News Tag Results for "Budget"
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Business Tax
Simplification
The Government wants to simplify the accounts small businesses (partnerships and sole-traders) have to prepare for tax purposes. It is consulting on whe...
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Capital Taxes
CGT
There has been no change in the rates or thresholds for capital gains tax (CGT):
The rates for 2012/13 are...
Annual exemption - £10,600
Annual ...
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Employers
NI
For 2012/13 the main rates and thresholds for NI contributions are:
Lower Earnings Limit (LEL) for Class 1 NICs - £107/week
Employer's class 1 above &...
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Individuals
Personal Allowances
The big news for individuals is that the personal allowance will increase to £9,205 from 6 April 2013, so you have to wait another year for th...
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Savings and Investments
Enterprise Investment Schemes
From 6 April 2012 there are two schemes which you can use to achieve tax relief for investing in small unquoted companies: the...
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VAT
The VAT rates remain unchanged at...
Lower rate: 0%
Reduced rate: 5%
Standard rate: 20%
The registration and deregistration limits from 1 April 2012 are...
Reg...
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Budget Update - Business Tax
IR35 Review
The Office of Tax Simplification was tasked with reviewing the operation of IR35, or the provision of services through intermediaries as ...
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Budget Update - Capital Taxes
Capital Gains Tax Rates and Thresholds
The rates and thresholds for capital gains tax are as follows for 2011/12:
Annual exemption - £10,6...
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Budget Update - Employers
NIC
When business owners and accountants are asked what single action could simplify the tax system, most suggest merging income tax and NI. This messag...
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Budget Update - Individuals
Personal Allowances
These allowances represent the amount of an individual's income in the tax year that is not subject to income tax. Some people...
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Budget Update - Savings and Investments
Enterprise Investment Scheme
Income tax relief for investors is to be proposed to be enhanced as follows:
Rate of income tax relief: 2...
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Budget Update - VAT
VAT Rates and Thresholds
There were few changes announced for VAT. The rates and thresholds are as follows from 1 April 2011:
Lower rate - 0%
Reduced ra...
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Time for Tax Planning
Have you used all your available tax allowances?
The 40% threshold is going down, as the tax free personal allowance goes up. The threshold for the 40% rate will be ap...
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