Skip to main content

On the 23rd of September, the Chancellor announced the details of the Mini-budget, however, just a few weeks later the government has made a U-turn with regards to corporation tax.

Today, not only has Prime Minister Lizz Truss sacked Chancellor Kwasi Kwarteng but she’s announced that corporation tax will be increasing from 19% to 25% – an idea originally proposed by Rishi Sunak.

This comes just a couple of weeks after the first U-turn regarding the 45% higher tax rate.

Chris Bryce, Freelancer and Contractor Services Association’s (FCSA) Chief Executive, commented, “The reinstatement of CT increases may go some way to steadying the bond markets and reduce the cost of government debt, but the potential downside is that the UK becomes a less attractive place to do business on the world stage at a time when the economy clearly needs as much inward investment as it can get and business alone should not bear the burden of difficult economic times.”

“It’s clear that this U-turn, alongside the earlier U-turn on dropping the 45% tax rate, has been forced upon the Prime Minister by the markets and her own party, but some of the measures previously announced could have been beneficial in overall terms. That the decision to U-turn has been made so quickly is concerning and destabilising – policy should not be made on the hoof and the old saying ‘act in haste, repent at leisure’ clearly applies.”

Thinking of appointing Dolan Accountancy?

Give us a call on 01442 795 100 or email

Email Jaime

Hearing that PM was to reverse the Mini-budget, those in the self-employed sector were concerned that the government might not go ahead with its proposal to simplify the IR35 legislation.

Chris added, “That Ms Truss did not mention the IR35 rollback this afternoon is cautiously welcome but, of course we may not have heard the last of this matter.

“The Prime Minister is well versed in the controversies surrounding IR35. However, the previously promised review, if carried out properly, will give the government the opportunity to finally hear what the whole industry has been saying since 1999 – IR35 is fundamentally flawed and is a huge anti-competitive sledgehammer used to crack a very small nut.

“As always I, and FCSA stand ready to work with Jeremey Hunt, the new Chancellor, Edward Argar, the new Chief Secretary to the Treasury, and other ministers towards ensuring finding fully compliant, practical and workable solutions to the issues surrounding contracting and the whole temporary labour market in the UK.”

To find out more about contracting please contact Jaime on 01442 795 100 or email

Why Thousands of Contractors Choose Dolan Accountancy

With over 25 years experience in contractor accountancy helping thousands of contractors, freelancers and the self employed, Dolan Accountancy has the specialist skills, reputation and credibility you can trust.

Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795 100 or email or

We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours
  • Free use of Contractor Umbrella – With IR35 Legislation changes we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams
  • Free Access to FreeAgent – We offer all of our clients access to FreeAgent, free of charge
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few

Not Found What You’re Looking For?

Speak to an ExpertLimited or Umbrella?
Take Home Pay Calculator