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Blog: Specialist Tax

Taxation of Cryptocurrency in the UK: Upcoming Changes and What You Need to Know

Cryptocurrency has quickly evolved from a niche interest to a mainstream financial asset.

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Chris Moir

Is there value in making a voluntary disclosure to HMRC?

It is well-known that HMRC have ramped up the number of tax investigations being launched in recent years. However, what seems lesser known, and is perhaps more surprising, is that the number of voluntary tax disclosures also continues to rise. HMRC are not shy in letting people know that they have the means and resources

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Purchasing Buy-to-Let property via a Limited Company

New research shows that 74% of landlords who intend to purchase buy-to-let property within the next year will do so through a limited company. The significant rise, up from 62% in Q1 2023, has been largely driven by recent tax reforms and the growing costs of running a rental portfolio caused by climbing interest rates. However, whilst

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Self-Assessment: HMRC set to waive fines for late returns due to COVID-19

HM Revenue & Customs (HMRC) is set to waive fines for taxpayers who file their tax returns late, providing that they can prove that the delay was because of COVID-19. HMRC confirmed the news in a statement, with the 31 January filing deadline looming. The decision was taken with England entering a national lockdown and

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Forthcoming Changes – Annual Investment Allowances (AIA)

As you are no doubt aware the Annual Investment Allowances (AIA) allows a business to claim 100% tax relief on certain items of plant and equipment.  The maximum allowance is currently set at £1,000,000 however this is set to reduce to £200,000 from 1 January 2021.  Transitional rules will apply to accounting periods which span

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Statutory Residence Test and Covid-19: Important Changes

HMRC Statutory Residence Test and Covid-19: Important Changes

By Jenna Ideson (Personal Tax Senior) at RMT Accountants & Business Advisors Ltd The Statutory Residence Test (SRT) was introduced by HMRC and brought into effect in the Finance Act 2013 on 6 April 2013. The purpose of the test is to help determine the tax residence status of an individual within the UK tax

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Time to take advantage of tax relief while it is still available for Ltd Companies?

Pensions are one of the most tax-efficient ways to invest, and tax relief continues to be a considerable advantage to the millions building a fund for retirement. As a Ltd Company, Corporation tax relief is currently granted on pension contributions as an allowable expense for business purposes. This rate of relief for most companies will

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Chris Moir

Staying Onside with the Taxman over Offshore Disclosures

By Chris Moir, head of trusts & estates at RMT Accountants & Business Advisors One of the recurring themes of the campaigning in the lead up to the recent General Election was the focus that all political parties promised they would have on maximising tax revenues if they were returned to office, especially where illegal

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Anthony Andreasen

DO YOUR RESEARCH ON R&D TAX RELIEF CLAIMS

By Anthony Andreasen, director at RMT Accountants & Business Advisors There’s no reason why UK – and indeed North East – companies shouldn’t be right up there with the best in the world when it comes to innovative research and technology. Thanks to the Government’s research and development (R&D) tax relief scheme for SMEs and

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