After the Budget, the Business & Accountancy Daily team trawled through the detail to provide a rundown of over 30 key measures affecting businesses, accountants and tax advisers with details of the changes, reaction and implications for individual taxpayers and business owners. Our selection of the most important announcements is listed below. For detailed technical information, download the Budget 2025 Report by our team of Croner-i tax specialists
Details of plans for the new HMRC tax adviser ‘interact’ register have become clearer in 18 pages of legislation in draft Finance (No.2) Bill with firms required to register not individual staff members
Bumper Finance (No.2) Bill released running to 554 pages, the longest piece of tax legislation since 2017 with raft of measures to crack down on tax avoidance promoters and thresholds frozen for six years
Removal of full tax free salary sacrifice on pensions with new £2,000 limit will hit nearly 300,000 companies with nearly half of current employee users facing higher tax bills
After the Budget freeze on tax thresholds far into the future, Katie Collins, partner at Ramsay Brown, and a specialist in the medical sector, says this will have a hugely damaging effect on NHS capacity, putting pressure on GPs and practice owners, and pushing more towards fewer hours rather than having to pay huge tax bills
In a bid to slash print and postage costs by £50m and drag HMRC communications into the 21st century, letters will no longer be sent out automatically to taxpayers from next spring, with email alerts notifying them of new documents in their personal tax accounts or the HMRC app instead