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The Government's stated intention is to focus on five areas: reducing debt; cutting tax and rewarding hard work; backing British business; building domestic and sustainable energy; and delivering world-class education.
Although the Budget promoted 'Back to Work' measures for many sections of the workforce, including the older 'returners' and young parents, the Government has been accused of missing an opportunity to target the self-employed sector.
The hidden misery for contractors and freelancers in the Autumn Statement was the announcement that the dividend tax thresholds will be reduced from £2,000 to £1,000 in April 2023, before halving again, to £500 in April 2024.
A professional tax body claims that the announcement in the Autumn Statement that the Government will freeze the VAT registration threshold of £85,000 until at least March 2026 will put more pressure on small businesses.
Some self-employed universal credit claimants may not see the full value of the Government's rise in benefits because the artificial minimum income floor that is applied to some low paid self-employed claimants in universal credit is directly linked to the minimum wage which will also rise from 1 April 2023.