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Digital ID measures could block the gateway for 30-day CGT reporting

13 April 2021

HMRC’s digital identification processes are causing some taxpayers administrative headaches and delays for 30-day capital gains tax (CGT) reporting on UK property disposals. While ID checks are necessary, HMRC should consider the questions it asks on its Government Gateway account carefully, as current issues do not bode well for the digitisation of tax.

How Bitcoin fraudsters could leave you high and dry with HMRC

22 March 2021

The Bitcoin bull run shows no signs of slowing down, with its value soaring to an all-time high of $60,322 per coin earlier this month. Just one year ago, Bitcoin was trading at around $6,000. The perceived easy gains have attracted many new investors to the cryptocurrency scene. However, fresh money in the market means fresh opportunities for fraudsters, and investors face the prospect of limited sympathy from HMRC if things go awry.

What is the direction of travel for UK taxes

19 February 2021

The 3 March Budget will be a tight juggling act for the Chancellor, but tax increases are surely to be announced. Be ready with your plans if action is needed before the start of the new tax year.

‘Tis still the season to be gifting into trusts

22 December 2020

While last month’s focus may have been on the pile of presents under the tree on Christmas Day, it could be wise for those sitting on large capital gains to consider making further gifts past the holiday season. With the Chancellor’s Budget announcement scheduled for 3 March 2021 and rumours of wealth taxes and capital gains tax (CGT) increases, now is the perfect time to make a gift into trust and crystallise the current low CGT rates.

Capital gains tax: Get ready now for changes

18 December 2020

The OTS recently issued its first of two CGT reports in November. We share our thoughts on the report and provide reasons for business owners and investors to plan ahead of the upcoming changes.

When is a holiday lettings business not a business? A tax case shows that Parliament must resolve inconsistency

10 December 2020

An 81-year-old passed away having ran a holiday letting business in which he took great pride. Despite the business being treated as a trade for income tax and capital gains tax purposes, his daughter was denied inheritance tax relief on the basis that it was an investment business. This inconsistency in the law proves that reform is required.

Jack Deal

Director

Jack has spent his career advising independent businesses. Jack lead's RSM's rural group and accounting and business advisory team in the East of England. He specialises in independently owned farming businesses, landed estates and fast growing food and drink businesses.

Is 30-day CGT reporting being missed by conveyancers?

29 September 2020

Property sales are on the rise, but some sellers may be in for a nasty surprise if they don’t report and pay CGT (capital gains tax) on time. With most taxpayers unaware of the new rules, we ask whether conveyancers are posing the right questions. And could HMRC be doing more to help?

Zoe Martin

Partner

Zoe is a private client tax specialist based in our Swindon office.

Could the Chancellor’s CGT plan backfire?

15 September 2020

Recent press reports suggest that the Chancellor is considering a significant increase in Capital Gains Tax rates in the Autumn Budget in order to help fill the hole in the Treasury’s finances. If that is the Chancellor’s intention, he could be sorely disappointed by the level of tax receipts such an increase in rates could generate.

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