On March 26th, Chancellor Rachel Reeves unveiled the Spring 2025 Budget, responding to current economic challenges and outlining plans for the future.
We’ve outlined the key takeaways that may impact individuals, sole traders, and business owners.
Overall, The Spring 2025 Budget emphasises modernisation, compliance, and strategic reforms without dramatic tax rate changes.
Individuals, sole traders, and business owners must prepare for these developments, with ‘Making Tax Digital’ being the most important point here. We’ll be reaching out directly to all our clients affected, but if you’d like to get ahead of the game, we’d be happy to help you prepare for this change.
Take a look at some of the key takeaways:
No easing of business taxes:
The budget confirmed that increases to Employers’ National Insurance Contributions and other business taxes set to take
effect in April 2025 will not be eased. This means businesses will face increased costs, affecting pricing and wage decisions.
Making Tax Digital (MTD):
A phased rollout of Making Tax Digital for Income Tax will require sole traders and landlords with income over £20,000 to comply by April 2028. This includes mandatory quarterly digital updates and using MTD-compatible software. Affected individuals need to prepare for these changes and ensure they have the right tools in place.
Measures against tax avoidance:
The government is taking a firm stance against marketed tax avoidance schemes. A new consultation aims to strengthen penalties for scheme promoters, enhance HMRC’s powers to combat tax evasion, and create a less permissive environment for such schemes. Individuals are encouraged to be cautious and ensure their tax practices align with legal requirements.
Revised behavioural penalties:
HMRC is consulting on reforms to its penalties regime, focusing on simplifying the system and making penalties more proportionate. This aims to address inconsistencies in how errors in tax returns are penalised, particularly for honest mistakes, promoting a fairer approach to compliance.
Advance clearance for R&D tax claims:
The budget proposes exploring advance clearances for Research and Development (R&D) tax claims. If implemented, businesses could obtain an upfront agreement from HMRC regarding eligibility for R&D relief, reducing the uncertainty and administrative burden associated with post-claim reviews.
Enhanced third-party data utilisation:
HMRC plans to improve its data collection methods and use third-party data to enhance tax compliance. This may involve using earnings data from gig economy platforms and bank transaction insights to facilitate tax return processing and compliance checks.
If you have any questions about your finances or need assistance with your accounting, contact the team at GLX on 01603 617361 or email info@glx.co.uk
We celebrated the GLX Christmas party in style – casino style!
It was a fantastic evening to come together as a team to celebrate another amazing year.
A huge thank you to The Earlham Arms for their incredible hospitality, festive ambiance, and wonderful spread of food.
A big thank you to the casino company 4 Aces Fun Casino who helped to provide a truly authentic experience. It was fantastic to do something so out of the ordinary with the team. It was also a pleasure to be frivolous with the fake money, but our clients need not worry, our financial responsibility remains at an all-time high!!
Congratulations to Kerry Porteous for being the big winner of the evening and raising the trophy.
What better way to wrap the year up than with great company, laughter, and fun?
We were pleased to support Milan Pandit from Leathes Prior Solicitors, who courageously stepped into the ring for a White Collar Boxing match in support of Break charity.
We were thrilled to be one of the main sponsors, helping Milan raise over £1000 for this great cause.
If you’d like to make a donation to this worthy charity, please visit Milan’s Just Giving page: https://www.justgiving.com/page/milanxbreak
One of the best ways to showcase our positive culture at GLX is through the long-standing commitment of our staff.
We would like to highlight some of the recent anniversaries in our team:
- Racheal Harbord has been with us for an incredible 21 years!
- Jack Wenham ACCA has been with us 7 years
- Duncan Smith MAAT has also devoted 7 years to our team
We truly value our employees, strive to create a supportive work environment, and reward their hard work. All of this helps to cultivate loyalty that speaks volumes.
Congratulations to Racheal, Jack, and Duncan on these remarkable milestones. We are grateful for your dedication and contributions to our team.
We’re honoured and excited to be a part of the very first Norwich Professional’s Football League (NPFL) and couldn’t resist having our own custom kits made.
Over a period of 6 months, we’ll compete against 8 other local businesses in a bid to take home the very first NPFL Champion title, with almost £500 of raised funds going to the winner’s charity of choice.
Good luck to the team and everyone involved.
Lisa Cornwall is a highly skilled finance professional who brings over 12 years of experience to the team at GLX.
Lisa’s role at GLX involves managing a diverse portfolio of clients, including limited companies, individuals, and sole traders, providing invaluable assistance with both Accountancy and Taxation matters.
In 2018, she achieved her ACCA qualification, demonstrating her commitment to excellence in accounting.
Lisa has a strong background, with 12 years in practice providing accounts and taxation services to a variety of clients, including limited companies, sole traders, and partnerships.
Her expertise and dedication to delivering top-quality financial services make her a valuable member of the GLX team.
Lisa’s wealth of experience and proven track record in the industry make her a trusted and reliable resource for our clients.
Our quarterly client newsletter has been published, summarising the first half of the year.
With exciting developments from GLX, our reflections on the year to date, our new client referral scheme and timely advice and updates for businesses.
If you would like to sign up to receive our quarterly newsletter, please email info@glx.co.uk.
You can read the summer edition here:
Meet Millie Boulderston, the newest addition to the GLX team, who has joined us as an Assistant Accountant.
Millie is Xero certified and is starting her AAT studies next month, eager to further her career in accountancy.
Her ultimate goal is to obtain her ACA qualification and continue developing her skills and expertise further.
Millie currently assists our accounts team with bookkeeping, credit control, and Director-only payrolls for a wide range of clients across various industries.
We are thrilled to have Millie on board as part of our team, providing additional support to our valued clients.
The team at GLX would like to congratulate Matt for passing his first ACA exam!
A round of applause is due for achieving a remarkable 72% in his first ACA exam on assurance.
This accomplishment is a testament to Matt’s determination to excel in his career, and proof that all of his hard work is paying off.
As Matt continues his journey towards becoming a chartered accountant, this achievement sets a strong foundation for his future successes.
We’re very proud of Matt’s accomplishment and look forward to witnessing his continued growth and achievements here at GLX.
Congratulations Matt on this well-deserved milestone!
There have been some positive changes to Paternity Leave and Pay in the UK offering more flexibility for fathers and partners.
The changes will allow parents to split leave, there are reduced notice requirements and also support for early births.
Employers will have transitional guidance and can claim repayment for leave taken before April 6th 2024, when the new law came into effect.
These changes will help to promote a better work-life balance and create a more supportive workplace culture for all.
If you have any queries, please do reach out to the team here at GLX, who will be happy to help.