Tax management benefits are peace of mind for the entrepreneurs,
knowing that their tax affairs are managed, filed timely and financial provisions are made to ensure that what is due to Caesar is rendered unto Caesar.
In short, every business, whether incorporated or not, must take appropriate steps to ensure that its affairs and accounting records are structured in a manner that will enable it to comply with its statutory tax reporting obligations. A company must file a tax return within 12 months after the end of its accounting period in the UK. However, if it has a liability to pay tax, that liability must be paid within 9 months and 1 day after the end of its accounting period. Thus, careful tax management is essential.
What is the objective of tax management?
Cryptoassets and underpinning them distributed ledger technology
have attracted significant attention globally. Spread of transactions
with cryptoassets caused countries to develop their own strategies in the legal regulation and tax treatment of cryptoassets and dealings with them.
This article provides an overview of cryptoassets and the underlying
technology, represents the main activities with cryptoassets focusing
on cryptocurrencies, i.e. Bitcoin, Litecoin and equivalents. Despite the absence of their support by central banks or other central bodies
cryptocurrencies are commonly used as means of exchange or for
The nature of cryptocurrencies and the types of transactions with
them determine their tax treatment. The article considers the
position of HMRC that denies the recognition of cryptocurrency as of
currency or money and highlights the intangible nature of
A globally coordinated day of action to put a stop to the suspected facilitation of offshore tax evasion has been undertaken this week across the United Kingdom (UK), United States (US), Canada, Australia and the Netherlands.
The action occurred as part of a series of investigations in multiple countries into an international financial institution located in Central America, whose products and services are believed to be facilitating money laundering and tax evasion for customers across the globe.
It is believed that through this institution a number of clients may be using a sophisticated system to conceal and transfer wealth anonymously to evade their tax obligations and launder the proceeds of crime.
Eating out can take several different forms:
- Taking clients out for meals
- Buying refreshments for yourself
- Meeting clients/contacts for coffee
- Taking you staff out for meals/down the pub
Unfortunately slightly different tax rules apply to each.
Buying Refreshments For Yourself
The rule here is that if the food/drink is associated with travel then it is allowable. So, if you travel to London and stay the night in a hotel for the purposes of business, your evening meal is subsistence and so is a deductible expense. Read More
The government are concerned that a small number of businesses choose not to pay the tax they owe or seek to unfairly reduce their tax bill. One of the ways available to HMRC to tackle this is the power to require high-risk businesses to provide an upfront security deposit where there is a serious risk of non-compliance. Currently, these powers only apply to certain taxes and duties, but the non-compliant behaviours which warrant security action will be typically found across other aspects of these businesses’ tax affairs. Read More
Your home is exempt from Capital Gains Tax (CGT) when you sell it, In contrast, buy to let properties sold at a profit are liable to CGT. However, in certain circumstances, some or all of the gain on a let property is also tax free. This works best when you let a property which used to be your home, for example you trade up but keep your old house, or a couple move in together and keep both houses, one of which they decide to let. However it can also apply if you acquire a property, let it for a few years and then decide to move into it. Read More
The speed and scale of the changes caused by digitalisation have had implications for the UK tax system especially in respect of corporation tax, where the development of certain business models has challenged the understanding of how and where companies create value and ultimately how that value is taxed.
At the Autumn Budget 2017 the government set out its initial position on the issue underlining the principle which underpins the international corporate tax system that the profits of a business should be taxed in the countries in which value is created. The government were concerned that this principal was being challenged by certain digital businesses and the paper published in November 2017 sought to address that question, by assessing three possible challenges that have been put forward: Read More
The realisation of intangible fixed assets (IFAs), contained in Ch 4, Part 8, CTA 2009, broadly expects the profit and loss on the disposal of the IFA to be computed by reference to the proceeds of realisation for accounting purposes. In an arm’s length cash transaction this would normally be the amount received subject to an arm’s length or market value adjustment.
For non-cash transactions involving the transfer of IFAs between related parties, the amount recognised on disposal should be equivalent to the cash that would be received in a market value transaction. Read More
The Securities and Exchange Commission obtained a $58 million judgment against a UK and Canadian resident charged with perpetrating a multi million-dollar, international pump-and-dump scheme involving the stock of Jammin’ Java Corp., a company that used trademarks of the late reggae artist Bob Marley to sell coffee products.
The final judgment against Wayne Weaver, entered on October 2, 2017, permanently enjoins Weaver from violating Section 5 of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Section 13(d) of the Exchange Act and Rules 13d-1 and 13d-2 thereunder; permanently bars Weaver from participating in penny stock offerings; and orders Weaver to pay disgorgement of $26,371,585, prejudgment interest of $5,221,809, and a civil penalty of $26,371,585, for a total of $57,964,979. On September 15, 2017, Weaver filed a notice of appeal.
According to a report published by the United Nations, Department of Economic and Social Affairs, the number of Americans living in the United Kingdom was estimated at 212,150 in 2015. This represents a sizable group of Americans living in just one foreign country.
If you drive a personal vehicle for business purposes, the business mileage deduction is a great way to save money on your tax bill. But the HMRC won’t just take your word for it, it needs proof. Here’s what the HMRC will want in your mileage log.
Our mission is to make dreaded tasks like mileage tracking easier, even delightful, so you can focus on what matters. That’s why we’re happy to say we’ve launched MileIQ for the United Kingdom. U.K. residents can now rely on MileIQ to automatically track, log and calculate the value of drives for tax or business purposes.