May Newsletter 2024
Please find our May bulletin in which this month we cover the latest updates from the furnished holiday lettings regime through to new rules for registered office addresses and more.
Do get in touch if you would like to talk further about any of the areas covered.
Also news on four members of team ABMV embarking on a Grand Tour with a Purpose! they will be driving a pick-up truck some 1200+ miles from the UK over to Ukraine at the end of June.
No simple trading test for holiday let landlords
The furnished holiday lettings regime is due to be abolished next year. HMRC has recently dismissed the introduction of a simple test to distinguish between property letting and trading. How might you be affected?
At the March 2024 Budget, the government confirmed that the furnished holiday lettings (FHL) regime would be abolished from 6 April 2025. The cited reason was that there is a housing crisis in the UK and by removing tax advantages from holiday lets, there would be no incentive for landlords to target short-term lets as opposed to long-term lets. As no draft legislation has yet been published, there has been speculation that a change of government at the looming General Election might mean uncertainty over the implementation of this policy or even abandoning it altogether.
New rules for registered office addresses
Under the Economic Crime and Corporate Transparency Act, there are new rules for registered office addresses.
Companies must now have an ‘appropriate address’ as their registered office at all times. An appropriate address is one where:
any documents sent to the registered office should be expected to come to the attention of a person acting on behalf of the company
any documents sent to that address can be recorded by an acknowledgment of delivery
This means you're not able to use a PO Box as your registered office address. You can still use a third-party agent’s address if they meet the conditions for an appropriate address.
Companies that do not have an appropriate registered office address could be struck off the register.
Watch out for new letter scam!
Entrepreneurs who have recently registered a business on Companies House are being urged to watch out for a new letter scam designed to steal their personal information.
Those who receive the letter are told to scan a QR “payment code” on the back of the page. They are then ordered to transfer payment, and given a deadline to send the money by.
The government is now warning business owners to stay alert to the scheme and has published official guidance outlining what to do if you receive it.
State pension boosting deadline extended to April 2025
When we reach the top-up deadline, you’ll only be able to fill any gaps in the preceding six years. This could have a significant impact on you if you have a lot of ‘missing’ years in your National Insurance record.
To qualify for the full state pension, you need 35 full years of qualifying National Insurance contributions. If you have between 10 and 35 years of contributions, you’ll only get a proportion of the full pension.
This means, that if you have a number of missing years between 2006/07 and 2018/19, it could be worthwhile topping up your contributions.
Pension savers have until 5 April 2025 to check their records and pay any voluntary contributions, as the Government has confirmed a further extension to the deadline. It says the revised deadline is expected to enable tens of thousands more people to boost the amount they can get when they retire.
2023/2024 P11D Filing and Deadline
You must report taxable expenses or benefits you provide to your employees to HM Revenue and Customs (HMRC). You can do this either through your payroll or online at the end of the tax year.
If you have payroll expenses and benefits then you do not have to file a P11D however you must still report the Class 1A National Insurance you owe by submitting an online form called a P11D(b).
If you file online the P11D & P11D(b) forms must be filed by 6th July 2024 (this is for the 2023/2024 tax year). Late P11D forms attract penalties of £100 for every 50 employees per month. The resulting Class 1A NIC must be paid over to HMRC by 19th July 2024.
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.
Pickups are used for anything and everything and are in constant demand: bringing supplies to the front line and taking the wounded back, clearing the minefields, providing firepower, and hunting the dreaded Shahid drones
Pick-up trucks from the UK generally cost less than the European ones, are often in better condition, and have an unusual perk of the driver sitting on the “wrong side“ (helps in case the enemy is targeting the driver).
The pick-up has been donated via fundraising by a valued client of ABMV. If you would like to make a donation to go towards costs please visit his fundraising page on Gofundme.
Alternatively, the guys will also be packing useful supplies to be delivered
Old PCs, laptops, and printers are always appreciated
Any off-road/winter tyres in any condition are useful
Any spare batteries, chargers, solar panels, or anything along those lines that allows storing electricity and charging up stuff
Please contact the office if you have any of the above you would like to donate.
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.
