What's left from the mini-Budget?
The new chancellor has today scrapped most of the mini-Budget announcements. Have any of the announcements from 23 September survived the latest round of U-turns?
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Deadline to pay Class 1B NI
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Company owners' personal tax affairs under scrutiny
Company owners are being urged to check their personal tax affairs as a new compliance campaign focuses on transactions between limited companies and the people who control them. Loans, personal expenses and the use of company assets are among the areas attracting attention. Could you have overlooked a tax liability?
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HMRC speeds up National Insurance refunds
HMRC has confirmed that it is using a new automated process to speed up National Insurance refunds. Where its records suggest that someone may have overpaid, HMRC will write to them asking them to check their employment and contribution details before any refund is processed. Could you be due money back?
Jeremy Hunt has today announced that the cutting of the basic rate of income tax, from 20% to 19%, would be postponed indefinitely - until “economic conditions allow a reduction”. This had been rumoured toward the end of last week, but that wasn’t the end of the U-turns. The planned cutting of dividend tax (which was increased in line with NI) has also been scrapped, as has the reversal of the off-payroll working rules. The cap on energy bills that was set to last for two years will now be reassessed in April.
The only major measures that remain from the mini-Budget are the changes to NI, stamp duty land tax, and the permanent increase of the annual investment allowance to £1 million.
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