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,

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