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Key tax announcements

The key announcements are:

1. •

   the Making Tax Digital for income tax self assessment threshold will be reduced to bring sole traders and landlords with income over £20,000 into the regime, from April 2028. Previously the Government had committed to including this further group by the end of the current Parliament

2. •

   late payment penalties for VAT and Making Tax Digital for income tax self assessment will increase from April 2025 for VAT, and for ITSA taxpayers as they join the regime (including, according to the wording of the Spring Statement 2025 report, those who join on a voluntary basis from April 2025)

3. •

   the Government has hinted at potential reform of ISAs,