WSM Blog

Cryptocurrency Gains are not tax free

The Association of Taxation Technicians (ATT) has issued a warning to individuals who have been investing or trading in cryptoassets to make sure that any tax consequences are reported to HMRC.

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Planning for MTD

Making Tax Digital (“MTD”) is a relatively new acronym for small business and for all tax payers but it represents a significant change in how we will all be recording and return or VAT, income tax and corporation tax information. And it starts three days after Brexit.

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Communication with Management is the key

Auditors have a duty and responsibility to report their audit findings to those charged with governance in accordance with the International standards on auditing (ISA) 260. This is typically presented in a management letter or discussed at the finalisation meeting.

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Cleansing Mixed Fund Accounts

On 6 April 2017 a major regime change came into force affecting the way that UK resident non-domiciles are taxed. The impact of the changes meant that some non-domiciled individuals became deemed domiciled on 6 April 2017.

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Dividends – Legal and Illegal

One of the benefits of operating through a limited company is that it gives the owner managed company an opportunity for the director/shareholders to extract profits out of the company tax efficiently.

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People and Charities

Charities are continually faced with rising costs and increased burden from compliance with the law, particularly the smaller charities. There is huge responsibility placed on the trustees to ensure the charity complies with the law and for them to make the best decisions in the interest for the charity and the public.

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State Aid Approval of EMI Share Options

Smaller and early stage companies are often cash constrained and less able to pay salaries than larger organisations, and the generous use of share options allows these companies to compete with larger organisations for key staff.

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Thinking of giving your home away? Think again!

People often ask about the benefits of giving their properties to family members before they die to avoid the clutches of the taxman, but experts have warned that certain pitfalls could result in you paying more than you save.

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Employees in Insolvency

Sometimes, when a business is facing insolvency, many of the most significant creditors can be employees of the business, particularly if there is a history of long service. This can be of great concern not only to the employees themselves, but also to the owners of the business who do not wish to see their loyal staff members facing their own financial strife as a result of losing their employment.

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Early action is the key

In conjunction with the Institute of Chartered Accountants in England and Wales (ICAEW), WSM Marks Bloom have produced a guide to restructuring and insolvency, the emphasis of which is that early action is the key to avoiding or surviving financial difficulties. The guide is about how to cope with difficult situations, recognising issues early when they arise, and seeking the right advice at the right time from the right professionals.

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