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HMRC launches cryptoassest tax disclosure service
HMRC has rolled out a new initiative enabling taxpayers to voluntarily disclose unpaid tax on cryptoassets covering exchange tokens, non-fungible tokens, and utility tokens. The tax authority has initiated contact with selected taxpayers engaged in cryptoasset transactions who may not have fulfilled their tax obligations. Taxpayers must report transactions incurring capital gains during the 2022/23…
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SME’s missing out on balance interest
Small business owners could alleviate pressure on their cashflow by paying more attention to business savings interest, according to a report. Aldermore polled 950 SME owners and sole traders and found that 62% are earning no interest on their business savings at all. Over half (53%) are earning less than £300 a year in interest…
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R&D tax relief – what you need to know
A guide to the tax relief available to innovative SMEs. Research and development (R&D) tax relief for small companies provides an enhanced deduction for the costs of qualifying R&D projects. R&D tax relief for large companies is given as an expenditure credit in the company’s profit and loss account before the tax charge is…
