When does a hobby turn into a business?

When does a hobby turn into a business?

There were more than 800,000 new businesses launched in 2021. Many of these will be the brainwaves of people stepping into the world of business for the very first time, as what was once just a hobby has started to generate income. When this happens, it comes

Read more

Cryptocurrency and Tax: A beginner’s guide

Cryptocurrency and Tax: A beginner’s guide

You may have heard of cryptocurrencies like Bitcoin and Ethereum, or seen PayPal supporting ‘crypto’ payments, and thought they sound like another language. As cryptocurrency creeps into the mainstream, we’ve pulled together a beginner’s guide to help you understand cryptocurrency and what you need to know from

Read more

Paying Employees in Cryptocurrency

Paying Employees in Cryptocurrency

Many people think of cryptocurrency as an investment: something you could buy in the hopes that it will increase in value. But Bitcoin and other cryptocurrencies are increasingly creeping into day-to-day life and becoming a real financial consideration for individuals who might have previously seen cryptocurrency as

Read more

Are You Paying Illegal Dividends?

Are You Paying Illegal Dividends?

A company can pay dividends to its shareholders at any time as a reward for investing in the business and as a way of distributing company profits. Because of the way that they are awarded, however, many directors unknowingly pay illegal dividends. How are dividends paid? Two

Read more

What is Cryptocurrency Mining?

What is Cryptocurrency Mining?

Our last blog answered some big questions: What is Cryptocurrency? And how might crypto tax and crypto assets impact my finances? But there’s a lot more to understand about cryptocurrencies. Our experts have increasingly been asked to explain Bitcoin mining, or crypto mining, and how to declare

Read more

Understanding and Using a Director’s Loan Account

Understanding and Using a Director's Loan Account

Many small business directors find themselves in a position where they want to borrow money from their cash rich businesses. It’s tempting to draw down funds using their Director’s Loan Account (DLA), however, many do so without fully understanding the potential tax consequences. Is the loan affordable?

Read more