The Story What Rachel Reeves's Spring Statement means for your money
Mar 29, 2025
Chris Etherington, a tax expert from RSM UK, and Tom Selby, a pension specialist from AJ Bell, dive into the implications of Chancellor Rachel Reeves's Spring Statement. They discuss welfare cuts and tax enforcement, and how these changes could affect taxpayers, small businesses, and housing. The duo also highlights the complexities of fiscal drag, the burden on pensioners, and the urgent need for better financial guidance. Amidst all this, they sprinkle in some optimism, encouraging listeners to find joy in their financial journeys.
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Spring Statement Summary
- Chancellor Reeves emphasized sticking to fiscal rules and avoiding immediate tax raises.
- However, welfare cuts were implemented, and future tax increases or spending cuts are likely.
Tax Penalties
- Be aware of increased penalties for late tax payments starting next April.
- Penalties will be applied earlier and at higher rates.
Unpaid Taxes
- The government aims to collect unpaid taxes, some of which are accidentally owed.
- The complex tax system makes it hard for individuals and small businesses to comply.