The difficulty in dealing with partnership taxation is that there are no separate rules and those present are not located in one place. What rules there are have not been updated for over 40 years, making it difficult to get an overview of the tax position. Partnerships are governed by the Partnership Act 1890, which […]
Cryptocurrency is a complicated concept and the following text gives HMRC’s view on the basic rules. Modern cryptocurrencies were first described in 1998 but the concept fully emerged in 2008 with the release of a white paper explaining their foundations. The first cryptocurrency was Bitcoin but since 2008 the market has expanded to include other
Most taxpayers know that they must adhere to a rigid timetable for the submission of tax returns and claims, otherwise either penalties are levied or the claim is refused. Taxpayers are also restricted as to the number of years they may go back to seek relief from an overpayment after making an error or mistake
A self-invested personal pension (SIPP) can be an attractive option for saving for retirement and is one that is popular with company directors. Under a SIPP, you can choose and manage your investments yourself, or you appoint a financial adviser to manage a SIPP on your behalf. The range of investments that can be held
If you run your property business from home, you may wish to use simplified expenses to claim relief for associated household costs. You can also use simplified expenses to disallow the private element if you live in your business premises, as may be the case if you run a B&B. You can only use simplified
