UHY Ross Brooke Chartered Accountants
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
If you are thinking about buying cryptoassets (“crypto”) you need to know the basics and understand the risks before jumping in. And remember, if you decide to invest in crypto then you should be prepared to lose all the money you have invested. The range and accessibility of crypto have
Crypto currency is a topic which is rarely far from the news headlines these days and not always for the right reasons. By Tom Annat, Tax Manager The early hype suggesting we would all be buying our morning coffee with Bitcoin has yet to come to fruition. Whilst for many,
Coinbase has contacted investors who have cashed out more than £5,000 in fiat in the 2021 tax year to let them know that they have passed their details to HMRC. HMRC will be requesting similar information from other exchanges as it seeks to increase tax compliance in the crypto space.
Decentralised Finance or DeFi, as it is often abbreviated, is a financial system which is not managed by governments nor central banks, nor traditional financial service providers. By Chris Davies It is finance that takes place in a virtual world, with checks and balances confirmed by algorithms completed by millions
We are seeing more and more SME’s holding Bitcoin in their balance sheet and when major household names are also holding Bitcoin as part of their reserves, it’s clear that crypto assets are perceived as an important part of treasury management for many. Holding Bitcoin or other crypto currency in
Increasing numbers of people will be aware of cryptoassets, but do you know the difference between a coin and a token? A cryptocurrency can be either a coin or a token. A crypto coin is a standalone currency that operates independently of other platforms, with its own blockchain and infrastructure.
Plans to protect consumers and grow the economy by regulating cryptoasset activities have been announced by the UK government. Cryptoassets – commonly known as ‘crypto’ – are a relatively new, diverse, and constantly evolving class of assets that have a range of potential benefits, as well as posing risks to
At the time that I write this, Bitcoin has risen 50% over the last month and if you were brave enough to buy at the bottom of the market you are probably feeling pretty pleased with yourself right now. By Chris Davies But a word of caution. We saw a