Our latest newsletter covers essential updates and insights for businesses and individuals, focusing on changes that could impact your financial and tax planning strategies. Here’s a snapshot of what’s inside:
- New HMRC Advisory Fuel Rates: Company car drivers, take note! HM Revenue & Customs (HMRC) has released updated fuel rates effective 1 September 2024. These changes affect reimbursement rates for petrol, diesel, LPG, and electric vehicles, impacting employees using company cars for business or private travel. Notable reductions apply to petrol and diesel engines, with electric vehicles seeing advisory rate adjustments. Click here to download the full details on these revised rates.
- Crypto Investors’ Tax Obligations: With HMRC’s “nudge letters” alerting crypto investors about potential tax underpayments, it’s crucial to stay updated. From selling and lending to staking crypto assets, a variety of transactions could result in taxable events, even when a portfolio isn’t profitable overall. The Chartered Institute of Taxation (CIOT) underscores the importance of reviewing crypto tax obligations as reporting thresholds have decreased for 2024/25. Make sure your financial actions align with HMRC’s guidance. Download the newsletter for an in-depth overview.
- Anticipated Tax Hikes Triggering Asset Sales: Concerned about a potential increase in Capital Gains Tax? Recent fears about tax hikes in the October Budget have led investors to consider preemptive measures. Business owners, property investors, and shareholders are exploring strategies to manage their assets effectively before any potential changes. Read more on how this could impact your financial planning.
- UK Property Market Trends: Property prices have shown modest growth, with the average UK home now costing £266,400. Buyer demand is up, but a high supply of homes for sale has tempered price inflation, providing opportunities and considerations for both buyers and sellers. Zoopla’s forecast anticipates continued stabilisation through 2025.
We’re here to support you through these changes. Click here to download the full newsletter for a detailed look at each of these updates.
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