I've decided to be helpful that I think us UK folks should compile a whole list of the different responses given by the HMRC ( That's the British version of the IRS for you Americans ) because trying to figure out the tax code for Bitcoin is giving me a fucking headache and I'm trying to get it all worked out before I make any real money because then I'll be ready for when it happens.
http://www.youtube.com/watch?v=wfV7GcOHSd8 - Nowell Associates Limited Video Blog #1 - Bitcoin Tax - 05-01-2013
https://bitcointalk.org/index.php?topic=419963.0 - HMRC is to be categorised as private money - Posted by mtnminer
http://www.hmrc.gov.uk/rates/cgt.htm - Just been emailed by the HMRC and supposedly Bitcoins fall under capital gains tax - Posted by Lethn
I don't know how I failed to notice this but if anyone remembered there was a post in the newbie section about a UK accountancy accepting Bitcoins and Litecoins and this video gives a small overview of what the UK HMRC treats Bitcoin as, ish, seems like they're in the same situation many UK people are where the government hasn't been very clear about it all.
If you guys want to post stuff up I'll edit this original post while we talk about it and I'll put up a list of all the different sources we can find and give credit to who posted it. I am also going to go through the process of pestering HMRC for proper information regarding Bitcoin taxation and book keeping so I'll let you know if anything comes from it.