The chancellor Rachel Reeves made her first spring statement. She said, ‘now the task is to secure Britain’s future within an insecure global financial backdrop, helping Britain to reach its potential…Labour was elected to bring change to the country, to provide security to working people and to deliver a decade of national renewal.’ The following article outlines the announcements made.
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With the end of the tax year fast approaching, there is no time like the present to ensure you have reviewed your finances and made the most of the reliefs and allowances available to you. We also have an end of year tax planning guide that can be found here
While farmers have been in the spotlight, stud farms will also be affected by the forthcoming changes to Agricultural Property Relief (APR) and Business Property Relief (BPR). These changes are expected to create significant succession challenges for stud farms and agricultural estates in the years ahead.
The UK government has increased the thresholds for small and medium size companies from April 2025. These changes will reduce the amount of reporting required in sets of accounts as well as increasing the level at which companies need an audit of their financial statements.
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