Home - Payroll News
- Recent HR News
- FREE Newsletter
- Payroll and HR FAQs
- Payroll Forum
- Payroll Calendars
- Payroll Tools
- Monthly Brain Teaser
- The Authors
- About Us
- Contact us
Budget
Budget 20 March 2013
Tuesday, March 19th, 2013On Wednesday 20 March 2013, Chancellor George Osborne, will deliver the Budget Statement in private to the Cabinet and later to all MPs in the House of Commons. Just after this Statement, the Budget Report will be produced, as required by The Budget Responsibility and National Audit Act 2011. Collectively, we refer to these as, [...]
Budget 2013
Tuesday, December 18th, 2012On 11 December 2013 in the House of Commons, George Osborne, Chancellor of the Exchequer, announced: ‘The core purpose of the Treasury is to ensure the stability and prosperity of the economy. I can announce today that Budget 2013 will be on Wednesday 20 March.’ Comment Certainly this will be a date for your new [...]
Budget 2012 (2) – Charity Tax Relief
Monday, April 23rd, 2012Aside from the ‘Granny Tax’, perhaps the most controversial issue to come from Mr Osborne’s Budget 2012 was the proposal to cap unlimited tax reliefs at 25% of taxable income, or £50,000, whichever is the greater. Whilst we await the draft legislation, this is widely understood to cover: Qualifying loan interest relief Gift Aid and [...]
Budget 2012 – Pensions
Saturday, April 14th, 2012Automatic Review of State Pension Age (SPa) Recent legislative changes have seen increases to the State Pension age from the familiar 65 for men and 60 for women. The current legislative position is as follows: SPa will be equalised at 65 for men and women by November 2018 (Pensions Act 1995, amended by Pensions Act [...]
Budget 2012 – Other
Thursday, April 5th, 2012Statutory Residence Test At Budget 2011, the Chancellor announced that there would be a reform of the taxation on non-domiciled individuals and the introduction of a Statutory Residence Test. One of the reasons that this was prompted in the first instance was as a result of the long-running case involving Mr Robert Gaines-Copper and HMRC, [...]
Budget 2012 – Other Taxation
Monday, April 2nd, 2012Cap on Unlimited Tax Reliefs Finance Bill 2013 will include legislation to apply a cap on tax reliefs which are, currently, unlimited. This will apply on tax relief claimed on or after 06 April 2013. These tax reliefs allow, for example, an Additional rate taxpayer to contribute unlimited amounts which may bring their income down [...]
Learn Centre Budget Day Special
Wednesday, March 21st, 2012The Budget delivered today must feature as one of the worst kept secrets in the history of Budgets, with so much seeming to have been talked about beforehand with what appeared to be leaks from different Government Departments. Listening to the delivery of the Budget on the radio, the biggest laugh from all MPs came [...]
Personal Taxation – Budget Update
Wednesday, March 21st, 20122012/13 As previously announced, lower personal income tax allowance for those aged under 65 will increase by £630 from £7,475 to £8,105 from this April, equally, there will be a corresponding reduction in the income tax basic rate limit down to £34,370. The result being that, unlike the situation at the beginning of this current [...]
Cars and Vans – Budget Update
Wednesday, March 21st, 2012Employer provided cars There are quite a few changes in the taxation of employer provided cars and the fuel benefit which applies if an employee does not pay for all of their private motoring. The car benefit charge incurred by employees who have an employer provided car is based on the list price of the [...]
Income tax and NICs reform – Budget update
Wednesday, March 21st, 2012The Government announced in Budget 2011 that it would consult on the options, stages and timing of reforms to integrate the operation of income tax and NICs. Since then, the Government has issued a call for evidence, published a response and set out an indicative timetable for reform in Integrating the operation of income tax [...]
Tax charge on child benefit – Budget update
Wednesday, March 21st, 2012The Finance Bill 2012 will include measures that imposes a new charge on a taxpayer who has adjusted net income over £50,000 in a tax year, where either they, or their partner, is in receipt of Child Benefit for the year with effect from 2013/14 if both partners have adjusted net income over £50,000, the [...]
Disclosure of Tax Avoidance Schemes – Budget update
Wednesday, March 21st, 2012In 2011, we saw an HMRC consultation about extending the “hallmarks” (the descriptions of schemes required to be disclosed for income tax, capital gains tax or corporation tax). The Government have announced that they will be formally consulting over the summer on extending the hallmarks so as to capture avoidance schemes that do not currently [...]
Personal services companies and IR35 – Budget update
Wednesday, March 21st, 2012The Government is bringing forward a package of measures to tighten up on avoidance through the use of personal service companies and to make the existing IR35 legislation easier to understand. This will include HMRC strengthening specialist compliance teams, simplifying the way IR35 is administered, and consulting on proposals which would require office holders/controlling persons [...]
Simplification of regulatory penalties – Budget update
Wednesday, March 21st, 2012Following consultation in June 2011, the Government intends to introduce a new power in the Finance Bill 2013 to increase the value of fixed penalties in line with inflation. In addition, a small number of defunct penalties will be repealed. The Government has decided that the benefits of simplifying regulatory penalties are not sufficient to [...]
Statutory residence test – Budget update
Wednesday, March 21st, 2012The Government have formerly announced that the Statutory Residence Test would be legislated in Finance Bill 2013 and take effect from 6 April 2013, to allow further time to finalise the detail of the test. This is long awaited and will, hopefully, assist employers to avoid uncertainty following the long running saga of Robert Gaines-Cooper.
Review of tax advantaged employee share schemes – Budget update
Wednesday, March 21st, 2012The Government will be considering the recommendations of the Office of Tax Simplification’s review of tax advantaged share schemes, and will consult shortly on how to take a number of these proposals forward. Legislation will be in future finance bills.
Pensions tax relief – Budget Update
Wednesday, March 21st, 2012Legislation will be introduced in Finance Bill 2013 to amend the rules which currently allow employers to pay pension contributions into their employees’ family members’ pensions as part of their employees’ remuneration package to remove the tax and NICs advantages from these arrangements. A regulation making power will also be introduced to allow changes to [...]
Budget – Personal tax allowances
Thursday, March 24th, 2011From April 2011, the under-65 personal allowance increases from £6,475 to £7,475 as the first stage of the Government’s plans to increase the allowance to £10,000 before the end of the current Parliament. From April 2012, the personal allowance will increase by a further £630 to £8,105. However, as in April 2011, the basic rate [...]
Budget – Consumer Prices Index
Thursday, March 24th, 2011The June 2010 Budget announced that the default indexation for direct taxes, including income tax and NICs, will be the (lower) Consumer Prices Index (CPI) instead of the Retail Prices Index (RPI) from April 2012. However, to ensure employers and older people do not lose out, the Government has confirmed that there will be some [...]
Budget – Implementing the Office of Tax Simplification’s proposals
Thursday, March 24th, 2011Last week’s newsletter included a review of two reports issued by the Office of Tax Simplification in time for consideration by the Chancellor for his Budget announcements on 23 March. A number of the recommendations found their way into the Budget, as follows. Of the various tax reliefs considered by the OTS, 43 are to [...]
