📣 HMRC's new disclosure route targets individuals with undeclared cryptoasset-related income or gains.
ℹ️ With nearly 5 million UK adults holding cryptoassets, HMRC urges disclosure by Jan 31, 2024. They've flagged activities like selling or gifting cryptoassets that could impact tax.
🔍Even long-standing investors need to review their crypto asset history as far back as 20 years.
⚠️ It's a proactive move to avoid potential HMRC inquiries and penalties. Stay informed and disclose to stay compliant!
ℹ️ With nearly 5 million UK adults holding cryptoassets, HMRC urges disclosure by Jan 31, 2024. They've flagged activities like selling or gifting cryptoassets that could impact tax.
🔍Even long-standing investors need to review their crypto asset history as far back as 20 years.
⚠️ It's a proactive move to avoid potential HMRC inquiries and penalties. Stay informed and disclose to stay compliant!
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🔄 In a recent move, HMRC addresses double taxation concerns in off-payroll working rules. Changes allow the set-off of tax and NICs paid by workers against deemed employer PAYE liability, promoting a fairer distribution of tax costs.
📅 Effective from April 6, 2024, the new policy prevents income from being taxed twice, streamlining settlement processes. Compliance cases nearing settlement may be paused for set-off consideration. The set-off approach reassures clients, ensuring a more equitable solution.
📅 Effective from April 6, 2024, the new policy prevents income from being taxed twice, streamlining settlement processes. Compliance cases nearing settlement may be paused for set-off consideration. The set-off approach reassures clients, ensuring a more equitable solution.
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🇬🇧 The UK tax authority, HMRC, is reaching out to around 12,000 businesses suspected of being foreign entities incorporated in the UK, potentially to dodge VAT on their UK sales. Online marketplaces like Amazon, eBay, and Etsy have been tasked with collecting VAT on sales by foreign traders since a legal change in January 2021. However, there are challenges as some traders are incorporating in the UK without a genuine presence, skirting the rules. 😬
📬In response, HMRC is sending "one-to-many" letters to businesses believed to be Non-Established Taxable Persons (NETPs), giving them a chance to confirm or dispute their NETP status. NET status means that online marketplaces must collect and remit VAT directly to HMRC for the business' supplies. NETPs must register for VAT regardless of turnover, and if businesses dispute their status, they have 30 days to provide evidence of a UK establishment.
📬In response, HMRC is sending "one-to-many" letters to businesses believed to be Non-Established Taxable Persons (NETPs), giving them a chance to confirm or dispute their NETP status. NET status means that online marketplaces must collect and remit VAT directly to HMRC for the business' supplies. NETPs must register for VAT regardless of turnover, and if businesses dispute their status, they have 30 days to provide evidence of a UK establishment.
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🔍 Tax rate scrutiny
Recent attention has been drawn to Rishi Sunak's tax returns, revealing that he paid a 20% tax rate on gains of £1.8 million. This has sparked debates about whether capital gains tax (CGT) rates are fair compared to income tax rates.
📈 Impact on investors
The revelation has led to discussions among investors and taxpayers about how CGT policies could affect their investment decisions and financial outcomes. Some are questioning the disparity between CGT rates and income tax rates, wondering if reforms are needed to ensure fairness.
Recent attention has been drawn to Rishi Sunak's tax returns, revealing that he paid a 20% tax rate on gains of £1.8 million. This has sparked debates about whether capital gains tax (CGT) rates are fair compared to income tax rates.
📈 Impact on investors
The revelation has led to discussions among investors and taxpayers about how CGT policies could affect their investment decisions and financial outcomes. Some are questioning the disparity between CGT rates and income tax rates, wondering if reforms are needed to ensure fairness.
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💼 Political attention
Despite CGT affecting a relatively small percentage of taxpayers, it has become a politically charged issue. Policymakers are considering potential reforms to CGT rates to address concerns about fairness and equity in the tax system.
🔮 What's next?
As discussions about CGT continue to evolve, it's essential for investors and taxpayers to stay informed about potential changes that could impact their financial planning and investment strategies. Keep an eye on updates and developments in CGT policy to navigate the tax landscape effectively.
Despite CGT affecting a relatively small percentage of taxpayers, it has become a politically charged issue. Policymakers are considering potential reforms to CGT rates to address concerns about fairness and equity in the tax system.
🔮 What's next?
As discussions about CGT continue to evolve, it's essential for investors and taxpayers to stay informed about potential changes that could impact their financial planning and investment strategies. Keep an eye on updates and developments in CGT policy to navigate the tax landscape effectively.
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You need to submit your Annual Tax on Enveloped Dwellings (ATED) return using the ATED online service.
You can start completing an ATED return online from mid-March, and can send it anytime between 1 April 2024 and 30 April 2024.
You can start completing an ATED return online from mid-March, and can send it anytime between 1 April 2024 and 30 April 2024.
How are the non-dom rules changing?
As part of the March 2024 Budget, Mr Hunt said the non-dom tax regime will be phased out.
From April 2025, people who move to the UK will not have to pay tax on money they earn overseas for the first four years.
After that period, if they continue to live in the UK, they will pay the same tax as everyone else.
Those people who currently have nom-dom status will be allowed a two-year transition period, during which they will be encouraged to bring their foreign wealth into the UK system.
The chancellor said getting rid of the non-dom status will raise £2.7bn a year by 2028/29.
As part of the March 2024 Budget, Mr Hunt said the non-dom tax regime will be phased out.
From April 2025, people who move to the UK will not have to pay tax on money they earn overseas for the first four years.
After that period, if they continue to live in the UK, they will pay the same tax as everyone else.
Those people who currently have nom-dom status will be allowed a two-year transition period, during which they will be encouraged to bring their foreign wealth into the UK system.
The chancellor said getting rid of the non-dom status will raise £2.7bn a year by 2028/29.
Corporation tax
The main rate of Corporation tax for businesses with taxable profits over £250,000 will remain at 25% until next election.
The main rate of Corporation tax for businesses with taxable profits over £250,000 will remain at 25% until next election.
The best way to pay voluntary National Insurance contributions
You have until 5 April 2025 to fill gaps in your National Insurance records dating back to 6 April 2006. After this deadline, you will only be able to make payments for the previous 6 tax years.
HMRC recommends using the ‘pay by bank account’ option online. This method is fast, secure, and helps prevent errors that could lead to delays. Payments made this way will typically be reflected in your National Insurance record within 5 working days.
You have until 5 April 2025 to fill gaps in your National Insurance records dating back to 6 April 2006. After this deadline, you will only be able to make payments for the previous 6 tax years.
HMRC recommends using the ‘pay by bank account’ option online. This method is fast, secure, and helps prevent errors that could lead to delays. Payments made this way will typically be reflected in your National Insurance record within 5 working days.
Action required — Identity Verification via GOV.UK One Login for Directors & PSCs
Hello,
We hope you are well. As part of the regulatory requirements for company directors and persons with significant control (PSCs), we are writing to ask you to complete the identity-verification process via GOV.UK One Login. Below is a summary of what you need to know and what you will need to do.
What is GOV.UK One Login?
GOV.UK One Login is the government’s unified sign-in service that lets you access certain government services with a single account.
When a service requires it, you will also need to prove your identity via One Login so that you are confirmed as the person you say you are.
Here is a good video: https://www.youtube.com/watch?v=r0qU_y1WUT0
Why this is relevant to you as a Director/PSC
From 18 November 2025, identity verification will be required for new and existing directors and PSCs of UK companies.
We therefore ask all directors / PSCs in our client companies to complete the One Login identity check as soon as possible, so that your records are compliant and filings are not delayed.
How you prove your identity
You have three main routes depending on what device/ID you have:
Using the GOV.UK One Login app
You will need one of the following photo ID types: UK passport; non-UK biometric passport; UK photocard driving licence; UK biometric residence permit (BRP) or biometric residence card (BRC); UK Frontier Worker Permit (FWP).
You will also need a smartphone with camera:
iPhone 7 or newer (iOS 15+) if using any ID other than a UK driving licence; or iPhone 6s+ if using a UK driving licence.
Android phone running Android 10 or higher.
The process will ask you to photograph your ID, scan any biometric chip (if your document has one), and take a selfie (“liveness” check) to confirm you are the same person as in the ID.
By answering online security questions (no scanning required)
If you prefer, you may instead answer online questions (for example about your bank or mobile contract) based on your credit record.
You will need to enter details of one of the following: UK passport; UK photocard driving licence; or a UK bank/current account.
At a Post Office branch (in-person route)
If you cannot use the app or questions method, you can start online then visit a participating Post Office branch. Your ID will be scanned and a photo taken. https://www.postoffice.co.uk/identity/govuk-one-login
Acceptable documents include UK or non-UK passports, UK/EU photo driving licences, biometric residence permits, etc.
After your visit you will receive an email with the result (usually within a day).
What you need to do next
Please set aside around 10 minutes to complete your identity verification via GOV.UK One Login. https://www.gov.uk/guidance/verify-your-identity-for-companies-house
Make sure you have your chosen photo ID to hand and a smartphone if you wish to use the app method.
We recommend you proceed as soon as possible so your verification is complete ahead of any forthcoming company filings.
Once your identity is verified via One Login, you will usually not need to prove your identity again for other government services that use the same system.
Please send us your Companies House personal code (XXX-XXXX-XXXX)
Our role and assistance
As your accountants, we recommend you complete this process promptly.
We will continue to monitor the regulatory deadlines and ensure that your company remains compliant with the identity verification requirements of Companies House.
Please treat this as a priority action and notify us once you have completed the verification. If you have any questions at all, feel free to get in touch.
Hello,
We hope you are well. As part of the regulatory requirements for company directors and persons with significant control (PSCs), we are writing to ask you to complete the identity-verification process via GOV.UK One Login. Below is a summary of what you need to know and what you will need to do.
What is GOV.UK One Login?
GOV.UK One Login is the government’s unified sign-in service that lets you access certain government services with a single account.
When a service requires it, you will also need to prove your identity via One Login so that you are confirmed as the person you say you are.
Here is a good video: https://www.youtube.com/watch?v=r0qU_y1WUT0
Why this is relevant to you as a Director/PSC
From 18 November 2025, identity verification will be required for new and existing directors and PSCs of UK companies.
We therefore ask all directors / PSCs in our client companies to complete the One Login identity check as soon as possible, so that your records are compliant and filings are not delayed.
How you prove your identity
You have three main routes depending on what device/ID you have:
Using the GOV.UK One Login app
You will need one of the following photo ID types: UK passport; non-UK biometric passport; UK photocard driving licence; UK biometric residence permit (BRP) or biometric residence card (BRC); UK Frontier Worker Permit (FWP).
You will also need a smartphone with camera:
iPhone 7 or newer (iOS 15+) if using any ID other than a UK driving licence; or iPhone 6s+ if using a UK driving licence.
Android phone running Android 10 or higher.
The process will ask you to photograph your ID, scan any biometric chip (if your document has one), and take a selfie (“liveness” check) to confirm you are the same person as in the ID.
By answering online security questions (no scanning required)
If you prefer, you may instead answer online questions (for example about your bank or mobile contract) based on your credit record.
You will need to enter details of one of the following: UK passport; UK photocard driving licence; or a UK bank/current account.
At a Post Office branch (in-person route)
If you cannot use the app or questions method, you can start online then visit a participating Post Office branch. Your ID will be scanned and a photo taken. https://www.postoffice.co.uk/identity/govuk-one-login
Acceptable documents include UK or non-UK passports, UK/EU photo driving licences, biometric residence permits, etc.
After your visit you will receive an email with the result (usually within a day).
What you need to do next
Please set aside around 10 minutes to complete your identity verification via GOV.UK One Login. https://www.gov.uk/guidance/verify-your-identity-for-companies-house
Make sure you have your chosen photo ID to hand and a smartphone if you wish to use the app method.
We recommend you proceed as soon as possible so your verification is complete ahead of any forthcoming company filings.
Once your identity is verified via One Login, you will usually not need to prove your identity again for other government services that use the same system.
Please send us your Companies House personal code (XXX-XXXX-XXXX)
Our role and assistance
As your accountants, we recommend you complete this process promptly.
We will continue to monitor the regulatory deadlines and ensure that your company remains compliant with the identity verification requirements of Companies House.
Please treat this as a priority action and notify us once you have completed the verification. If you have any questions at all, feel free to get in touch.
YouTube
Understanding identity verification for Companies House
From 18 November 2025, identity verification becomes a legal requirement. This date is not a deadline. It marks the start of a 12-month transition period, giving your company time to make sure all directors and people with significant control (PSCs) have…