08/04/2025
📣 Spring Statement Highlights from Chancellor Rachel Reeves 📣
The Spring Statement dropped this last week, and in case you missed it we have pulled together the key points below 📩
🔹 No new tax rises (or cuts!) – so a relatively quiet update for most business owners.
🔹 However, changes are coming on tax compliance, digital reporting, and late payment penalties…
Here’s what you need to know:
💻 Making Tax Digital will apply to self-employed individuals and landlords earning over £20k/year from April 2028
🚫 Certain taxpayers (e.g. with Power of Attorney, some entertainers, ministers) confirmed as exempt from MTD
⏱️ New late payment penalties: 3% if unpaid after 15 days, another 3% after 30 days, plus 10% annually after that
👮♂️ HMRC is hiring – 1,100+ new staff to step up tax debt collection and compliance