Spring Statement 2025: Key Tax and Business Changes

Simply Accounts & Tax offers an overview of the Spring Statement 2025 and its implications for various groups, including working individuals, business owners, and landlords. It outlines forthcoming tax changes for the 2025/26 tax year, noting that many income tax rates will remain stable while highlighting increases to the national minimum wage and employers' National Insurance contributions. The document also details updates on Making Tax Digital for Income Tax, setting out the timeline for mandatory digital record-keeping and quarterly reporting. Furthermore, it covers changes to capital gains tax, inheritance tax, and stamp duty land tax, alongside developments in business tax matters and HMRC's ongoing modernisation efforts, including increased compliance activity and penalties for non-compliance.

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