Opus Insights
Insights
Tax, compliance and business commentary, updated as the rules change.
Showing 1–11 of 11 articles in HMRC notices
Tax rules for cryptoassets set to change
The tax treatment of some crypto assets is set to change under draft legislation for Finance Bill 2026-27. The proposed changes include new rules for qualifying stablecoins, crypto asset loans and liq…
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Could company distribution rules change?
The tax rules concerning what constitutes a distribution for tax purposes have remained largely unchanged since Corporation Tax was introduced in 1965. HMRC has recently published a consultation looki…
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HMRC penalties for failing to notify a tax liability
If you become liable to pay a tax or register for a tax that HMRC has not already been informed about, you must notify HMRC within the relevant time limit. Failing to do so can result in a financial p…
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Amending a mistake on your tax return
What happens if you discover a mistake on your tax return? The good news is that errors can usually be corrected, but it is important to take action as soon as possible to avoid paying the wrong amoun…
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Records you should keep after submitting your tax return
After submitting your self-assessment return it is important to keep your records used to prepare the return. HMRC may ask to check your return, so it is important to keep the supporting documents and…
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Tax benefits of giving assets to charity
Most people are aware that cash donations to a charity can qualify for tax relief. However, it is less well known that gifts of land, property and qualifying shares can also provide valuable tax advan…
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Claiming tax relief on professional training
Keeping your skills and knowledge up to date is important but the cost of professional training can add up. If you are self-employed some training costs may be claimed as allowable business expenses.…
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Self-Employed - Are your business records in order?
As a self-employed individual, whether a sole trader or partner, you must keep accurate records of your business income and expenses to back up your self-assessment tax return. You should also keep yo…
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Advising HMRC of change in circumstances
If your personal details or circumstances change, you may need to tell HMRC as this could affect your tax position or entitlement to certain benefits.…
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Claiming tax relief on business insurance
If you are self-employed, you may be able to claim tax relief on certain business insurance costs as an allowable expense. This means the cost can be deducted when calculating your taxable profits, re…
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Salaried members of LLPs
Members of a Limited Liability Partnership (LLP) are normally treated as self-employed for tax purposes. However, special rules can apply where a member's terms of membership are more akin to the term…
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