Spring Statement 2025

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

The Chancellor delivered the Government’s Spring Statement on 26 March 2025. Although not a Budget or ‘major fiscal event’ the statement included a number of tax announcements. Although not billed as a major fiscal event, several important changes were announced and HMRC issued several consultations to accompany the Chancellor’s Spring Statement 2025. HMRC has published a collection of ‘tax-related documents’ alongside the Spring Statement.

Key tax announcements

The key announcements are:

•
the Making Tax Digital for income tax self assessment threshold will be reduced to bring sole traders and landlords with income over £20,000 into the regime, from April 2028. Previously the Government had committed to including this further group by the end of the current Parliament
•
late payment penalties for VAT and Making Tax Digital for income tax self assessment will increase from April 2025 for VAT, and for ITSA taxpayers as they join the regime (including, according to the wording of the Spring Statement 2025 report, those who join on a voluntary basis from April 2025)
•
the Government has hinted at potential reform of ISAs,

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Owner-Managed Businesses

Wholly and exclusively

Wholly and exclusivelyFor both income tax and corporation tax purposes, one of the fundamental conditions that must be satisfied for an item of expenditure to be deductible, is that it must incurred ‘wholly and exclusively’ for the purposes of the trade, profession or vocation. References to CTA

14 Jul 2020 14:00 | Produced by Tolley Read more

Employment Tax

Subsistence expenses

Subsistence expensesIntroductionSubsistence is the amount incurred as a consequence of business travel. Typically it relates to accommodation and meal costs incurred. These amounts are allowed because they are associated with the necessary travel which is not to a permanent workplace. See the Travel

14 Jul 2020 13:43 | Produced by Tolley in association with Philip Rutherford Read more

Corporation Tax

Overseas property businesses for companies

Overseas property businesses for companiesOverviewReal estate income is generally taxed where the property is located; the UK tax treaties generally allow the jurisdiction where the land is located to tax income from the land.Therefore, a UK company with overseas property may be subject to tax in

14 Jul 2020 12:22 | Produced by Tolley in association with Rob Durrant-Walker of Crane Dale Tax, part of AMS Group Read more

��˾��ҹ��