Below is a summary of the September 2022 Mini Budget: The Health & Social Care Levy cancelled The Government has announced that the 1.25% increase in National Insurance rates brought in this year will be reversed with effect from 6th November 2022. In addition, the 1.25% on dividends will be abolished from 6th April 2023. The proposed standalone Levy due to come in from April 2023 will not now happen. From April 2022, the Levy had temporarily increased the National Insurance rate by 1.25% for employees, self-employed and businesses, as well as the tax rate on dividend income by 1.25%. What could be the annual savings by removing the Levy? Individual earning £20,000 – Additional saving £93. Employer saving £136. Individual earning £50,000 – Additional saving £468. Employer saving £511. Individual earning £100,000 – Additional saving £1,093. Employer saving £1,136. Individual in receipt of a dividend of £20,000 – Additional saving £225. Individual in receipt of a dividend of £50,000 ...

The Government have just announced the outline of support for businesses in regards to the energy crisis. This is in the form of the Energy Bill Relief Scheme. This impacts England, Scotland and Wales with a comparable scheme to be put in place in Northern Ireland. The Energy Bill Relief Scheme This particular Scheme will apply to England, Scotland and Wales. A parallel scheme, based on the same criteria and offering comparable support, but recognising the different market fundamentals, will be established in Northern Ireland. The Scheme will see wholesale energy prices for all businesses capped for six months from 1 October. Hospitals, schools and other settings such as community halls and churches will also receive the support. To administer support, the Government has set a Supported Wholesale Price – expected to be £211 per MWh for electricity and £75 per MWh for gas, less than half the wholesale prices anticipated this winter – which is a discounted price per unit of gas and elect...