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The Spring Statement 2025 didn’t deliver any big plot twists, it was more of a “same script, different year” kind of moment. So if you’re feeling like you’ve seen this before, you’re not wrong. The real focus is on the tax changes coming this April, many of which were outlined in last year’s Autumn Budget. Ready to catch up on what’s coming down the tax pipeline? Let’s dive in!
The Spring Statement is the UK government’s chance to update us on the state of the economy and share any key financial moves that might affect our finances. While it’s not as jam-packed as the Autumn Budget, it still offers important updates on taxes, business policies, and financial plans.
The Autumn Budget 2024 brought some key changes that are likely to affect your finances in the coming months. The National Living Wage got a bump, Capital Gains Tax is on the rise (hello, higher tax on investments), and employers are bracing for higher National Insurance contributions. Oh, and if you’ve been eyeing a property, that Stamp Duty Land Tax boost? It’s soon to be gone.
As the new tax year kicks off, it’s a great time to take stock and start planning ahead. If you haven’t already accounted for these changes, now’s the moment to get familiar with what’s coming up.
Good news for workers! Starting in April, the National Living Wage will increase from £11.44 to £12.21 per hour. If you’re aged 23 or over, this means a little more in your pocket each month, so mark your calendars and get ready for the extra cash.
Whether you’re an employee or an employer, it’s important to stay informed about how this change could impact your income or payroll.
Heads up, investors! Capital Gains Tax (CGT) is set to rise this April. If you’re thinking of selling any assets, here’s what’s changing:
So, if you’re planning to sell anything soon, it might be worth acting before April to lock in the current, lower rates. Get ahead of it now to avoid paying more than you need to later!
We’ve got you covered. Declare your capital gains and sort your Capital Gains Tax hassle-free with your Self Assessment. Our accredited accountants will handle it all, while you sit back and relax!
If you’ve been eyeing up a property, here’s a reminder: the temporary Stamp Duty Land Tax (SDLT) boost is ending.
Right now, properties up to £250,000 are getting a break, but come April, the threshold drops to just £125,000, meaning property purchases are about to get more expensive.
So, if you’ve been toying with the idea of buying a home or investment property, now’s the time to act. Just something to keep in mind if you’re planning your next property step!
Alright, business owners, time to revise those budgets! Starting from April 2025, employers’ National Insurance Contributions (NICs) are set to rise by 1.2%, reaching 15%. But that’s not all, NICs will kick in earlier, with the threshold dropping from £9,100 to £5,000.
The silver lining? The Employment Allowance is getting a boost from £5,000 to £10,100, offering some relief for smaller businesses.
It’s a good time to take a look at your finances, plan ahead, and make sure you’re prepared for these changes when they land.
As we step into the new tax year, there are a few key changes you’ll want to stay on top of:
Stay ahead of these changes and make sure you’re prepared for what the year ahead brings!
No worries, we’ve got your back! With the new tax year bringing in fresh changes, it can be tough to keep up. Whether you’re a freelancer, investor, or business owner, we’ll help you stay on top of all the updates. Get expert advice so you can make the most of the year ahead, and focus on what truly matters.
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