Michael Burris

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Crypto Staking in the UK and its Tax Implications

Leave a Comment / Business, crypto /

What is Crypto Staking? Crypto staking involves locking your cryptocurrency in a blockchain network to validate transactions and earn rewards. This process, common in proof-of-stake blockchains like Ethereum, generates additional crypto as staking rewards. How Does HMRC Classify Crypto Staking? HMRC typically classifies crypto staking as an investment activity, not a trade. This means: Staking […]

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Tax Regime end of Furnished Holidays, Things to know

Leave a Comment / Business, Contractor, Landlords Accountant, Self Employed, Tax Return 2024 /

In October 2024, HMRC announced the abolition of the furnished holiday lettings tax regime. This significant policy change is set to take effect from April 2025, marking a pivotal shift in how short-term rental properties are taxed within the UK property business landscape. The new regulations aim to align the tax treatment of furnished holiday

Tax Regime end of Furnished Holidays, Things to know Read More »

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Manage Restricted and Unrestricted Funds for UK Charities

Leave a Comment / Charity Accounts, Self Employed /

Effective management of restricted and unrestricted funds is essential for UK charities to maintain financial health, comply with regulatory standards, and uphold donor trust. Mismanagement can lead to penalties or reputational damage. This guide outlines the best practices for segregating and reporting these funds while ensuring compliance with UK charity regulations. Understanding Restricted vs. Unrestricted

Manage Restricted and Unrestricted Funds for UK Charities Read More »

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Affordable Accounting from AAT-Registered Accountants

Leave a Comment / Business, Charity Accounts, Contractor, crypto, e-Commerce Accountants, Landlords Accountant, Self Employed, small business, Tax Return 2024, UK VAT /

When it comes to managing finances, finding an affordable accountant who still delivers competent, reliable service can make a big difference to your bottom line. However, not all “cheap” accountants are created equal. If you’re looking for budget-friendly accounting services, an AAT-registered accountant can provide exceptional value without high costs. AAT (Association of Accounting Technicians)

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How to Recover UK Tax When Leaving the UK Mid-Tax Year

1 Comment / Business, Contractor, Landlords Accountant, small business, Tax Return 2024, UK VAT /

If you’ve been working in the UK as an employee and had tax deducted from your pay, but you’re planning to leave the UK partway through the tax year, you might be eligible to reclaim some of the tax that was taken from your earnings. The UK operates a “pay as you earn” (PAYE) system

How to Recover UK Tax When Leaving the UK Mid-Tax Year Read More »

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Director Loan Accounts and Section 455 Explained

Leave a Comment / Business, Charity Accounts, Contractor, e-Commerce Accountants, Landlords Accountant, small business /

Discover how Director Loan Accounts work and what Section 455 tax means for UK business owners. Learn key rules, repayment timelines, and tax implications. Outline What is a Director Loan Account? Types of Director Loan Accounts What is Section 455 Tax? How Section 455 Tax Works? Example of Section 455 Tax Interest on Director Loans

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Simplified Expenses for UK Taxpayers: What You Can Claim

Leave a Comment / Business, e-Commerce Accountants, Self Employed, small business, Tax Return 2024, UK VAT /

If you’re self-employed or run a small business in the UK, managing your expenses is an important part of saving money on taxes. One way to make this easier is by using simplified expenses. These are flat rates set by HMRC, so you don’t have to work out exact costs or keep loads of paperwork.

Simplified Expenses for UK Taxpayers: What You Can Claim Read More »

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Implication of Making Tax Digital on Income Tax

Leave a Comment / Business, e-Commerce Accountants, Landlords Accountant, Self Employed, Tax Return 2024, UK VAT /

That is all about to change with the development of the country toward a more digitized economy and how taxes are managed; that surely will change the face of obligation for all self-employed workers and small-scale businesses. The scheme involved is Making Tax Digital, which would give face to a new manner of filing tax

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Should you voluntary register for VAT?

2 Comments / Business, e-Commerce Accountants, Landlords Accountant, Self Employed, Tax Return 2024, UK VAT /

Outline Should you voluntary register for VAT? What is VAT? Voluntary VAT Registration Benefits of Voluntary VAT Registration Disadvantages of Voluntary VAT Registration How to Register for VAT Working out VAT Returns Conclusion FAQs (Frequently Asked Questions) Should you voluntary register for VAT? Put simply, VAT happens to be a major factor in UK business

Should you voluntary register for VAT? Read More »

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