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If you are a sole trader or partnership (but not a limited company) you have a choice to use so-called “simplified expenses” or calculate your expenses for vehicles, working from home and living on your business premises by working out the actual costs.

The OECD's newly established Crypto-Asset Reporting Framework (CARF) mandates that crypto platforms share taxpayer data with tax authorities, a practice they currently do not follow. The objective is to grant tax authorities access to cross-border information, aiding in the enforcement of tax compliance. The UK, foreseeing the potential recovery of substantial tax revenue through CARF implementation, has forged a historic agreement with 48 nations to combat criminal exploitation of cryptoassets for tax evasion.

Raising threshold to £500,000 would cost £1.4bn a year in lost tax

If you run a company and you employ professional lorry drivers, then your business might have particular tax concerns. The tax system in the UK is complex and can be daunting to navigate but it’s important that you get it right, as there are serious penalties for getting things wrong. Also, the first thing a business owner should remember is that costs incurred exclusively for the business purpose can be reimbursed. On other hand any benefits offered to employees are taxed in the same way as their income. If you’re not sure how to pay your drivers from a tax perspective, we’re here to help!