Mini Budget Snapshot
Ex-Chancellor Kwasi Kwarteng’s Mini-Budget has been superseded by Chancellor Jeremy Hunt’s Mini-Budget U-turn on the 14th October 2022. This is likely to be superseeded again in November 2022.
Amid rapidly rising house prices, energy costs, and the growing concern of an incoming recession, the government recently announced their plans to help stimulate economic growth.
No matter who you are or what you do for a living, this “mini-budget”, as it has been dubbed, will affect you. The question is: how?
The financial sector is being overhauled
Sweeping changes are coming in across the financial sector, including your payments for National Insurance Contributions, Business Tax, Income Tax, Stamp Duty Land Tax, and more.
The Health and Social Care Levy is being scrapped, and the funding the levy was supposed to contribute will be maintained from elsewhere.
The planned Corporation Tax rate changes for April 2023 have been reversed, meaning that most business will maintain a rate of 19%, a significantly lower rate than the rest of the G7.
Income Tax for basic rate taxpayers was planned to be reduced by 1% from April 2024, but this change will now go ahead as early as April 2023.
Additionally, the rules around Stamp Duty Land Tax in England are changing once more, meaning that most will need to buy a higher-value property before they become liable to pay Stamp Duty.
But that’s not all…
This is just a fraction of the changes introduced by Chancellor Kwasi Kwarteng. If you’re interested in finding out more, consider reading our full September 2022 mini-budget review, diving into the details of everything you need to know moving forward.
Have any questions about how this could affect you? Reach out to our team of expert chartered accountants and auditors in Aldridge.
For our West Midlands office:
Tel: 01922 743 100