ICB members can now download the ICB Spring Statement 2025 Report, offering a clear and practical breakdown of the Chancellor’s latest fiscal update—through the lens of bookkeeping.
While the Spring Statement was expected to be a quieter affair, it has brought some big changes that bookkeepers and their clients need to be aware of. This exclusive ICB report goes beyond the headlines, cutting through the jargon to highlight what really matters for you and your clients.
Key Takeaways for Bookkeepers
Making Tax Digital (MTD) ITSA: The long-awaited rollout is going ahead, starting in April 2026 for those earning over £50,000 and gradually extending to those earning over £20,000 by 2028. We explain what this means in practice and how you can prepare your clients.
New Late Payment Penalties: From April 2025, HMRC will increase fines for overdue tax bills, meaning clients who fall behind could face steeper penalties.
HMRC Debt Recovery & Compliance Crackdown: The government is reviving the Direct Recovery of Debts (DRD) for tax debts over £1,000, a change bookkeepers will need to help clients navigate.
Pensions & Payrolling Benefits: Auto-enrolment changes are confirmed, but the future of mandatory payrolling of benefits is still uncertain.
A Bookkeeper’s Perspective: This report is written with bookkeepers in mind, breaking down how these changes will affect your day-to-day work and your clients’ compliance needs.
This is your go-to guide for understanding what’s next, ensuring you stay ahead of the curve and can confidently support your clients through the shifting tax landscape.
