Bitcoin reached its peak in December 2017 at nearly $20,000. Just five months before in July 2017 it was trading at $3,000. Now, nearly seven months later, the value has dropped over half. Bitcoin, and other cryptocurrencies, are new forms of electronic money, completely free of government control. Read more on bitcoin and taxes here.
As customs and tax collectors are pre-occupied with finalising Brexit, the roll out of new digital tax system known as âMaking Tax Digitalâ has been delayed by HMRC. Making Tax Digital is a scheme designed to simplify the management of individual and business tax payments. The digitalisation of the yearly tax return hopes to phase out the traditional self-employed tax return scheme.
Recently, a number of our offices have taken questions surrounding HRMC's "Making Tax Digital" initiative. One of the most commonly asked questions is, "how will Making Tax Digital affect my small business?". We will discuss the HMRC initiative and address that very question and take a look a case study, showing you that moving your tax affairs online can be a simple process and managed quite easily by your local TFMC accountancy office.