What is the Spring Statement?
The Spring Statement is a yearly update from the Chancellor, offering a snapshot of how the UK economy is preforming. And no. While it’s not on the same scale as the Autumn Budget, it still shares vital changes that are important to know, especially for business owners. It covers things like government forecasts, spending plans, and ongoing commitments, helping to provide a sense of stability and direction. This year’s statement didn’t bring major tax changes, but it did confirm shifts that matter.
Does the Spring Statement apply to me?
If you’re a business owner, yes, chances are it does. This year’s statement includes changes that could impact businesses of all sizes.
Such as;
- National Insurance changes for both employers and the self-employed
- Expanded rollout of Making Tax Digital
- Updates to Corporation Tax and capital allowances
- National Minimum Wage increase from April 2025
There are plenty of good reasons to outsource your accounting, but the truth is, not every company out there can give you the results you’re after.
That’s why it’s so important to pick the right partner. At Velocity Accounting Solutions, we’re a Sheffield-based, ACCA-accredited firm where we specialise in helping small businesses across different industries. We don’t do one size fits all; everything we offer is tailored to what you need.
From bookkeeping to management accounts and more, we’ve got you covered.
Fancy a chat about how we can help?
