{"id":23489,"date":"2022-11-15T15:16:50","date_gmt":"2022-11-15T15:16:50","guid":{"rendered":"https:\/\/smh.group\/?p=23489"},"modified":"2022-11-15T15:16:50","modified_gmt":"2022-11-15T15:16:50","slug":"after-the-storm-self-employed-tax-planning","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/after-the-storm-self-employed-tax-planning\/","title":{"rendered":"After the storm: self-employed tax planning"},"content":{"rendered":"

If you are self-employed or work via a company the winding back of many of the proposals in September\u2019s mini-Budget have altered tax planning. <\/strong><\/p>\n

The range of tax and other changes proposed in September affecting companies and employment included:<\/p>\n

    \n
  1. Freezing the rate of corporation tax at 19% for all companies.<\/li>\n
  2. Reducing the basic rate of tax to 19% from 2023\/24 (outside Scotland).<\/li>\n
  3. Ending the 2017 and 2021 reforms to off-payroll working rules (often called IR35).<\/li>\n
  4. Abolishing the additional rate of income tax (outside Scotland).<\/li>\n
  5. Scrapping both the 1.25 percentage point increase in National Insurance Contributions (NICs) from 6 November 2022, and the Health and Social Care Levy, which had been due to start in 2023\/24.<\/li>\n<\/ol>\n

    Less than a month later, the new Chancellor, Jeremy Hunt, culled the first three on this list, the fourth having been already scrapped by Mr Kwarteng. Mr Hunt might also have buried the fifth, too, were it not for the fact that the necessary legislation was just about to become law.<\/p>\n

    Mr Hunt\u2019s reworkings of his predecessor\u2019s plans has several implications for shareholder directors:<\/p>\n