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As anyone who files an annual tax return will know, the deadline for 2020-2021 self-assessment tax returns is approaching. However, not everyone is aware that they also have to declare COVID-19 grant payments on their tax return. This is the first year that these taxable grants must be included.

While over 6 million taxpayers have already submitted their tax returns, anyone who needs extra time to file and pay can do so without worrying about late fees. HMRC is helpfully waiving late payment penalties for a month – so you have a few extra weeks to organise your tax returns.

Student loans are a big concern for students and their families, but there are many misconceptions about this type of debt. When it comes to borrowing money, the normal approach is to self-fund where possible, and if you really must take out a loan, to pay it off in full as soon as you can.

However, when it comes to student loan repayments, the normal debt rules don’t apply. The loan is the better choice rather than self-funding tuition fees, and it’s not worth trying to pay off a student loan early. Let’s look into the way student loans operate and how you should manage them.

With estimations of more than two million holders of cryptoassets in the UK, many of these people might wrongly believe that their crypto transactions are tax-free. Unfortunately, this isn’t the case, as most crypto sales and exchanges are actually eligible for some level of Capital Gains Tax (CGT).
For this reason, HMRC has been sending out advisory letters to taxpayers who they believe hold cryptoassets. If you own any type of crypto token, or are interested in holding them in the future, then read on to learn more about the tax implications of buying and selling cryptoassets in the UK.

After proposed changes to Universal Credit (UC) in the Autumn Budget 2021, the improvements came into effect last month. From December 2021, workers claiming UC will be able to keep more of their earnings, and some higher rate taxpayers could be eligible for the benefit for the first time.

As part of the UK government’s agenda to increase investments in deprived communities, the first 11 designated tax sites from a list of eight planned freeports are up and running. This includes sites alongside the Thames, Tees, and Humber rivers and estuaries, plus several in East Suffolk.

Like enterprise zones, the purpose of freeports is to increase opportunities for employment and economic development in previously underdeveloped areas, which will also boost the overall UK economy. Let’s take a look at the advantages of freeport designated tax sites and where they’ll be.

Back in September 2021, the UK government’s first Autumn Budget in three years suggested that there would be no new Inheritance Tax (IHT) reforms and minimal Capital Gains Tax (CGT) reforms.

Following the second Tax and Administration Maintenance Day of 2021, on 30th November, the government responded to reviews of the tax system by the Office of Tax Simplification (OTS).

In a letter addressing the recommendations for updating Capital Gains Tax (CGT) and Inheritance Tax (IHT), the UK government accepted several CGT changes, and upheld an earlier objective to amend the Excepted Estates regulations for estates that are exempt from IHT from January 2022.

Read on to learn more about the new rules for CGT and IHT, and when they come into effect.