The Chancellor, Jeremy Hunt, who was appointed on 14 October 2022, delivered his first Autumn Statement, which was in stark contrast to Kwasi Kwarteng’s tax-cutting ‘mini-budget’ delivered less than two months ago. In his statement, Mr Hunt confirmed that the UK is in recession.

Are you and your business prepared for the changes to VAT filing deadlines and penalties? These important HMRC rule changes could have significant financial implications for your business, and January 1 2023, when they go live, is just around the corner.

The Government’s highly-anticipated fiscal plans have been delayed until 17 November. The plans have also been upgraded to a full autumn statement.

The New Chancellor Jeremy Hunt has announced that almost all of the recent ‘mini-budget’ tax measures will be reversed.

The Chancellor said, “We will no longer be proceeding with the cuts to dividend tax rates, the reversal of off-payroll working reforms, the new VAT-free shopping scheme for non-UK visitors or the freeze on alcohol duty rates”.

In the chancellor’s ‘mini-budget’, there was an unexpected announcement for contractors and freelancers across the UK. The IR35 off-payroll work, both public and private sector, will be repealed from April 2023.