How it impacts small businesses
The Chancellor, Kwasi Kwarteng, unveiled major changes to tax and National Insurance in Friday’s mini-Budget
Here are the highlights for small businesses:
• National Insurance rate increase will be reversed in November
• Corporation Tax will remain at 19%
• IR35 to be simplified with repeal of 2017 and 2021 reforms
• Additional rate of Income Tax to be abolished from April 2023, except in Scotland
• Basic rate of Income Tax to be cut from 20% to 19% from April 2023 in England and Northern Ireland
• Increase in tax rate on dividends to be reversed
• Annual Investment Allowance will remain at £1m permanently
• Plus the latest information on the Energy Bill Relief Scheme
