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On 27 March 2024, the Financial Reporting Council issued amendments to FRS 100 – 105 (known as GAAP, or Generally Accepted Accounting Practice), a suite of accounting standards applicable in the UK and Ireland. These are used by an estimated 3.4 million businesses in preparing their financial statements.
Companies House is introducing mandatory identity verification requirements for Directors and People with Significant Control (PSCs), as the next step towards full implementation of the Economic Crime and Corporate Transparency Act 2023.
On 27 March 2024, the Financial Reporting Council issued amendments to FRS 100 – 105 (known as GAAP, or Generally Accepted Accounting Practice), a suite of accounting standards applicable in the UK and Ireland. These are used by an estimated 3.4 million businesses in preparing their financial statements.
On 10 December 2025 the UK Government laid The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024, which will take effect on 6 April 2025.
Northern Ireland businesses face further challenges as they operate in the only part of the UK that has a land border with a country offering a lower tax rate.
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Grant Thornton Ireland offer a different approach to managing global mobility. We have brought together specialists from our tax, global payroll, people and change and financial accounting teams across Ireland and Northern Ireland, while drawing on the knowledge and insights of our global network of over 143 offices of mobility professionals to provide you with a holistic approach to managing global mobility.
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At Grant Thornton (NI) LLP, our team helps Northern Ireland businesses manage their UK and global indirect tax risks which, as transactional taxes, can quickly become big liabilities.
There is no ‘silver bullet’ for Northern Ireland businesses in how they can navigate the challenges posed by the recent tariff turbulence. However, it is crucial that they are agile, strategic, and proactive in managing risk within an increasingly uncertain trade environment.
Grant Thornton Ireland is rapidly approaching 3,000 people, in 9 offices across Ireland, Isle of Man, Gibraltar and Bermuda. With a presence in over 149...
As expected, today’s Spring Statement did not introduce any significant tax changes. The Chancellor’s main announcement in her speech related to continued investment in tackling tax avoidance and non-compliance.
Contents
This has been a regular feature in recent years, and today’s announcement promised a further investment of £100 million for HMRC, which is expected to generate an additional £1 billion in revenue as a result.
Detailed tax points addressed
Making tax digital (MTD): In the detailed Spring Statement document, a number of additional tax points were addressed. A policy paper providing further details on ‘Making Tax Digital’ (“MTD”) has been published which sets out plans in relation MTD which is being introduced for sole traders and landlords from April 2026 on a phased basis. The MTD process has not yet been finalised, and the paper acknowledges some of the concerns raised by advisers.
Changes to penalty regimes: Changes to the penalty regimes for MTD for VAT and income tax were also outlined in the published Statement. The following new late payment penalties will apply from 1 April 2025 onwards:
3% of tax outstanding at 15 days;
A further 3% at 30 days;
A further 10% per annum where tax is overdue by 31 days or more.
Consultations announced
Research and development (R&D) advance clearance procedure: A number of consultations were also announced in the Statement, including a consultation on a new Research and Development (“R&D”) advance clearance procedure. R&D tax credit claims have been an area of focus for HMRC due to the volume of erroneous and fraudulent claims. While a clearance procedure is welcomed, its effectiveness will depend on the quality of HMRC’s review process.
Technical Note on PISCES: A technical note on the tax implications for companies and employees in relation to shares traded on the Private Intermittent Securities and Capital Exchange System (PISCES) was published. The note provides clarity on several points raised in a previous consultation on this subject.
Unaddressed concerns
The Statement, therefore, does not contain any major tax changes. However, what the Chancellor did not address may be of greater significance.
Since the Autumn Budget (2024), concerns have been raised by several business and farming representative bodies regarding both the changes made to the inheritance tax regime and the increased costs of employing staff due to the rise in the national minimum wage and national insurance contribution rates. No rollback of these changes was announced, and despite being questioned specifically on the matter, the Chancellor did not indicate that any mitigation would be introduced in the short-term.
These changes, as they start to bite next month, will therefore continue to weigh heavily on the minds of business owners and their impacts should continue to be reviewed.
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