Cryptoassets can create unexpected tax liabilities. HMRC’s guidance highlights several areas where mistake can be made.
Assuming crypto-to-crypto exchanges are tax-free. Exchanging one type of cryptoasset for another can count as a disposal for Capital Gains Tax (CGT) purposes.
Forgetting that
Businesses using the Trader Support Service (TSS) to move goods between Great Britain and Northern Ireland need to prepare for a new platform launching soon. From 20 October 2026, all goods movements must be submitted using the new TSS platform.
Businesses are being asked to pre-enrol before the
HMRC has published an updated list of deliberate tax defaulters. The list includes individuals, businesses and companies, detailing the amounts on which penalties are due and the exact penalties charged.
The details of a tax defaulter will be held on HMRC’s website for a maximum of 12 months from
Businesses importing certain carbon-intensive goods into the UK will face a new carbon tax from 1 January 2027, when the Carbon Border Adjustment Mechanism (CBAM) comes into effect.
CBAM will apply to specified goods imported from outside the UK in the aluminium, cement, fertiliser, hydrogen, and
The tax treatment of some crypto assets is set to change under draft legislation for Finance Bill 2026-27. The proposed changes include new rules for qualifying stablecoins, crypto asset loans and liquidity pools.
Eligible stablecoins are expected to be treated more like money for Capital Gains Tax
The tax rules concerning what constitutes a distribution for tax purposes have remained largely unchanged since Corporation Tax was introduced in 1965. HMRC has recently published a consultation looking at possible changes to bring the rules more closely into line with modern commercial
If you become liable to pay a tax or register for a tax that HMRC has not already been informed about, you must notify HMRC within the relevant time limit. Failing to do so can result in a financial penalty in addition to the tax and any interest due.
A failure to notify can arise in a range of
What happens if you discover a mistake on your tax return? The good news is that errors can usually be corrected, but it is important to take action as soon as possible to avoid paying the wrong amount of tax or missing out on a possible refund.
If you realise that you have made an error after
After submitting your self-assessment return it is important to keep your records used to prepare the return. HMRC may ask to check your return, so it is important to keep the supporting documents and information used to complete your tax return.
There are no specific rules on how records must be
Most people are aware that cash donations to a charity can qualify for tax relief. However, it is less well known that gifts of land, property and qualifying shares can also provide valuable tax advantages.
If you donate land, property or shares to a UK charity, or sell them to a charity for less