Tax rule change could increase bills for self-employed workers Analysis of documents released following Chancellor Rishi Sunak’s Budget show that self-employed workers may face higher tax bills due to a new way of reporting income. The new rules are expected to apply to those who do not already run their annual accounts to March 31 or April 5. While the self-employed report profit and […] By Lisa Brownlow, 15 December 2021
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HMRC – self-serve time to pay arrangement HMRC is reminding taxpayers of the option to set up a self-serve time to pay arrangement if they are unable to pay their self assessment bill. The limit for a self-serve time to pay arrangement, which was increased during the pandemic, remains at £30,000 tax due.   If taxpayers can’t pay their 2020/21 self assessment […] By Lisa Brownlow, 13 December 2021
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Crypto exchanges must pay digital services tax, HMRC says HMRC has told cryptocurrency exchanges that they will not be exempt from the digital services tax, as online financial marketplaces are, arguing that crypto assets “are not financial instruments” and do not qualify as commodities or money. Ian Taylor of Crypto UK, an industry body lobbying HMRC and the Treasury over the issue, said the […] By Lisa Brownlow, 10 December 2021
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El Salvador loophole could offer bitcoin traders CGT exemption With El Salvador becoming the first country to make Bitcoin legal tender, traders could look to cut their tax bills by exploiting a loophole for foreign currencies. While profits made from moves in foreign currencies held in bank accounts are currently exempt from capital gains tax, cryptocurrencies are not. However, El Salvador’s decision paves the […] By Lisa Brownlow, 9 December 2021
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HMRC pays £2m to snitching taxpayers HMRC has paid out close to £2m to informants over the past five years and almost £400,000 in the last financial year alone. Now, with an estimated £6bn lost from support schemes rolled out during the pandemic, the tax authority is urging individuals with information about suspected tax fraudsters to come forward.   The Daily […] By Lisa Brownlow, 8 December 2021
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HMRC faces challenge amid £42bn tax payment backlog The tax office may struggle to recoup a vast backlog of payments that has accrued during the pandemic as HMRC does not have enough staff and budget cuts to its collection department have resulted in an increasing number of debts being written off. Analysis by the National Audit Office (NAO) shows that tax debts increased […] By Lisa Brownlow, 7 December 2021
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