{"id":12039,"date":"2022-09-23T11:19:58","date_gmt":"2022-09-23T11:19:58","guid":{"rendered":"https:\/\/thebusinessculture.co.uk\/hey\/?post_type=know-how&#038;p=12039"},"modified":"2022-09-23T11:20:03","modified_gmt":"2022-09-23T11:20:03","slug":"mini-budget-september-2022-what-you-need-to-know","status":"publish","type":"know-how","link":"https:\/\/thebusinessculture.co.uk\/hey\/know-how\/mini-budget-september-2022-what-you-need-to-know\/","title":{"rendered":"Mini Budget September 2022: What You Need to Know"},"content":{"rendered":"<p>This morning, Chancellor Kwasi Kwarteng announced his first Mini Budget. The economic changes planned by the Government are actually significant, with Nick Eardley, Chief Political Correspondent at the BBC, saying that \u201c This is not a mini budget. This is a big tax-cutting moment for the economy,\u201d whilst the founder of Money Saving Expert, Martin Lewis, has described the Mini Budget as \u201cstaggering\u201d. The question is, what do these changes mean for you, your business and your hard-earned cash?<\/p>\n<p>To help you digest what the Mini Budget will bring in the coming months, here\u2019s a quick yet comprehensive roundup of what was announced:<\/p>\n<ul>\n<li>The basic rate of\u00a0income tax will be cut by 1p to 19p\u00a0from April 2023.<\/li>\n<li>The\u00a045p tax rate for top earners over \u00a3150,000 will be abolished, also from April next year.<\/li>\n<li>The level at which\u00a0house-buyers\u00a0begin to pay\u00a0stamp duty\u00a0is\u00a0doubled from \u00a3125,000 to \u00a3250,000.<\/li>\n<li>First-time buyers\u00a0will pay\u00a0no stamp duty on homes worth \u00a3450,000, up from \u00a3300,000.<\/li>\n<li>The previously planned rise on corporation tax\u00a0from 19% to 25%\u00a0is to be scrapped.<\/li>\n<li>The 1.25% rise in National Insurance is to be reversed\u00a0from 6 November.<\/li>\n<li>The cap on bankers' bonuses, which limited rewards to twice the salary level,\u00a0has been axed.<\/li>\n<li>The cost of subsidising both domestic and business energy bills will cost \u00a360bn for the next six months.<\/li>\n<li>Strike action:\u00a0unions will be required to put offers to members\u00a0during pay talks.<\/li>\n<li>The UK is to introduce\u00a0sales tax-free shopping for overseas visitors, which could boost the economy.<\/li>\n<\/ul>\n<p>The main or at least most widely impactful changes are the reversal of the 1.25% rise in National Insurance (the social care levy) from 6<sup>th<\/sup> November 2022 and the reduction of income tax by a penny from April 2023. Though these figures may sound relatively small, they can make a big difference to an individual\u2019s take-home pay on a monthly and especially an annual basis.<\/p>\n<p>Limited company directors will also be pleased with the cancellation of what would have been a major increase in corporation tax, plus the removal of the upper level 45p tax rate will be welcome news to high earners.<\/p>\n<p>Further details are still to be released regarding the exact nature of the energy bill support scheme, which we\u2019ll share as soon as they\u2019re made available.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Ask us for tax advice<\/strong><\/h2>\n<p>If you\u2019d like to have a chat about what these changes could mean for you and your business, as well as access tailored advice on how to reduce your tax bills, please call our Yorkshire office on 01482 235575, our London office on 0207 885 0605, or fill in our\u00a0<a href=\"https:\/\/www.treybridge.co.uk\/contact-us\">contact form<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This morning, Chancellor Kwasi Kwarteng announced his first Mini Budget. The economic changes planned by the Government are actually significant, with Nick Eardley, Chief Political","protected":false},"author":12312793,"featured_media":12038,"template":"","know_how_category":[],"class_list":["post-12039","know-how","type-know-how","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/know-how\/12039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/know-how"}],"about":[{"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/types\/know-how"}],"author":[{"embeddable":true,"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/users\/12312793"}],"version-history":[{"count":1,"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/know-how\/12039\/revisions"}],"predecessor-version":[{"id":12040,"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/know-how\/12039\/revisions\/12040"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/media\/12038"}],"wp:attachment":[{"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/media?parent=12039"}],"wp:term":[{"taxonomy":"know_how_category","embeddable":true,"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/know_how_category?post=12039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}