2022 Mini-Budget Reversal

The U-Turn

Following the mini-Budget on 23rd September, an unprecedented U-turn on some of the measures that had been announced was confirmed on Monday by new Chancellor Jeremy Hunt.

We’ll summarise the impact that Monday’s announcement had on the measures that affected small business clients in the mini-Budget:

· IR35 reforms

· Cut to the basic rate of Income Tax

· Reversal of tax rate increase on dividends

· Energy bills support

· National Insurance rate increase reversal

· Annual Investment Allowance level set at £1m permanently