Robert Langston (Saffery Champness) considers new HMRC guidance that provides some clarification, although there are still areas that are left open.
On 1 November 2019 HMRC published its guidance on the tax treatment of cryptoassets for businesses (see bit.ly/2NvI5Bs). This follows the publication last year of the guidance for individuals (bit.ly/2WSodvi).
As with the guidance last year HMRC has engaged with advisers and professional bodies and the guidance largely reflects the output of this engagement. This means that the guidance is practical and in line with the views of the profession.
Scope
The new guidance covers a variety of business tax issues including corporation tax and income tax (which would be relevant to self-employed individuals). It also applies to partnerships in which companies or individuals may be members: we have seen a number of partnerships set up for...
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Robert Langston (Saffery Champness) considers new HMRC guidance that provides some clarification, although there are still areas that are left open.
On 1 November 2019 HMRC published its guidance on the tax treatment of cryptoassets for businesses (see bit.ly/2NvI5Bs). This follows the publication last year of the guidance for individuals (bit.ly/2WSodvi).
As with the guidance last year HMRC has engaged with advisers and professional bodies and the guidance largely reflects the output of this engagement. This means that the guidance is practical and in line with the views of the profession.
Scope
The new guidance covers a variety of business tax issues including corporation tax and income tax (which would be relevant to self-employed individuals). It also applies to partnerships in which companies or individuals may be members: we have seen a number of partnerships set up for...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
