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Budget 2012
Auto-Enrolment Thresholds 2013/14
As announced in our Autumn Statement Newsletter, the Personal Allowance is set to increase to £9,440 from April 2013. This is an increase of £235 on the previously published figure of £9,205, announced at Budget 2012. In total, the increase from 2012/13 to 2013/14 equates to £1,335 in additional tax allowances. As we reported in [...]
Business Calls for Tax and NICs Reform
At Budget 2011, the Chancellor of the Exchequer announced that a Government aim was to look at simplification of the tax system. This led to a ‘Call for Evidence’ document, which was followed by a ‘Next Steps’ document in November 2011, following a recommendation from the Office of Tax Simplification (OTS) in their Small Business [...]
Pasty Tax Comes into Force
We are providing this information, as we reported on it at the time of the Budget 2012 and it is right to bring the subject to its conclusion with this article. Effective 01 October 2012, the ‘Pasty Tax’ comes into force. This is to ensure that there is a consistent treatment in the application of [...]
Consultation on Employee Share Schemes
On 06 March 2012, the Office of Tax Simplification (OTS) issued a report to the Chancellor of the Exchequer on Tax Advantaged Share Schemes (TASS). There are four types of TASS: Company Share Option Plans (CSOP) Save As You Earn (SAYE) Share Incentive Plans (SIP) EnterpriseManagement Initiatives (EMI) The OTS recommended a review of the [...]
Statutory Residence Test
At Budget 2011, the Government announced that it would be introducing a statutory definition of UK tax residence. A consultation followed with the expectation that a Statutory Residence Test would be included in the Finance Bill 2012 and effective 06 April 2012. This would provide clear and concise rules on this complex and confusing area of [...]
Budget 2012 (2) – Charity Tax Relief
Aside 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 [...]
P35 Reminder, RTI Goes Live, Bringing Forward the Staging Date, HMRC Objectives 2012/13 and Budget 2012 – Pensions
2012 is the Chinese year of the Dragon. According to the Website I visited, some of the Dragon’s traits are that they are driven, unafraid of challenges and willing to take risks. They are passionate in all that they do and do things in a grand fashion. This seems perfectly fitting for this new payroll [...]
Early Repayment of Student Loans, Week 53, Revised RTI Regulations, Benefits and Expenses Statistics, International Tax Issues and Budget ‘Other’
Now that Easter is behind us, we can start to look at the challenges that are ahead at the start of the new tax year. In the immediate term, as always, we have year-end and P11Ds to process. Make sure you familiarise yourself with our excellent courses covering these topics. First week of the tax [...]
Revised Implementation Proposals for Workplace Pensions Reform, Budget 2012 Other Taxation Issues and Benefits, Finance Bill 2012 Published, 2012/13 Rates and Thresholds, P38(S) for 2012/13, Error in E14
We continue our analysis of the Budget on 21 March 2012. Last week, we looked at the personal taxation issues which, undoubtedly, were the ones to hit the headlines the next morning. However, the Budget was deeper than that and this week we look at other taxation issues, including benefits. To finish, this is a [...]
Budget 2012 – Benefits
Company Car Tax Rates Budget 2012 saw the Government confirming its intention to follow successive Budgets and impose higher taxes on the more polluting cars. This has had the desired effect of ensuring that cars are now manufactured as more fuel-efficient. There were a number of changes: 2011/12 The Chancellor confirmed his intention to exclude [...]
HM Treasury ‘Calls for Evidence’ Response – Next Steps
Budget 2011 announced that Government would consult on the topic of a closer integration between tax and National Insurance, the subject that always seems to be on every Government’s ‘back burner’ in recent years. Between July and September this year, HMRC ran a call for evidence, which received over 70 responses from a range of [...]
