Stablecoins are currently taxed in the same way as other cryptoassets. However, this is set to change from April 2027, when eligible stablecoins are expected to be treated similarly to money for tax purposes. Why stablecoins? Stablecoins are currently dominated by US dollar-based products, with stablecoins worth over $300 billion in circulation. They are extremely […]
The law in England and Wales is moving a step closer to treating married and unmarried couples in a similar way. “Over 3.5 million couples live together without getting married or entering a civil partnership, a number that has more than doubled over the past three decades. Despite this, cohabiting couples and their children have […]
Although no date for its introduction has yet been announced, the government has recently provided some details for the new first time buyer individual savings account (FTB ISA), which is set to replace the lifetime ISA (LISA). Essential differences The LISA never garnered a large take-up, so its replacement has some fundamental changes: Target: The […]
The tax gap for 2024/25 sets another record at £59.2 billion, with small businesses accounting for some 62% of the taxes not collected. The tax gap is the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid. Upward trend The tax gap for 2024/25 represents […]
Owners of public houses have faced significantly higher bills for business rates from April 2026. To partly offset the increases, the government announced a 15% discount for the current year and has recently announced a 20% discount for 2027/28. The higher business rates costs have been generated as a result of a business rates revaluation […]
New data from HMRC shows how much the government relies on just four taxes. Source: HMRC The Labour Party went into the 2024 general election with pledges on four major taxes in its manifesto: “Labour will not increase taxes on working people, which is why we will not increase National Insurance, the basic, higher, or […]
HMRC are having to remind taxpayers that there is no deadline extension if a VAT return submission date falls on a weekend or a bank holiday. Due date reminder The due date for submitting quarterly VAT returns is one month plus seven days after the end of the quarter. So, for the quarter ending 30 […]
The Chancellor has announced a 10p per mile increase for the tax-free mileage rates, which can be paid to employees using their own cars for business purposes, with the increase backdated to 6 April 2026. Mileage rates The 10p per mile increase only applies to the first 10,000 business miles driven each tax year. This […]
Anyone confused or anxious about the inheritance tax (IHT) changes being introduced for pensions needs to be aware that scammers might try to target their savings. Changes to pensions From 6 April 2027, inherited pension funds will be subject to IHT unless inherited by a spouse or civil partner. Not surprisingly, scammers are using the […]
The cycle-to-work scheme remains uncapped after the November 2025 Budget, offering significant tax and National Insurance savings for employees and employers alike.