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Tax Services Overview
With the tax return deadline looming—just 9 days away—it’s crucial to ensure that your finances are in order. TaxScouts is here to help you navigate the intricacies of tax filing, whether you’re self-employed, a landlord, or an investor.
Available Services
- Tax Returns: Comprehensive assistance in filing your tax returns accurately.
- Tax Advice: Personalized guidance tailored to your financial situation.
- Tax Bundles: All-inclusive packages that cover multiple tax-related services.
- Company Accounts & Tax Returns: Specialized support for businesses in managing accounts and taxes.
- Bookkeeping: Enjoy free bookkeeping services to keep your finances organized.
Who Can Benefit from Our Services?
Our services cater to a diverse range of clients, including:
- Self-employed individuals
- First-time filers
- Landlords
- Investors
- High earners
- Expats
- Limited companies
Resources at Your Fingertips
To assist you further, we provide a variety of resources including:
- Guides: In-depth articles and tutorials on various tax topics.
- Tax Calculators: Tools for calculating Capital Gains Tax, Income Tax, and more.
- Blog: Insights and updates on tax-related news and best practices.
Understanding Crypto Taxation
For those engaging in cryptocurrency trading, it’s important to understand the tax implications. If you’ve made profits from trading, staking, or mining, you might find yourself liable for various taxes, including Capital Gains Tax (CGT) and Income Tax.
Capital Gains Tax Explained
Capital Gains Tax is charged on profits from the sale of assets, including cryptocurrencies. For the tax year 2024/25, the rates are as follows:
- 10%: For individuals whose overall income is below £50,270.
- 20%: For those earning above the £50,270 threshold.
Additionally, there is a tax-free allowance of £3,000 per year, which was previously set at £6,000, before CGT applies.
Filing Your Crypto Tax Return
If you owe taxes from your crypto activities, mark your calendar for the filing deadline on January 31st of the year following your earnings. For first-time filers, the Self Assessment process requires notifying HMRC of your untaxed income and obtaining a Unique Taxpayer Reference (UTR) number.
Strategies for Reducing Your Tax Liability
While trading profits are not eligible for expense deductions, those involved in staking or mining can deduct business-related expenses. Additionally, the Trading Allowance allows individuals to earn up to £1,000 tax-free per year, which can be beneficial for crypto activities.
Get Expert Tax Advice
If you’re looking for clarity on your crypto tax obligations, consider consulting one of our accredited accountants. A 30-minute one-on-one session can provide valuable insights into your unique situation as a crypto investor.
Stay Informed
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