The Tax Consequences of…

Selling development land

The sale of development land is, by its very nature, complex and the numbers involved are often substantial.

There are a large number of different taxes involved and they do not necessarily combine cleanly with the commercial aspects of any sale.  In addition, there are a number of tax traps lurking and, while reliefs can be available, these are reliant on getting the right advice in place early in the development process and implementing that advice effectively.

Quite simply, the whole position needs to be considered and viewed holistically to ensure you don’t pay more tax than you need to.

For a summary of the factors involved please see our blog online ‘Selling development land’  and for further advice please contact Robert Leggett, Corporate Tax Director, at robert.leggett@ensors.co.uk

Personal Contract Purchase arrangements

PCP vehicle financing arrangements clearly offers customers flexibility, but the position for business purchases is not as simple as it first appears.

There are implications for accounting records and taxation liabilities that should be considered before the decision to enter a PCP arrangement is made.

For further information please see our blog online ‘PCP arrangements’ and for further advice please contact Robert Leggett, Corporate Tax Director, at robert.leggett@ensors.co.uk

Cryptocurrency Tax Advice

Whether you have dipped your toe in the water or dived headfirst into the world of cryptocurrency you will be aware this is an everchanging and ever expanding world. Not only from the aspect of daily new investment opportunities but also from a tax perspective.

Many of you holding (or hodling) may not be aware of the tax implications surrounding the world of cryptocurrency. Are you mining? Daily trading? Transferring from one asset to another? Or are you a hodling whale?

Whichever you are, you may meet a requirement to report these activities to HMRC. HMRC have statutory powers to request information from crypto exchanges on taxpayers who hold crypto assets and therefore have access to information on profits made on cryptocurrency. These profit are either taxable to corporation tax, income tax or capital gains tax depending on the nature of the profit.

If you believe you may have a reporting requirement and would like further advice on this please contact Louisa Newman, Tax manager, at louisa.newman@ensors.co.uk