Summer Bulletin 2025

Welcome to our Summer Bulletin

As we enjoy the summer, the UK economy is showing a mix of good and challenging news. Inflation has nudged up to 3.6%, mainly due to higher transport, food, and some housing costs. This was the highest since January 2024.

The Bank of England has kept interest rates at 4.25%, but has hinted that cuts could come later this year if prices start to settle. The next announcement is scheduled for Aug 7th.

This month's ABMV tax bulletin will cover:

  • ACSP - Authorised Corporate Service Providers

  • HMRC Transformation Roadmap

  • Renters (Reform) Bill: Key changes for landlords

  • July Payment on Account for Self-Assessment

  • Act Now: Extend Child Benefit by 31 August

  • Class 2 NI problems to continue beyond summer until September

  • Supporting you through the Making Tax Digital (MTD) for income tax transition

  • HMRC drops plans for Making Tax Digital for Corporation Tax

  • Loan Charge Scandal – Our Position

  • Tonbridge Business Awards 2025

  • ABMV staff take on the Walk Tonbridge marathon


ACSP - Authorised Corporate Service Providers

Under the Economic Crime and Corporate Transparency Act 2023, Companies House must now verify the real identity of individuals involved in corporate governance, including directors, PSCs, and third-party filers, to reduce fraud and improve transparency.

This can be done through your Gov One account, or as Authorised Corporate Service Providers (ACSPs), we offer this service to everyone.

Timeline

  • From Autumn 2025, it will become mandatory for new company incorporations, director appointments & PSCs to verify their identity.

  • From Spring 2026, it will become mandatory for all filings at Companies House, including filings by ACSPs, to verify their identity.


HMRC Transformation Roadmap

HMRC has launched its Transformation Roadmap, aiming for a more automated, self-service tax system by 2030. A new PAYE service will let employees check/update income details, tax codes, allowances and expenses via the HMRC app.

Push for 90% Digital by 2030

 HMRC wants 90% of customer interactions to be digital by 2030, using AI assistants, online forms and biometrics. Expect SMS updates, voice verification and streamlined Self Assessment processes this year.


Renters (Reform) Bill: Key changes for landlords

The Renters (Reform) Bill is progressing through Parliament and is expected to come into force in stages, potentially from 2026.

Key proposals:

  • Decent Homes Standard: Private rentals must meet new safety, maintenance, and quality standards, tackling issues like damp and mould.

  • Energy efficiency: Properties will need a minimum EPC rating of “C” for new and existing tenancies by set deadlines.

  • Registration: Landlords may need to register properties on a digital compliance portal.

  • Rent increases: Limited to once a year and must reflect market rates.

  • Evictions: Section 21 “no-fault” evictions to be banned.

  • Pets: Tenants can request pets, which landlords cannot unreasonably refuse.

  • Enforcement: Councils to get greater powers and fines for non-compliance.

Impact on older properties: Pre-1900 homes may need costly upgrades (e.g., insulation, double glazing, new heating) to meet standards and avoid penalties.

Next steps for landlords:

Review how the Bill impacts your properties.

  • Seek professional advice on compliance.

  • Plan for upgrades early to avoid fines and attract tenants.


July Payment on Account for Self Assessment

A reminder that if you make payments on account for self-assessment, your second payment is due by the 31st of July 2025.


Act Now: Extend Child Benefit by 31 August

Parents of 16–19-year-olds in full-time education or training must update their Child Benefit claim by 31 August to keep payments going. Without this, benefits could stop following a child's 16th birthday.

Why it matters:
Child Benefit is worth up to £1,354.60 per year for the first child and £897 for each additional one. Payments don’t renew automatically once your child turns 16.

What to do:
Update your claim online or via the HMRC app — no need to wait for a letter. HMRC is also sending reminder letters with QR codes between May and July.

Approved education/training includes:
A-levels, NVQs (up to level 3), home education, and certain unpaid training (but not courses tied to a job).

For employers:
You may want to share this reminder with staff. Also note: from this summer, affected families can now pay the High-Income Child Benefit Charge via PAYE, potentially cutting Self Assessment admin. Watch for updated tax codes.


Class 2 NI problems to continue beyond summer until September

HMRC has confirmed that issues with incorrect Class 2 NI charges on SA302s will persist until at least September 2025, due to an IT fault.

The problem affects taxpayers who have already filed their 2024/25 returns, despite Class 2 NI payments being abolished from April 2024.

HMRC says there’s no need to pay the erroneous amounts – affected customers will be refunded or credited once the issue is fixed, and will be notified when their accounts are updated.


Supporting you through the MTD for Income Tax Transition

Making Tax Digital (MTD) for income tax will affect businesses and individuals in different ways — for some, it may require only minor changes, while others may need to overhaul parts of their current processes.

Whether you need advice on choosing the right software, setting up digital record-keeping, or simply understanding what’s changing, we’re here to help.

If you'd like to discuss how MTD may impact you and your business and how to prepare effectively, please don’t hesitate to get in touch.


HMRC drops plans for Making Tax Digital for Corporation Tax

Hidden within HMRC’s Transformation Roadmap is confirmation that the department is scrapping its plans for Making Tax Digital for Corporation Tax (MTD for CT).

Instead, HMRC says it is “developing an approach to the future administration of CT that meets the diverse needs of the corporation tax population.”


 
 

Loan Charge Scandal – Our Position

Recent national press reports have highlighted the loan charge scandal, where some accountants allegedly received commissions for placing clients into tax avoidance schemes now targeted by HMRC.

We would like to reassure our clients that we do not recommend, refer, or involve ourselves in any such schemes or related products. We also do not accept commissions, incentives, or any form of payment for referrals.

Our advice is always independent and in the best interests of our clients.


What a night!

A month ago, a few of the team had the pleasure of celebrating the very best of Tonbridge businesses at the TN Card Tonbridge Business Awards, held at the EM Forster Theatre.

As proud sponsors of the Small Business Award, it was an honour to be part of such a fantastic event that truly highlighted the passion, resilience, and talent within our local business community.

A huge congratulations to Mathew Sage and his team at The Tonbridge Garage, well-deserved winners of the Small Business Award! Your success is a shining example of the entrepreneurial spirit that makes Tonbridge thrive.


Charity News

On September 21st, team ABMV will be lacing up their walking shoes and joining others from across our local community for a meaningful challenge, a 26.2-mile marathon walk from Tonbridge Baptist Church to the Old Fire Station.

We’re proud to take part in this event, kindly supported by CooperBurnett Solicitors, to raise much-needed funds for Sustain, a Tonbridge-based food bank working hard to combat food poverty in our area.

Here’s hoping for sunny skies and plenty of smiles along the way!


If you have any questions or would like to learn more about how we can help you with your accounting and business advisory needs, please don’t hesitate to contact us. Our team of experts is always ready to assist you with any queries you may have.


Points of Contact

Chris Page - Personal Tax Manager
Mandy Kitchenham - Payroll & Pensions Manager
Adam Mac Vitie - SME Manager
Hayley Hawes-Webb - SME Accountant
Wendy Berry - Accountant - MTD
Eddie Neame - Accountant - MTD
Ben Myers - trainee accountant - MTD
Lucinda Lucey - Marketing manager

Many thanks and please contact us with any queries you may have.

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