Weekly tax highlights ― 19 May 2025

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

HMRC issues guidance on new cryptoasset reporting rules

From 1 January 2026, UK-based reporting cryptoasset service providers (RCASPs) will be required to collect and report information on user transactions to HMRC under the UK rules for the Cryptoasset Reporting Framework (CARF).

Early data collection is recommended to ensure compliance with the new reporting requirements. Further updates to the guidance will be provided by HMRC in due course.

It follows a consultation launched at Spring Budget 2024 on how the UK should implement the CARF and related amendments to the Common Reporting Standard by the OECD.

Indirect taxes

SI 2025/578 Value Added Tax (Amendment) Regulations 2025

These Regulations amend the VAT Regulations, SI 1995/2518, reg 25, to allow the Commissioners to extend the time required for a person to make their final return after their VAT registration is cancelled. They have effect in relation to a person who ceases to be liable or entitled to be registered for VAT under VATA 1994 on or after 14 June 2025. They come into force on 13 June

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