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IRS clarifies crypto reporting rules
The IRS has released guidance regarding digital asset broker reporting through the new Form 1099-DA, which will be mandatory starting with the 2025 tax year. This requirement, established under the Infrastructure Investment and Jobs Act of 2021, mandates that crypto exchanges report customer gains and losses annually. Tomer Siegal, vice president of product at Ledgible,…
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Electric vehicles face new pay-per-mile levy
In her Budget later this month, the Chancellor will announce plans to tax drivers of electric cars under a new pay-per-mile scheme set to be introduced in 2028 after a consultation. EV drivers will be charged 3p per mile on top of other road taxes. The move comes as Treasury receipts from fuel duty fall…
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Young entrepreneurs warn of tax hike
A group of young entrepreneurs has raised concerns about a proposed 2p increase in income tax, warning it could harm freelancers and start-up founders. The Young Entrepreneurs Forum claims this change, alongside a cut in national insurance, would discourage enterprise and drive young talent abroad. Sean Kohli, chair of the forum, said: “If Britain wants…
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UK manufacturers face de-industrialisation threat
Make UK warns that Britain faces a significant risk of de-industrialisation due to potential tax increases and high energy costs. The organisation, representing various manufacturers, stated that the upcoming Budget must focus on growth. Chief Executive Stephen Phipson highlighted the dual challenges of weak demand and rising costs, calling energy prices an “existential threat.” A…
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Horse racing to be exempt from gambling tax rise
The Telegraph reports that the Chancellor will exempt horseracing from upcoming increases in gambling taxes, focusing instead on gaming machines and online casinos. Bets placed on the horses in betting shops or online are subject to a levy, but neither is expected to be raised in the Budget following intense lobbying from the industry. Rachel…
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Inflation hits 3.8% in July
Office for National Statistics (ONS) data shows that inflation hit 3.8% in July, with this putting price growth at the highest level since January 2024. The figure from July is up from the 3.6% growth recorded in the year to June and far exceeds the Bank of England’s target of 2%. Economists polled by Bloomberg…
