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