A new report reveals that 562 million people globally now own digital currencies, an increase from 420 million in 2023, making up 6.8% of the world’s population. Asia is at the forefront of this growth, with North America close behind. Overall, cryptocurrency adoption is rising worldwide, with notable increases seen across all continents.

HMRC has made several important updates to its trust registration service manual including adding new sections on penalties, data requests and discrepancy reporting. ICAEW’s Tax Faculty highlights the key changes.

HM Revenue and Customs is reforming late-filing and payment penalties to make them fairer and more consistent across taxes. The first stage of these reforms was set to come into effect early this year. However, on January 13, 2022, HMRC postponed the effective dates by nine months to one year.

Eight new freeports offering significant tax incentives will start operating across England by the end of 2021. ICAEW’s Tax Faculty is hosting a free webinar for its members outlining the potential benefits and pitfalls for businesses.

HM Revenue and Customs has recently issued new guidance on the Stamp Duty Land Tax (SDLT) on non-resident buyers of residential property in England and Northern Ireland.

From April 1, 2021, different rates of Stamp Duty Land Tax (SDLT) will apply to those who purchase residential property in England and Northern Ireland if they are not resident in the UK.

The rates are two percentage…

Low-income families have long relied on tax refunds to catch up on bills, cover medical needs and pay down debt

The European Union has released its Winter 2021 Economic Forecast, which says that Brexit will dent UK economic growth considerably, and more than for the European Union, despite the new free trade deal between the two parties.

HM Revenue & Customs (HMRC) has announced that it will waive fines for self-assessments that miss the 31 January deadline, as long as they are filed online by 28 February.

The UK Government is inviting input on the tax challenges associated with the rise of the sharing economy

HM Revenue and Customs has confirmed that UK businesses who wish to pay their deferred VAT liabilities in installments will be able to decide a payment schedule early next year.