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| HMRC sends warning to cryptoasset users | |
As the use of cryptoassets continues to grow HMRC is warning people to check if they need to complete a self assessment tax return for the 2022/23 tax year to avoid potential penalties.
Anyone with cryptoassets should declare any income or gains above the tax-free allowance on a tax return. | | | |
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| Government borrowing falls as Chancellor hints at tax cuts in Spring Budget | |
Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget. The Office for National Statistics (ONS) data revealed that government borrowing for last December was around half of that borrowed in December 2022. Read more here. | | | |
We are holding an online briefing seminar on 7 March at 9.30am at which our tax experts will look behind the headlines and reflect on the real effects the Spring Budget will have on both companies and individuals and how your approach to tax planning could be adapted under these new legislative changes. | |
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| Only a third of UK adults confident with self assessment | |
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Just 35% of UK adults are confident they could complete the self assessment tax return form correctly, according to research by Standard Life.
Three in ten UK adults admit they do not feel confident they could complete the form correctly. A further 18% said they felt neither confident nor unconfident while 17% were not sure.
The research highlighted a widespread lack of awareness around self assessment timings, with more than half not knowing when the deadline for filing is. | |
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VAT Tribunal: if looks and tastes like a crisp, it is a crisp! | |
In a recent landmark decision, the First Tier VAT Tribunal made a resolute ruling regarding Walkers mini poppadoms from their "Sensation" range. Contrary to Walkers' claim of zero-rating as food, the Tribunal classified these mini poppadoms as standard rate crisps, aligning them with other confectionery and snacks. | | | |
The written verdict humorously emphasised that the name of a product does not always accurately describe its nature, drawing an entertaining analogy with Monster Munch not being exclusive to monsters. | |
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Working from home is less efficient, declares an employment tribunal… | |
In the case of Wilson Vs the Financial Conduct Authority, Mrs Wilson was already working from home and had exemplary appraisal ratings while doing so, so why, she argued, should she not be allowed to continue working entirely from home? Our payroll and HR outsourcing service, JCHR reveals the 6 specific reasons her employer used to convince a tribunal that Mrs Wilson should spend some time in the office. | | | |
Find out more in our latest article which looks into this case as well as the implications for employers trying to encourage more office attendance, by clicking here. | |
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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