Sharing key Spring budget points

Experts from a Shropshire accountancy firm have been sharing the key points of the Chancellor’s Spring statement with local businesses.

Shropshire Chamber of Commerce hosted the seminar at its headquarters at Trevithick House on Stafford Park, in Telford.

They welcomed an expert team from Dyke Yaxley Chartered Accountants, in Shrewsbury, who gave businesses an insight into the implications the statement could have.

Sarah Crane, who led the presentation, said it was an excellent opportunity to reflect on the announcements and to break down the key points to help businesses learn how they may be affected.

“We wanted to take businesses through the statement and look more closely about what the Chancellor had to say. We were delighted to be asked to lead the seminar and to see so many local businesses represented on the day.”

Sarah said the Chancellor had announced that no further tax cuts were planned, and the updated Office of Budget Responsibility predictions showed half of the growth for 2025 than the Autumn predictions (1% vs 2%).

“She confirmed the roll out of Making Tax Digital for income tax Self-Assessment for sole traders and landlords with qualifying income over £20,000 from April 2028, and pledged to help people back into employment – one in ten people of working age is currently claiming an incapacity or disability benefit.”

Sarah said the Government had committed to increase defence spending to 2.5% of GDP – an additional £2.2bn of funding for the MOD.

“Of that, ten per cent will be committed to modern defence equipment including drones and AI. There will also be a £2 billion investment in social and affordable housing and more investment pledged to HM Revenue and Customs technology to clamp down on tax evasion.”

Shropshire Chamber events and training manager Kelly Riedel said: “The Dyke Yaxley team delivered a morning of business-focused analysis and members had the chance to ask questions that related directly to their individual circumstances.

“The event also allowed enough time for delegates to make the most of the networking opportunities available as they met other business people from across the county.”