Background When an investor realises the value of a crypto asset and makes a profit they may be required to report this on their Self Assessment tax return and pay Capital Gains Tax (‘CGT’) by the 31 January following the end of the tax year. From 1 January 2026, UK crypto holders will have to provide personal details to crypto service providers...
Muras Matters: July 2025 Self-Assessment Payment on Account
Background Taxpayers registered under Self Assessment will need to make their second payment on account for the 2024/25 tax year by the deadline of 31 July 2025. HM Revenue & Customs (HMRC) generally issue Self Assessment statements as a reminder of the payment they are required to make by 31 July and individuals will recently have started receiving these in the post. However,...
Muras Matters: Beneficial Loan Interest Increased by HMRC
Background Where a loan is provided to a director or an employee by their company, interest free or below the official rate of interest, then a Benefit In Kind (BIK) can arise on loans above £10,000. The BIK is calculated on the loan at the ‘beneficial rate’, less any actual interest paid by the individual. HM Revenue & Customs (HMRC) has increased the...
Muras Matters: Class 2 National Insurance Contributions Calculation Errors by HMRC
Background Class 2 national insurance contributions (NIC) are payable by sole traders and partners in a partnership as part of their self-assessment tax return submission and help build entitlement to certain benefits and the state pension. For the 2024/25 tax year class 2 NICs are not required for those sole traders or partners in a partnership with profits in excess of £6,725. However,...
Muras Matters: Winter Fuel Allowance Payments To Be Recovered via Tax System
Background The government announced last week that winter fuel payments will be reinstated this year for all pensioners in England and Wales with an income of £35,000 or less per annum. This represents a U-turn from last year when the decision was made to limit winter fuel payments to only those pensioners in receipt of pension credits. The tax-free payments will automatically be...
Muras Matters: HMRC Targets Persons With Significant Control
Background Last year as part of its one-to-many letter campaigns, HM Revenue and Customs (HMRC) wrote to persons with significant control (PSC) who had not filed a tax return or they suspected may not have declared all their income. HMRC is now again writing to individuals identified as having significant control over a company to check if they have declared all of...
Muras Matters: Company Cars Changes to Advisory Fuel Rates
This Bulletin is aimed at company car drivers (and their employers) who are not provided with fuel for private mileage HM Revenue and Customs (HMRC) have updated their advisory fuel rates for company cars with effect from 1 June 2025. The rates are intended to give guidance to employers about what is an acceptable fuel allowance to reimburse employees for use of...
Muras Matters: Employment Related Securities – Annual Reporting
Background Where an individual acquires or receives a security in a company, either in the form of shares or other type of security, by virtue of their employment then it falls under the legislation of Employment Related Securities (“ERS”). Companies have a requirement to report to HM Revenue & Customs (HMRC) in respect of almost all share and securities acquisitions in any circumstances by a director, company...
Muras Matters – Mandatory Payrolling of Benefits In Kind Delayed
Background The government have recently announced that the introduction of mandatory payrolling of benefits in kind (‘BIK’) which had been due to start from 6 April 2026 has now been delayed until 6 April 2027. In addition, there will be no penalties during the first year of operation, except for any gross abuse of the system. The delay follows the raising of concerns...
Muras Matters: Tax on Residential Property Owned by a Company
This Bulletin is aimed at limited companies who own, develop or let residential property Annual Tax on Enveloped Dwellings (ATED) The ATED charge is a tax on residential property which is owned through a corporate vehicle. It was introduced in 2013 primarily to prevent non-resident investors from avoiding Stamp Duty by owning their UK residence through a company. The legislation is drafted...