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We will propel your business on a digital journey providing you with all the necessary cloud based software and expertise which will give you a smarter and more streamlined way of working whilst providing full clarity of where your business is heading.
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Get in Touch: 01709 327 215
BRANAGANS
Accountancy Services Ltd
01709 327 215 | info@branagans.co.uk
March 2025 | Spring Statement 2025: Key Takeaways for Businesses and Taxpayers
Chancellor Rachel Reeves has presented her Spring Statement, providing an update on the UK's fiscal health and outlining measures for future growth. Here's a quick overview of the key points affecting businesses and taxpayers:
ECONOMIC UPDATE: A SHIFT IN PROJECTIONS
Since the October 2024 Budget, economic growth has slowed, and inflation has been higher than expected. Growth in 2025 is now projected at just 1.0%, down from 2.0%. The UK's budget deficit has also increased, prompting tighter public spending measures.
KEY ANNOUNCEMENTS
Despite the challenges, there were initiatives aimed at driving growth and saving costs:
1. Capital Spending Boost: An additional £13 billion has been allocated for infrastructure, housing, and defence innovation.
2. Welfare Reforms: Personal Independence Payment (PIP) and Universal Credit changes are projected to save billions, with tougher qualification criteria for benefits.
3. Tax Measures:
- Late Payment Penalties: Increased penalties for VAT and income tax self-
assessment overdue payments, effective from April 2025. - Making Tax Digital Expansion: From April 2026, MTD will apply to sole traders and landlords earning over £50,000, extending to those earning over £30,000 in April 2027, and further lowering to £20,000 in 2028.
4. Home Office Fee Increases: A range of Home Office fees will rise in April 2025, impacting visa, immigration, and passport services.
WHAT DOES THIS MEAN FOR YOU?
For businesses, the increase in penalties and changes to tax administration may impact cash flow and operations. It's essential to stay informed and ensure compliance with the new deadlines. For individuals, the welfare reforms could affect benefits and payments, so understanding the changes is crucial.
At Branagans Accountancy Services, we're here to help you navigate these changes and ensure your finances stay in good shape. If you need advice or have questions, don't hesitate to get in touch with our experienced team. Contact us today for professional, trusted financial support!
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