{"id":7214,"date":"2022-09-28T13:33:35","date_gmt":"2022-09-28T13:33:35","guid":{"rendered":"https:\/\/www.myuome.com\/?p=7214"},"modified":"2023-06-01T12:55:44","modified_gmt":"2023-06-01T12:55:44","slug":"what-does-the-mini-budget-mean-for-your-business","status":"publish","type":"post","link":"https:\/\/www.myuome.com\/us\/blog\/tips\/what-does-the-mini-budget-mean-for-your-business","title":{"rendered":"What does the Mini-budget mean for your business?"},"content":{"rendered":"<p>Last week the Chancellor delivered his first announcement which was the mini-budget. There were a number of policy changes and many of them have a big impact on small business owners. Here is a summary of what this means for you and your business.<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div>\n\n\n\n<p><strong>Cuts to Income Tax rate<\/strong><\/p>\n\n\n\n<p>The basic rate of Income Tax for England and Northern Ireland will also be cut from 20% to 19% from April 2023.&nbsp;<\/p>\n\n\n\n<p>The top rate of Income Tax \u2013 the additional rate on income of \u00a3150,000 or higher at 45% in all parts of the UK except for Scotland \u2013 will be scrapped from April 2023 in England, Wales and Northern Ireland. This means that the top rate of Income Tax will be 40%.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div>\n\n\n\n<p><strong>National Insurance rate increase reversed<\/strong><\/p>\n\n\n\n<p>In April we saw the rates of National Insurance (NI) increased by 1.25% for one year. The increase will be reversed from 6th November 2022.&nbsp;<\/p>\n\n\n\n<p>Employees whose NI is calculated on a monthly basis will see the changes take effect from their first pay packet after 6th November. HMRC has advised that self-employed people who pay NI on an annual basis will pay revised annualised rates of NI.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div>\n\n\n\n<p><strong>Increase in tax rate on dividends reversed<\/strong><\/p>\n\n\n\n<p>April also saw an increase in the rate of Income Tax charged on dividend income by 1.25%. This will now be reversed from April 2023, meaning dividends will be taxed at 7.5% and 32.5% for basic rate and higher rate taxpayers.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div>\n\n\n\n<p><strong>Cancellation of corporation tax rise<\/strong><\/p>\n\n\n\n<p>The rate of Corporation Tax was due to increase to 25% in April 2023 but this has now been scrapped and will now remain at 19%.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div>\n\n\n\n<p><strong>IR35 to be simplified<\/strong><\/p>\n\n\n\n<p>Changes made between 2017 and 2021 will now be scrapped, meaning the contractor will now determine whether their work comes under IR35. The contractor will be&nbsp;responsible for determining their employment status and paying the appropriate amount of tax and national insurance contributions.<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div>\n\n\n\n<p>With Uome you can have everything you need to run your finances on a day to day basis and can run reports for your accountant for tax purposes. Download the Uome app today for&nbsp;<a href=\"https:\/\/apps.apple.com\/gb\/app\/uome\/id1608161556?\">Apple<\/a>&nbsp;or&nbsp;<a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.myuome.app\" target=\"_blank\" rel=\"noreferrer noopener\">Android<\/a>&nbsp;today and gain access to the tools you need to run your business!<\/p>\n\n\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/www.myuome.com\/us\/\">Home<\/a><\/span> &gt; <span><a href=\"https:\/\/www.myuome.com\/us\/blog\/category\/tips\">Business Tips<\/a><\/span> &gt; <span class=\"breadcrumb_last\" aria-current=\"page\">What does the Mini-budget mean for your business?<\/span><\/span><\/div>","protected":false},"excerpt":{"rendered":"<p>Last week the Chancellor delivered his first announcement which was the mini-budget. There were a number of policy changes and many of them have a big impact on small business&#8230;<\/p>","protected":false},"author":11,"featured_media":7236,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-7214","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-tips"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What does the Mini-budget mean for your business? | Uome<\/title>\n<meta name=\"description\" content=\"Last week the Chancellor delivered his first announcement which was the mini-budget. 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