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| HMRC sends 'nudge letters' to crypto investors | |
HMRC has sent 'nudge letters' to crypto investors who it suspects have failed to pay the correct tax on their gains, according to the Chartered Institute of Taxation (CIOT).
Many crypto investors are unaware of their tax obligations due to uncertainty over tax rules and limited understanding of the nature of crypto assets.
A chargeable disposal occurs when an individual: | |
- Sells crypto assets for fiat currency
- Exchanges one crypto asset for another
- Uses crypto assets to buy goods or services
- Gives away crypto assets to someone other than spouse or civil partner (in this instance, the individual is deemed to receive the value of the asset even if they do not actually receive anything)
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Scrap fuel duty cut, says RAC | |
The 5p cut in fuel duty is due to be scrapped in the upcoming Autumn Budget, according to the RAC. The motoring organisation says that motorists in the UK are 'not gaining any benefit' and retailers have failed to pass on lower petrol and diesel prices to drivers. | |
Prime Minister Keir Starmer recently refused to rule out a rise in fuel duty and warned that the Autumn Budget will be 'painful'. The RAC suggested that average petrol prices should be reduced from 142p per litre to 136p per litre and diesel prices from 147p per litre to 139p per litre. | | | |
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| Advisory fuel rates for company cars | |
New company car advisory fuel rates have been published and took effect from 1 September 2024. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.
Please click below to read more about the advisory fuel rates. | | | |
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Latest guidance for employers | |
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HMRC has published the latest issue of the Employer Bulletin. The August issue has information on various topics, including: - Electronic payment deadline falls on a weekend
- P11D and P11D(b) for tax year 2023 to 2024
- Supporting employees with changes to the High Income Child Benefit Charge
- Pensions for seasonal temporary staff
- Getting your new employees on the right pay
Please click here to read the full Employee Bulletin. | |
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New UK-wide duty to prevent sexual harassment at work coming October 2024 | |
You’ve seen it in the press and you know it’s coming, but what does it really mean for UK SME employers? JCHR’s HR lead Bill Larke reckons this is one development employers should take note of: “Without a doubt we will see a ‘failure to take adequate steps to prevent sexual harassment’ increasingly commonly in tribunal claims, and if Judges agree that employers didn’t take adequate steps to prevent sexual harassment at work, any awards made against them will be increased by up to 25%.” | |
But actually preparing for the new duty, and accommodating it, is just good practice, and as Bill’s article describes meeting the new Code’s requirements won’t be difficult for employers to do. To read the article, click on the link below. | | | |
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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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