With the 1st April deadline looming, its reported that 550,000 homebuyers are racing to complete purchases before stamp duty jumps back to its 2022 levels. We have read that sales awaiting completion are up 25% from last year, with an average five-month wait putting pressure on buyers to beat the deadline. Currently, first-time buyers pay no stamp duty on homes up to £425,000 when purchasing a property worth up to £625,000, but from 1 st April, that drops to £300,000. The upper limit will also fall from £625,000 to £500,000. It's not just the first-time buyers taking a hit, currently stamp duty is only owed on amounts over £250,000, however from 1 st April, only the first £125,000 will be exempt. Despite the cost increase, it looks like most buyers are still pressing ahead, with some even renegotiating offers to offset the hike. According to our research, regardless of the impending cost increases, property experts such as Rightmove are predicting the demand to stay strong; especially if interest rates continue to fall. With mortgage rates already dipping below 4%, we believe buyers remain hopeful for a more affordable market ahead.

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Starting in early 2025, Companies House will begin rolling out new identity verification requirements for company directors and persons with significant control (PSCs). This means that, in the future, before filing information on the Companies House register, directors will need to prove their identity. This change is designed to reduce fraud and improve transparency. The reforms are part of the Economic Crime and Corporate Transparency Act 2023, which aims to combat fraudulent activity. As part of these reforms, accountancy firms and solicitors registered for anti-money laundering (AML) supervision will be among the first required to comply, starting in early 2025. By spring 2025, accountants and other professional service providers, who are registered for AML supervision, will be able to become authorised corporate service providers (ACSPs). This means they’ll be able to help clients verify their identities and pass that information on to Companies House. By autumn 2025, these new ID verification requirements will be mandatory for new directors and PSCs when setting up a company or making new appointments. If your business already exists, you will have a 12-month transition period until autumn 2026 to ensure your directors and PSCs comply with these requirements when your next confirmation statement is due. This is a significant change, therefore it’s important to stay ahead of these requirements to avoid any disruptions to your business.

S elling your used clothes or old furniture online? No need to worry about HMRC! With the rise of online marketplaces, many people are taking the opportunity to sell unwanted personal items, such as used clothes or old furniture. Recently, there have been some rumors circulating that HMRC is cracking down on people who sell in this way, potentially classifying these sales as a side hustle. However, we want to remind everyone that there has been no change in the tax rules for selling your personal possessions. Key Points to Remember: Selling personal items like used clothes, old furniture, or household goods does not constitute a business activity. HMRC does not tax individuals on the sale of personal items as long as they are not sold with the intent to make a profit or operate as a business. HMRC is not classifying casual sellers as "side hustlers". If you’re simply getting rid of unwanted items, you don’t need to worry about being taxed on these transactions. Business vs. Personal Sales: The distinction lies in whether you are trading goods regularly with the aim of making a profit. If you’re selling your possessions to declutter or for other personal reasons, this is not considered a business, and no tax is due. What Does Count as a Business? If you’re buying items specifically to sell them for a profit, running a store, or regularly selling in bulk on online platforms, then you may be classed as trading. In this case, income from these activities may be taxable, and it’s important to keep accurate records. But for most people just looking to sell their old clothes or used furniture, there’s no need to worry. HMRC is not clamping down on casual sellers, and you won’t be taxed on sales of personal possessions. Stay informed and make sure you understand the rules—but rest assured, nothing has changed when it comes to selling your own personal items online.

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