The Budget has officially landed — and while it may feel steadier on the surface compared to last year, there are still meaningful changes ahead for both individuals and businesses.
As is often the case, the Chancellor’s budget speech gave us the broad strokes, but not the full picture. Supporting guidance documents from HMRC and the Treasury are still being released, meaning further detail — including key measures that weren’t announced in the speech — will need careful review.
Our tax specialists are already working through the information as it drops, and we’ll be producing our Comprehensive Budget 2025 Report soon, once all documentation has been published and analysed in full.
Expert Commentary
“After a whirlwind of a budget in 2024, today’s announcement was not without its drama. On the surface, it appeared calmer, but there are still some significant changes for individuals and businesses to be aware of.”
— Terry Ogden
This sentiment reflects what many are feeling today — less upheaval than in 2024, but still impactful for a significant portion of taxpayers, business owners, and those working in the agricultural sector.
Confirmed Key Highlights
Here are the early announcements we know so far:
• Income tax and national insurance thresholds frozen until 2031
• 2% increase on savings, property, and dividend income from April 2026.
• The £1m agricultural and business relief allowance has been made transferable between spouses.
• Increase in legal minimum wages to £10.85 for 18 to 20-year-olds and £12.71 for over 21s.
• Restriction on amount of pension that can be salary sacrificed
• New first year allowance and main rate of writing down allowance for capital allowances.
What We’re Watching Closely
While the above points provide early direction, the detail behind these changes will ultimately determine how they impact your financial plans or business structure.
Over the next few days, we expect to see more on:
- Further restructuring of pension-related rules
- Inheritance tax guidance relating to unused pension funds and death benefits, expected before April 2027
- Additional capital gains tax updates for non-residents, share reorganisations, EOTs and incorporation relief
- HMRC compliance measures, including new adviser registration requirements
- Employer-focused changes to NIC and salary sacrifice thresholds
These deeper insights will be explored in our full report, following the government release schedule.
Our Comprehensive Report Is Coming Soon
Once all guidance has been issued, our team will release a structured, client-focused analysis that simplifies the key takeaways, explains what it means for you, and highlights next steps to consider.
To make sure you receive our Budget 2025 Report as soon as it’s published — including insights beyond the speech — you can sign up below 👇
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