{"id":7426,"date":"2022-10-26T17:09:50","date_gmt":"2022-10-26T17:09:50","guid":{"rendered":"https:\/\/www.myuome.com\/?p=7426"},"modified":"2023-06-01T12:57:38","modified_gmt":"2023-06-01T12:57:38","slug":"mini-budget-u-turn-by-new-uk-chancellor","status":"publish","type":"post","link":"https:\/\/www.myuome.com\/us\/blog\/tips\/mini-budget-u-turn-by-new-uk-chancellor","title":{"rendered":"Mini budget U-turn by new UK chancellor"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The news is ever-changing and it seems our government is following suit. We recently reported on the mini-budget delivered by Kwasi Kwarteng in September. Now we\u2019re in October and Kwasi Kwarteng is no longer in his role and Jeremy Hunt has taken over as Chancellor of the Exchequer.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Mr. Hunt who took up his new role on Friday\u00a014th October announced in an emergency statement that he would be reversing almost all of the tax cuts including the 1p income tax cut that was laid out in his predecessor&#8217;s mini-budget just a few weeks ago.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\"><strong>Jeremy Hunt said<\/strong><\/span> <span style=\"font-weight: 400;\">&#8220;The government has today decided to make further changes to the mini-budget, and to reduce unhelpful speculation about what they are, we&#8217;ve decided to announce these ahead of the medium-term fiscal plan, which happens in two weeks.&#8221;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The changes include:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">No cuts to dividend tax rates<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Repeal of the easing of IR35 rules for the self-employed introduced in 2017 and 2021<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">No new VAT-free shopping scheme for overseas visitors to the UK<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">No freeze on alcohol duty rates<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">The basic rate of income tax is to remain at 20%, not reduced to 19% from April 2023<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Energy price guarantee only until April 2023.<\/span><\/li>\n<\/ul>\n\n\n\n<p><span style=\"font-weight: 400;\">Uome is all about making self-employed life simple and the decision to U-turn on the IR35 rules is disappointing. We are not alone in our disappointment and want Uome users to know while we don\u2019t have the power to change the government\u2019s decision to repeal we will continue to support your businesses to get paid, connect and engage.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If you are seeking support on IR35 there are a number of professional membership organisations that can help, including<\/span><a href=\"https:\/\/www.ipse.co.uk\/\"><span style=\"font-weight: 400;\"> IPSE&nbsp; (the Association of Independent Professionals and the Self-employed)<\/span><\/a><span style=\"font-weight: 400;\"> the UK\u2019s only not-for-profit membership organisation that often lobbies the government on such issues and has a dedicated <\/span><a href=\"https:\/\/www.ipse.co.uk\/ir35-hub-ipse.html\"><span style=\"font-weight: 400;\">IR35 hub<\/span><\/a><span style=\"font-weight: 400;\">.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">We will keep you posted on any further announcements that impact our Uome users.&nbsp;<\/span><\/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\">Mini budget U-turn by new UK chancellor<\/span><\/span><\/div>","protected":false},"excerpt":{"rendered":"<p>The news is ever-changing and it seems our government is following suit. We recently reported on the mini-budget delivered by Kwasi Kwarteng in September. Now we\u2019re in October and Kwasi&#8230;<\/p>","protected":false},"author":11,"featured_media":7427,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-7426","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>Mini budget U-turn by new UK chancellor | Uome<\/title>\n<meta name=\"description\" content=\"Mr. Hunt on Friday\u00a014th October announced in an emergency statement that he would be reversing almost all of the tax cuts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.myuome.com\/us\/blog\/tips\/mini-budget-u-turn-by-new-uk-chancellor\/\" 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