Self-employed workers across the UK are set to benefit from a new tax shake-up following the Mini-Budget.
IR35 tax rules will be axed from April next year - which means self-employed workers will once again be responsible for determining their own employment status.
It affects workers who have set themselves up as private companies, including delivery drivers, building contractors and many others who typically work for other businesses and are not on their payrolls.
Under the current system, the business that you work for is responsible for deciding your tax status - this means workers can often end up paying unnecessary costs.
The aim is to ensure all workers are paying the appropriate amount of tax and national insurance contributions.
The current scheme means that self-employed workers can often end up paying unnecessary costs.
Speaking of the IR35 system, Chancellor Kwasi Kwarteng said: "We can also simplify the IR35 rules – and we will.
"Reforms to off-payroll working have added unnecessary complexity and cost for many businesses.
"We will repeal the 2017 and 2021 reforms. Of course, we will continue to keep compliance closely under review."
IR35 expert Qdos chief executive Seb Maley said: "Repealing IR35 reform is a huge victory for contractors.
"The changes have created havoc for hundreds of thousands of independent workers, along with the businesses that engage them."
Changes to the IR35 system was just one of many new rules introduced by the Chancellor this afternoon.
Other new measures include scrapping the 1.25 percentage point hike in National Insurance, bringing forward the 1p cut to Income Tax and a huge shake-up of Stamp Duty.
The Chancellor also confirmed he will get rid of the cap on bankers' bonuses.
But shortly after the announcement, the value of the pound slumped to a new 37-year low against the US dollar, trading below $1.11 - a figure that has surpassed pandemic and Brexit lows.
Travel experts have warned Brits heading to the USA that they'll be facing the lowest exchange rates on offer since the 80s.
Money expert Martin Lewis took to Twitter to express his “worry” following the Chancellor's announcement.
He tweeted: "That really was quite a staggering statement from a Conservative party government.
"Huge new borrowing at the same time as cutting taxes.
"It's all aimed at growing the economy. I really hope it works. I really worry what happens if it doesn't."
