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How does the latest Budget affect small firms?

17 October 2022

Business groups have delivered their verdict on today's emergency statement by new chancellor Jeremy Hunt, as the British Chambers of Commerce describes it as "a plan for today with nothing for tomorrow".

Today's emergency statement by chancellor Jeremy Hunt sees the government reversing almost all the measures announced in the mini-Budget on 23 September. The British Chambers of Commerce (BCC) described the statement as "a plan for today with nothing for tomorrow". Freelancer body IPSE called the government "spineless" for failing to go through with reforms of the IR35 rules affecting freelance contractors.

The government has already U-turned on corporation tax cuts and the scrapping of the 45% top tax rate for high earners. Now, many more of the September Budget measures have been abandoned by the new chancellor of the exchequer Jeremy Hunt in an attempt to stabilise the financial markets.

Jeremy Hunt announced that:

  • Support for households and businesses on energy costs will now be reviewed after April 2023 and then "scaled back" to save money.
  • The planned cut in the basic rate of income tax, from 20% to 19%, is now off the cards "indefinitely until economic circumstances allow for it to be cut".
  • Cuts to dividend tax rates have been scrapped.
  • The promised repeal of IR35 off-payroll tax rules is now cancelled.

Key elements of Kwasi Kwarteng's original Budget that remain unaffected are the cuts to stamp duty on house purchases and the reversal of the National Insurance rise.

Shevaun Haviland, BCC director general, said: "The chancellor's buzzword was stability. But what we've seen from him is a plan for today and nothing for tomorrow.

"Following the economic turmoil of the last few weeks he had to press the reset button. But businesses will be dismayed by the decision that looks set to strip back the energy support for firms from next April. The government must commit to a full consultation with firms ahead of that cliff-edge to provide some certainty on where any targeted support will go. Energy costs keep business owners awake at night, alongside rising inflation and interest rates."

Haviland added: "People run businesses and businesses rely on people. The government is failing to fully understand that the cost of living and cost of doing business crises are two sides of the same coin. We still need a clear vision on how it will support firms and the communities that rely on them to thrive."

Martin McTague, national chair of the Federation of Small Businesses (FSB), said: "The chancellor is right to highlight the need for stability, following all of the political turmoil and chopping and changing which has made it virtually impossible for businesses to plan and make investment decisions.

"A key tenet of bringing stability is to deliver swiftly and without fail on the commitments which have been kept today on the small business energy support package and the reversal of the hike in National Insurance. These are vital measures to ease the acute cost of doing business crisis.

"Legislation must pass swiftly in both chambers of Parliament, today, so that cash can reach small businesses next month - this will be a lifeline for many facing a tough winter. The review to come on business and consumer energy support after six months must avoid a cliff-edge for small firms that remain impacted and vulnerable."

Andy Chamberlain, director of policy at the Association of Independent Professionals and the Self-Employed (IPSE), said the scrapping of the repeal of IR35 tax rules would be a "huge blow to thousands of self-employed contractors and the businesses they work with".

He said: "We know that the government is well aware of the problems caused by this damaging legislation - the previous chancellor said so at the mini-Budget and the prime minister made it clear during her leadership campaign. Despite this, it has today taken the spineless decision to row back on its promise to repeal the reforms. Businesses that were looking forward to an era of less complexity and less cost will have had those hopes dashed today."

Written by Rachel Miller.