayers to voluntarily disclose and pay any unpaid taxes associated with cryptoassets. Cryptoassets (also known as tokens or cryptocurrencies) include exchange tokens
Cryptocurrencies have disrupted the financial world and have led to much discussion about taxation. While it’s exciting to be part of this financial revolution, it’s equally essential to keep the taxman satisfied. And that’s where many crypto enthusiasts make costly mistakes. Why cryptotax is different from traditional tax Traditional tax
The crypto world is bursting with perplexing technicalities and regulations. So let’s break things down and simplify the complex terrain of cryptotax planning in the UK. Introduction to Cryptotax What is Cryptotax? Every time you get a crypto asset (sell, trade, or earn cryptocurrency), the government wants its share in
In the crypto world of Bitcoin, Ethereum, and countless altcoins, taxation becomes an ever-growing enigma. In the UK, the intricacies might baffle many. Let’s untangle this virtual net. Buying and Holding Crypto You just bought your first Bitcoin. Exciting, right? In the eyes of Her Majesty’s Revenue and Customs (HMRC),
A recent article in newbusiness.co.uk, looks at ways in which crypto currencies are currently being used in business and how it’s not quite as simple as using fiat currencies such as GBP. The article discusses the implications for accepting, paying, remunerating staff and investing. Read the whole article, including the
HM Revenue and Customs (HMRC) recently published the next stage of their consultation on the taxation of Decentralised Finance (DeFi) lending and staking. They are seeking the views of those who work in, and invest in crypto, on whether crypto specific rules should be introduced to cover DeFi lending and
In recent years, cryptocurrencies and NFTs have gained significant attention and value, making them an attractive option for donations and fundraising for charities. Cryptoassets have the potential to provide new opportunities for charities to raise funds, but it is important to understand the risks associated with them before deciding whether