Unless you have taken yourself off to somewhere on the planet that has no communication with the outside world, you will already be aware of the reverberations from Kwasi Kwarteng’s first ‘mini budget’ announced last Friday.
Billed as the ‘new approach for a new era’ the extensive tax cuts and changes to the IR35 legislation grabbed the headlines initially, however, today things don’t look quite so rosy. Just this morning the International Monetary Fund (IMF) have stated that the tax cuts should be reversed, and it seems like further increases in interest rates are on the cards.
Our clients who own and run businesses may now need to adjust their forecasts and planning and we are here to assist. Our contractor clients will need assistance with the IR35 changes and the implications to their own specific situations, and our landlord clients will need advice and tax planning as mortgage rates look to increase, possibly significantly. Coupled with MTD for ITSA getting ever closer there is much to do.
I am attaching our Budget report below, and there is much to digest.
Please don’t hesitate to contact myself of one of my team if you would like to discuss anything. We are here to support and help you plan through what could be somewhat of a rollercoaster economic ride.