Mini Budget – what it means for small businesses

A mini Budget is taking place on tomorrow, 23 September.

by | 21 Sep, 2022

Chancellor Kwasi Kwarteng is expected to make an announcement to give emergency help on the cost of living – and the cost of doing business – crises.

We’re looking at the reported measures that will affect small businesses.   

Cancelling planned increase to corporation tax

When he was Chancellor, Rishi Sunak made plans to increase corporation tax from 19 per cent to 25 per cent from April 2023. Kwarteng will scrap that with a view to attracting more businesses to come to the UK. It will cost an estimated £17bn, according to The Times. However, the Institute for Public Policy Research (IPPR) has doubts – the UK had the lowest business investment of all the G7 in 2019 despite having the lowest corporation tax of these countries.

Read more at smallbusiness.co.uk

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