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  • HM Revenue and Customs (HMRC) seized business assets from 1,080 UK small firms to settle late tax bills in 2014, according to research by Funding Options. Sole traders, unincorporated businesses, and partnerships must file their annual self-assessment returns by July 31 and make an up-front payment of 50 percent of their annual tax liability. Funding […]

  • The head of the Office of the Comptroller of the Currency (OCC) has called for a balanced approach to regulation governing financial technology development in the United States, citing bitcoin as one such example. Months after calling digital currencies “potentially revolutionary”, OCC Comptroller Thomas Curry highlighted bitcoin during a recent speech as he called for regulators to avoid crafting overly […]

  • Users of Ebay and other online sales sites are facing a tax crackdown following government plans to obtain data on millions of internet transactions. HM Revenue and Customs wants to collect information from internet companies such as Paypal that would allow it to identify British users who have an income from online sales. That would include […]

  • 1. Introducing a new National Living Wage of over £9 an hour by 2020 From April 2016, a new National Living Wage of £7.20 an hour for those aged 25 and over will be introduced. This will rise to over £9 an hour by 2020. 2. The government will run a surplus in 2019-20 The […]

  • The UK could become the world’s most attractive location for businesses using digital currencies, such as bitcoins, after George Osborne announced a new package of regulation for the nascent sector including anti-money-laundering rules. Entrepreneurs have long complained that the lack of rules has made it hard for them to be accepted as legitimate, and there […]

  • The use of virtual currencies is maturing, and responses to their use are rapidly evolving. Virtual currencies are a paradigm-busting phenomenon that test the existing frameworks of central banking, taxation and currency. Virtual currencies, such as Bitcoin, are also a concern for IT professionals, as potential administrators of systems that may use them. So, what […]

  • LONDON (InsideBitcoins) — As of January 1st, the European Union instituted new rules regarding electronic services as a taxable commodity. Whilst not directed at bitcoin specifically, the directive refers to supplying a ‘digital service’ to another member state and as such one clear requirement for the supplier would be determining if they are providing this […]

  • On the eve of the recent G20 summit the UK and German governments released a statement. This1 has significant implications for the UK’s Patent Box tax regime. The statement, which undoubtedly represented something of a compromise, in the wake of objections from several countries, most notably Germany, was nevertheless defended by George Osborne in Parliament […]

  • In a judgement released on December 17, 2014(1 BvL 21/12), the Federal Constitutional Court (Bundesverfassungsgericht – “BVerfG“) declared the applicable Inheritance and Gift Tax law partly (especially the exemption regulations for business assets) unconstitutional. The main subject of the lawsuit was whether the legislator breaches his constitutional duty of equal treatment of taxpayers if he […]

  • Scott Eells | Bloomberg | Getty Images Benjamin Lawsky, superintendent of the New York State Department of Financial Services After 3,700 public comments, the proposed licensing for bitcoin-related firms has been slightly relaxed. Benjamin Lawsky, New York state superintendent of financial services, announced his new proposal for the so-called BitLicense in a Thursday speech. The […]

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