Everything that was announced back in the autumn is still happening. The country’s growth isn’t where the government wants it to be, so expect some tax-based stingers coming in the autumn. The main takeaways from yesterday’s statement are as follows:

• Making Tax Digital is being rolled out in April 2028 for sole traders and landlords with qualifying annual incomes over £20,000.

• Late payment penalties for Value Added Tax (VAT) taxpayers and ITSA taxpayers joining MTD will increase from April 2025 onwards. The new penalty structure includes charges at 15 days and 30 days overdue, and a per annum charge for tax overdue by 31 days or more.

• HMRC is beefing up its ability to get overdue tax paid.