April 2025 Newsletter
Posted on 29th April 2025
Insightful Tax Updates for Homeowners, Business Owners & Families
As the new tax year begins, we’re here to help you stay informed and ahead of the game. Whether you're a landlord, homeowner, business owner, or simply managing your family’s finances, the changes coming into effect this month could have a real impact on your obligations—and your opportunities. Our expert team at Bidwell Accountancy has summarised the key developments and how they affect you, so you can make confident, compliant decisions.
🏠 Letting Out Part of Your Home? Know Your Capital Gains Reliefs
If you rent out part of your home, it could affect the Capital Gains Tax (CGT) when you sell. While Private Residence Relief usually protects your main home from CGT, Lettings Relief may also apply if part of your home has been rented out.
By knowing the difference between these reliefs and when they apply, you could potentially reduce your tax bill significantly—especially when it comes to a gain made on a shared property.
Let’s talk before you sell. We'll guide you through which reliefs you’re entitled to and how to claim them efficiently.
👶 Child Benefit Updates for Over 16s – Act by 31 August
From April 2025, Child Benefit payments increase to £26.05 for the first child and £17.25 for each additional child. However, once a child turns 16, you must update HMRC if they remain in approved education or training—or payments will stop.
We recommend reviewing your eligibility and using the HMRC app or GOV.UK portal to confirm your child’s ongoing education status by 31 August 2025 to avoid interruptions.
🏢 Selling a Business Asset? Understand Balancing Charges
Disposing of business assets that have previously benefited from capital allowances may trigger what’s known as a balancing charge, which increases your taxable profit. Alternatively, you could be entitled to a balancing allowance if the sale value is lower than the tax-adjusted cost.
These rules can be tricky, especially with new allowances like Full Expensing and Super-Deductions. Let our team walk you through the correct treatment—before you get caught out.
👨👩👧 Splitting Property Income Between Spouses
If you and your spouse or civil partner jointly own property, HMRC assumes a 50:50 income split. But if you own unequal shares, you can submit a Form 17 to split income based on actual ownership percentages—potentially offering valuable tax savings.
There are strict eligibility rules, and it’s essential to get the paperwork right. We’re here to ensure everything is submitted correctly and in line with HMRC expectations.
💻 Making Tax Digital (MTD) for Income Tax – Are You Ready?
From April 2026, MTD for Income Tax becomes mandatory for self-employed individuals and landlords earning over £50,000. Those earning between £30,000 and £50,000 will join in April 2027, with further rollout planned from 2028.
This means:
Quarterly digital updates
Mandatory use of MTD-compatible software
New late filing and late payment penalties
HMRC will begin notifying qualifying taxpayers from April 2025, so now’s the time to get your digital systems in place. As MTD specialists, Bidwell Accountancy can help you prepare, migrate your systems, and remain fully compliant with the new digital regime.
📆 April & May 2025 Tax Deadlines
Stay compliant and avoid penalties. Key upcoming deadlines include:
1 April – Corporation tax due for year ended 30 June 2024
19 April – PAYE/NIC & CIS returns for period ended 5 April
30 April – Daily penalties begin for late 2023–24 tax return submissions
31 May – P60s must be issued to employees
Want a full breakdown? We’re happy to provide a tailored tax calendar for your business.
📞 Get in Touch – Let’s Keep You Tax Efficient!
With tax rules becoming more complex and digital requirements increasing, now’s the time to ensure your accountant is not just keeping up—but getting ahead.
At Bidwell Accountancy, we pride ourselves on delivering proactive, personalised service to each client we support. Whether you’re preparing for MTD, planning your next business move, or simply need guidance on tax efficiency, our team is ready to help.
📧 Email us at info@bidwellaccountancy.com
📞 Call us on (01908) 380391
🌐 Visit our website www.bidwellaccountancy.com
Let’s take your tax and business planning to the next level—together.
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