UHY Ross Brooke Chartered Accountants
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
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.
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
In general terms there are a number of reasons why you may be required to complete a self-assessment return including that you: Also, you or your partner may receive Child Benefit but your income is over £50,000 meaning that you may have to pay a High Income Benefit Charge. In
Crypto investors may need to declare their income tax by filing a self assessment tax return, but how can you minimise how much tax you will have to pay? You could consider: Crypto tax can be very complicated and it’s worth taking professional advice from a crypto tax accountant. If
As increasing numbers of businesses are operating in the crypto space, more employees are being paid in crypto, and consequently we are often asked, how do I pay tax on my earnings? Most employees in the UK are paid in fiat currency and will be subject to PAYE tax on
The possibilities offered by de-fi seems to be virtually endless, but two very popular areas have been crypto staking and lending. By Chris Davies These come in various flavours but the underlying common theme is that these typically have offered returns, well above those offered by traditional banks and lenders.
Crypto currencies are becoming more mainstream. Ethereum tokens and block chain technology can be used to execute smart contracts which are automated and which complete when a pre-defined set of criteria are satisfied. More recently, this has driven the development of the decentralised autonomous organisation (DAO). A DAO can be