UUÂãÁÄÖ±²¥

Weekly tax highlights ― 31 March 2025

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance

Weekly tax highlights ― 31 March 2025

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance
imgtext

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:

  1. •

    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

  2. •

    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)

  3. •

    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)

  4. •

    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

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+â„¢
Powered by
  • 31 Mar 2025 13:20

Popular Articles

Carried-forward losses restriction

Carried-forward losses restrictionOverview of the carried-forward loss restrictionAn important restriction in the use of losses carried forward was introduced by Finance (No 2) Act 2017. Subject to a de minimis of £5m (known as the deductions allowance), most carried-forward losses are restricted to

14 Jul 2020 11:09 | Produced by Tolley Read more Read more

Foreign self-employment

Foreign self-employmentTrading in another jurisdiction involves many issues, only some of which involve taxation. Advice should be taken, not only in relation to tax but on the wider business implications. For an overview of the points to consider for certain jurisdictions see Tolley's Global

14 Jul 2020 11:44 | Produced by Tolley Read more Read more

Classes of NIC and who pays them

Classes of NIC and who pays themClass 1 NICClass 1 NIC is payable on earnings paid to an employed worker which derive from, or are treated as deriving from, an employed earner’s employment in the UK. There are two kinds of Class 1 NIC, primary contributions for which the employee is liable and

14 Jul 2020 11:13 | Produced by Tolley in association with Jim Yuill at The Yuill Consultancy Read more Read more