Crypto remains a popular investment, with HMRC’s interest in crypto investors continuing to rise. On 10 November 2023, the UK agreed a joint statement with 48 countries to help combat criminals using crypto-assets to evade and avoid billions in missing tax.

We have started to see an increased level of activity from HMRC and its latest campaign focusing on the charity and not for profit sectors. However, in respect of the intermediaries legislation (commonly referred to as IR35), the transition of responsibility from worker to engager, as far as HMRC is concerned, did not go smoothly.

The latest edition of our Corporate and Private Client eNews is now available to download.

The Chancellor, Jeremy Hunt, unveiled his Autumn Statement for growth on 22 November 2023. Below, we look at the Class 1 National Insurance Contribution (NIC) changes that were announced as part of Mr Hunt’s 110 measures. The NIC cuts are part of the Government’s long-term strategy for developing the economy and putting more people to work, ensuring the UK has the labour market it requires for the future. The policy will cost £8.7 billion in 2024-25, and the Treasury expects employment to rise as a result.

HMRC’s Research and Development (R&D) Tax Credits Statistics: September 2023, for the financial year 2021/22, were released on 28 September 2023, presenting detailed information on the provisional estimated amount of R&D tax relief claimed for, across all sectors and regions, during the tax year.

Katharine Arthur, Partner and Head of Private Client, has been noted in multiple national publications, including the FT, IFA Magazine and Accountancy Daily, with her comments on the Chancellor’s Autumn Statement on 22 November 2023.

The Chancellor, Jeremy Hunt, delivered his Autumn Statement this week, promising 110 measures to promote growth to the UK economy. In particular, the property sector faces some welcome changes to boost investment and stimulate growth, including a focus on speeding up planning and the delivery of new infrastructure, and additional support for the residential renting market, small businesses and the high street.

The Government has announced that they intend to raise £5 billion over the next five years, through a package of measures designed to tackle the tax gap – the difference of what should theoretically be paid in tax versus what HMRC actually collects.