June Newsletter 2024
Welcome to the ABMV monthly news bulletin, bringing you the latest news to keep you one step ahead of the taxman.
After expecting an Autumn General Election, we've ended up with a summer vote instead. Obviously this month the UK spotlight is on any potential income and tax changes that may follow the general election. We may even see an 'emergency budget' to establish any new tax policies.
We will ensure we keep you updated next month as things roll following the election.
Do get in touch if you would like to talk further about any of the areas covered.
A Grand Tour with a Purpose
On the 21st of June, four members of the ABMV team are embarking on a 1200+ mile drive from the UK to Ukraine in a pick-up truck that is being donated to the Ukrainian army.
We wish them all the very best on their journey and will update more along the way on our socials.
Warning for cryptoasset investors
Changes to the self-assessment tax return signal HMRC’s intention to go after those buying and selling crypto assets.
It’s apparent HMRC considers that many taxpayers are not reporting or incorrectly reporting gains or losses they’ve made from investing in cryptoassets. YouGov statistics show that in January 2024 10% of the adult population has bought or own them. This has been the position since mid-2022. Of course, this doesn’t mean they’ve all made gains that ought to have been declared to HMRC, but it believes that there’s a lack of awareness of when a declaration is required.
Tax returns for 2024/25 will contain special questions relating to capital gains or losses resulting from transactions in cryptoassets, e.g. Bitcoin. Therefore, you should keep up-to-date records of any such transactions; date, value in sterling, and dealing costs.
Holiday homes - RIP FHL?
The Spring Budget 2024 announced the abolition of the furnished holiday lettings regime from April 2025 but what steps should you be considering to mitigate the possible tax consequences?
No more FHL tax breaks
The furnished holiday lettings(FHL) regime is due to be abolished on 6 April 2025. The official reason is to reduce the distortion in tax treatment between short and long-term letting.
However with the election imminent if there is a change in government this could be overturned. So watch this space.
New service for voluntary NI contributions
HMRC recently launched a new online service to help top up your NI contributions record. Is it something you should consider using?
It’s taking time but gradually the government’s promise of a joined-up tax system is being fulfilled. The latest piece of the jigsaw is a new online service that allows you to check if paying voluntary NI contributions can improve your state pension entitlement.
If you have gaps in your employment/self-employment record or earned little for some periods, use the new service to identity gaps in your NI record. Paying voluntary contributions can increase your state pension entitlement.
ABMV Company Update
We have introduced the ability to ePay your invoice through the new ABMV website and/or via the ePay link on your individual invoice. Paying your invoice couldn’t be easier.
If you have any questions or would like to learn more about how we can help you with your accounting and business needs, please don’t hesitate to contact us. Our team of experts is always ready to assist you with any queries you may have.
