Updates from the Chancellor's spring budget
- Kayleigh Bate
- Apr 2
- 1 min read
Here are some important updates from the Spring Budget 2025, which may effect you, your business & employees:
-Eligible employees who have the high income child benefit charge will be able to report this through a digital service & pay the charge through PAYE tax codes
-A consultation will be published in the near future on widening R&D tax reliefs. More information will come on this, before the scheme is set to be rolled out
-HMRC will receive additional investment for debt collection & compliance
-HMRC penalties for VAT/self assessment will increase from 2025/26 ~ the new rates will be 3% of the tax outstanding where tax is overdue by 15 days, plus 3% where tax is overdue by 30 days, plus 10% per annum where tax is overdue by 31 days or more
-MTD (making tax digital) for self assessment is expected to be rolled out to sole traders & landlords with incomes over 20,000 from 2028/29, plus further changes to be announced later
-Self employed people & landlords with income over 50,000 will need to file under MTD from 2026/27 & from 30,000 the following year, which has already been announced previously.
If you would like to speak with us about any of the changes in the budget, please call us on 01530 414 285.
Comments