Immediate Response Chancellor, Kwasi Kwarteng, presented the Mini-Budget 2022 today as the UK faces a cost of living crises. See our short video summary for some of the key business and tax measures presented by Director of Tax, Debbie Franklin: Key measures/announcements at a glance: Measures aimed at helping households and businesses with energy prices: From October, the Energy Price Guarantee will limit the price customers can be charged for energy. This means the typical household will now likely pay £2,500 for their annual energy use The Energy Bill Relief Scheme will help to cut energy prices for businesses, charities and public sector organisations. The scheme will run for 6 months and cover energy used from 1 October 2022 to 31 March 2023 Energy Markets Finance Scheme to support energy firms Changes to Universal Credit to encourage more people into work Government's aim is to reach a 'trend rate of growth of 2.5%' Cap on bankers bonus' scrapped Bank Surcharge increase cancelled New investments zones and tax relief for businesses Planned Corporation Tax increase to 25% has been cancelled. The rate will stay at 19%. Annual Investment Allowance will be permanently set at £1 million from 1 April 2023 Widening the criteria of the Seed Enterprise Investment Scheme (SEIS), including allowing firms to now raise £250,000 under the scheme IR35 reforms repealed Office of Tax Simplification to be wound down Planned increases in duty rates for beer, cider and wine cancelled From 6 November National Insurance and dividend tax will be cut by 1.25% points Stamp Duty Land Tax from today: Nil-rate band doubled to £250k First time buyers threshold increased to £425k First time buyers relief available on properties up to £625k Income Tax from April 2023: A single higher rate of income tax of 40% Basic rate of income tax cut to 19p Full Summary Further details on the changes that are most likely to have an impact upon your business and your personal finances will be issued shortly. Throughout the summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally. Please contact us if you need assistance. We are here to help.