Mini Budget

Below is our summary of today’s ‘Mini Budget’. We’ll follow up with a detailed analysis of how this will all work in practice ASAP.

The Chancellor Kwasi Kwarteng today outlined a series of tax cuts as follows:

• Income tax will be cut to 19% from April next year
• The recent rise in National Insurance tax will be reversed from the 6th November
• The dividend tax increase has also been reversed.
• The planned rise in corporation tax from 19% to 25% has been cancelled
• The threshold before stamp duty is paid in England and Northern Ireland has been raised to £250,000. For first time buyers it will be £425,000.
• The IR35 Reforms, effective in 2017 and 2021 will no longer apply from April 2023. Instead, the original rules will remain, and contractors will be responsible for assessing their own tax.

If you have any questions, please get in touch.

Cheers,

Steve

Steven Hillman ACA
Chartered Accountant
01934 444 100