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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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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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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

AVOIDING A TAXING CHRISTMAS

By Anthony Andreasen, director at RMT Accountants & Business Advisors While the temperatures have generally stayed on the warm side of balmy during October, the arrival of both shorter days and enormous amounts of festive merchandise in Tesco’s can only mean that Christmas is on its way. While the tax implications of the season of

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Tax breaks for charitable giving

There are a wide range of tax reliefs available for charitable giving. However, to obtain the reliefs, make sure the charities are registered. This article considers some of the most popular reliefs available and includes details of the forthcoming changes proposed by HMRC.

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Capital Allowances

Capital allowances permit businesses to write off the cost of capital assets, such as plant and machinery, against their taxable income. They take the place of commercial depreciation, which is not allowed for tax. Annual Investment Allowance (AIA) For the period up to 1 January 2013 the first £25,000 of the year’s investment in plant

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