Streets Chartered Accountants covers crypto tax reporting, the full expensing tax break, the importance of recognising colleagues during the festive season, and more in its latest monthly news roundup.
It is all change for cryptocurrency tax reporting, but help is on handOn the 29th of November His Majesty’s Revenue and Customs, HMRC, launched a new campaign to pursue unpaid tax from crypto investors. The campaign seeks to encourage individuals to come forward and disclose any unpaid tax on crypto assets including exchange tokens, NFTs and utility tokens. In part, the approach highlights their concern that many crypto assets owners are seemingly unaware of the responsibility and requirement to disclose and report taxable gains.
Staff are not just for ChristmasIn the run up to Christmas many business directors, owners and managers will hopefully have or be looking at potentially sharing in the festive spirit through making gifts to their staff and/or even having a Christmas party. A bit like family and friends gifting, the nature or choice of a gift will mostly likely be based on what might have been given in the past, even the same gift each year along with affordability of the same. To a great extent when it comes to businesses the decision as to what they give their staff may in part be pre-determined by the tax treatment of any gifts.
Making more than an entrance, with Stuart Burlton
This episode of The Streets Sessions features Stuart Burlton, MD of Make An Entrance, the UK’s largest manufacturer and retailer of coir matting and direct sales logo matting. Find out how this inspirational family business has changed from a sales and marketing operation to that of a leading manufacturer with plans for international reach. The episode also takes time out to learn more about Stuart’s role with the Federation of Small Businesses as a member of its scrutiny body as well as his passion for supporting the Federation.
Tax breaks including full expensing, capital allowances and help with funding for equipment and machineryThe Full expensing tax break for Limited Companies, which allows businesses to deduct spending on new and unused machinery and equipment from profits, was made permanent in the Autumn Statement. Companies can write off the entire cost of investment in one go, giving rise to a tax cut of up to 25p for every £1 invested. For example, a company incurring £1.5m on new machinery can deduct the entire amount in the tax year of purchase, potentially saving £375,000 in tax if taxed at the main Corporation Tax rate of 25%.
