Spring Statement - Jerroms commits to helping SMEs in the West Midlands
The 2025 Spring Statement delivered by Chancellor of the Exchequer, Rachel Reeves, focused on economic stability and fiscal responsibility with an increase in spending on defence, innovation and housebuilding announced.
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As anticipated, no additional tax changes were introduced with the emphasis that existing plans are on track and significant changes are already underway following the Autumn Budget. For business owners, it's a timely reminder that April will bring confirmed tax adjustments and compliance measures.
Impact for Business Owners
HMRC have received additional funding to enhance compliance systems, therefore business owners should anticipate increased scrutiny of VAT, PAYE, and Corporation Tax. Digital record-keeping requirements will be more rigorously monitored, and penalties for late or incorrect submissions will be stricter. If your business still relies on manual processes, now is the time to review your systems and consider Tax Investigation Insurance ( Jerroms Protect) to mitigate the costs and stress of an HMRC enquiry.
Nick Wright, Director, Jerroms Miller, Specialist Tax commented: "Unsurprisingly, there was very little in the Spring Statement regarding tax changes. SMEs, in particular, were hoping for some relaxations to the increased employer National Insurance Contribution (NIC) rates, but unfortunately, no such adjustments were made. This leaves many small and medium-sized businesses continuing to grapple with the financial pressures of higher NIC rates.
On a more positive note, the government announced a consultation to consider introducing an advance clearance process for the Research and Development (R&D) scheme. If implemented, this initiative could significantly enhance clarity and certainty for businesses claiming R&D relief. This move is expected to streamline the process, reduce administrative burdens, and encourage more SMEs to invest in innovative projects, ultimately fostering growth and competitiveness in the region."
Get in Touch
Jerroms are committed to working alongside business owners to ensure both their business and personal success. Whether it is preparing for increased payroll costs, reviewing succession plans, moving towards digital record-keeping or rethinking property investments, it is important to act now. For tailored support in understanding these updates or planning ahead, the Jerroms specialist team of advisers are on-hand to discuss your requirements in more detail. Jerroms have a dedicated Budget Hub to help navigate the changes announced.
