Cryptocurrencies, such as Bitcoin, are a type of electronic cash; designed to stand apart from any government or bank they work through a computer network. Records confirming Individual ownership of the ‘coins’ are stored in a digital ledger with secure transaction records. Coins can be bought or sold with other currencies, used to purchase goods from sellers who are

Plastic packaging tax – who is liable?  Plastic packaging tax is a new tax that comes into effect from 1 April 2021. The tax has a green agenda – its aim is to reduce the amount of plastic packaging that does not contain at least 30% recycled plastic.  Liability  The tax applies to packaging that

Allocating income for tax when property is jointly owned Property that is jointly-owned may be let out. As people are taxed individually, the income must be allocated in order to work out the tax that each joint owner is liable to pay. The ways in which income from jointly-owned property is taxed depends on the

Last reviewed: November 2026 Under the Construction Industry Scheme (CIS), contractors take money off subcontractors’ payments and pass it to HMRC as an advance on the subcontractor’s tax and National Insurance. It covers most building, civil engineering and property work. Subcontractor status Deduction from labour Registered for CIS 20% Not registered 30% Gross payment status

Changing company accounting periods – the implications  The usual method of incorporation is via Companies House WebFiling or Company Formation Agent (although paper submissions are still accepted). If incorporating via WebFiling there is the added benefit of HMRC automatically being notified by Companies House when a new company has been formed. HMRC will then usually issue a