Weekly tax highlights ― 31 March 2025

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

Spring Statement 2025: key tax announcements

The Chancellor delivered the government’s Spring Statement on 26 March 2025.

Although not a Budget or ‘major fiscal event’, Spring Statement 2025 included a number of tax announcements:

•
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
•
late-payment penalties Making Tax Digital will increase from April 2025 for VAT, and for ITSA taxpayers as they join the regime (including those who join on a voluntary basis from April 2025) (see SI 2025/399)
•
the Government has hinted at potential reform of ISAs, and is to review the venture capital schemes (with a series of roundtable discussions proposed for ‘key stakeholders’ in April 2025)
•
HMRC is to ‘restart’ using its ‘direct recovery of debt’ powers

HMRC also published a collection of ‘tax-related documents’ setting out the following consultations:

Advance tax certainty for major projects consultation: developing a new, dedicated service to provide ‘statutory certainty

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