The Chancellor, Kwasi Kwarteng, has announced that he will be holding a 'Medium-Term Fiscal Plan' immediately following the publication of the Office for Budget Responsibility's (OBR) economic and fiscal forecast on 31 October 2022. He has brought forward this date; it had been previously announced in November.

Hello, 

You will no doubt have heard about the U-turn on the mini-budget announcement to cut the 45% Income Tax band on Monday, you are less likely, however, to have heard about the decision to change the definition of a 'small' company. 

This measure was introduced by Liz Truss, it seems to have been shelved.

The government is changing the definition of a 'small' company by increasing the employee number threshold from 50 to 500 employees. This change will bring some 40,000 businesses within the definition of 'small' and will have some considerable implications across accounting, tax, investor reliefs and grants.

The Chancellor, Kwasi Kwarteng, has announced that the 45% Income Tax top tax rate will remain in place from next April. Interviewed on BBC Radio 4 on Monday morning, he admitted that his uncosted mini-budget proposal had become "a massive distraction".

Hello,

It has been a week of economic turmoil following last Friday’s mini-budget. We have summaries of the key measures announced in case you missed our Budget Special edition, as well as plenty of non-budget content including a new Employer update for 2022-23, HMRC’s latest Agent update and some interesting tax cases.