Our new Prime Minister Liz Truss and Chancellor Kwasi Kwarteng announced that they will be delivering a mini budget on the morning of Friday 23rd September 2022.
This budget will not hold the same weight as a full budget. This means it will not cover all aspects and will likely not relate to changes to things such as duty increases on fuels and alcohol or the independent growth forecasts. The Autumn Budget will cover all of this in November as normal.
We expect that the focus of this ‘Emergency Budget” will be around the cost-of-living crisis that we are currently facing. Here are some points we expect to be addressed:
- A reduction of stamp duty tax
- A reversal of the recent National Insurance hike
- Corporation Tax hike abandoned
- Married Couples and Civil Partnerships where one earns below the £12,750 threshold, could see the transfer of personal tax allowance of a £1,260 ‘gift’ increase
- Potential increase in minimum wage to £10.50ph
This emergency budget could see tax cuts across the board with an aim to boost the growth in our economy which has suffered the on-going effects of Covid-19 and the war in the Ukraine.
We will keep you updated of further announcements in the coming days on social media. Please make sure that you give us a follow.
In addition, follow us on Twitter this Friday, where we will also be covering the budget via Live Tweeting.
Finally, we appreciate that there could be a lot to take in over the next couple of days. We are sure that this Emergency Budget will have an impact on people and their businesses. If you would like to have a chat with one of our tax specialists to make sure that you are getting the best out of these new tax changes, please get in touch.