| | | | | | | | | | | | No further tax increases in Spring Statement
Chancellor Rachel Reeves announced ‘no further tax increases’ in the 2025 Spring Statement.
The Chancellor’s Autumn Budget contained a record £40 billion in tax increases. However, it did not raise personal taxes including, Income Tax, employee National Insurance contributions or VAT. Rachel Reeves had pledged one fiscal event a year and confirmed that no taxes would be raised at the Spring Statement.
Instead, the Chancellor made a number of announcements on spending and economic forecasts. The forecast from the Office for Budget Responsibility (OBR) halved the UK’s growth in 2025 from 2% to 1%.
Information on all of the measures announced can be found in our Spring Statement summary document below. | | Tolley’s Taxation Awards Finalist – Best Private Client Tax Practice
We are delighted to share that James Cowper Kreston has been shortlisted as a finalist for ‘Best Private Client Tax Practice’ at the Tolley’s Taxation Awards 2025. Our specialist Private Client Services team (PCS) has a long-standing tradition of delivering exceptional service to private clients. The distinguishing factor of our PCS team is the exceptional quality and extensive range of services we offer. Alongside more mainstream private client tax advice, our services include trusts, global mobility, international capability, rural, private equity and cryptocurrency.
Our specialist Private Client Services team has a long-standing tradition of delivering exceptional service to private clients.
To read our fantastic news in full, please click below. | | | | | | | | Consultation on R&D Tax Relief Advance Clearances
Following the Spring Statement delivered by the Chancellor of Exchequer the UK government has launched a consultation on the introduction of advance clearances for Research and Development (R&D) tax reliefs. The concept of such advance clearances was raised in the ‘Corporate Tax Roadmap’ published as part of last autumn’s Budget alongside the establishment of an R&D expert advisory panel.
To read our article in full, which includes all the information about the introduction of advance clearances for R&D Tax Relief, please click below. | | | | | | Update to treatment of Double Cab Pickups
A change has been made to the treatment of double cab pickups (DCPUs) that could affect many employees and employers for income tax and Class 1A NIC purposes. DCPUs have previously been treated as vans for benefit in kind purposes.
The change to the treatment as cars was confirmed by Rachel Reeves in the 2024 Autumn statement, therefore from 6 April 2025 the Government will treat DCPUs with a payload of one tonne or more as cars, for income tax and Class 1A NIC. | | | | | | | | Minimum and Living Wage (and other) statutory increases - new employer’s briefing from JCHR, our payroll & HR outsourcing service
April is a big month for statutory increases, with some headline National Minimum Wage rates increasing by 18%. JCHR’s article details the main increases applying from April 2025, it’s a 2-minute read, and you can access the article by clicking below. | | | | | | | | James Cowper Kreston is a leading firm of accountants and business advisers with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential.
If you have any questions about the topics covered in this newsletter or want to explore how we can help you please contact us here: Email: info@jamescowperkreston.co.uk
Call: 01635 35255 James Cowper Kreston
| | | | | | | | The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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