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Personal allowance
Budget 2013 – Personal Taxation
Tax Allowances The headline announcement is that the Personal Allowance is to increase by £560.00 to £10,000.00 from 06 April 2014. This is for people born after 05/04/48. This increase is in accordance with the Government’s 2010 Coalition Agreement, which stated that this was long-term policy objective, to be met by the end of the [...]
Draft Finance Bill 2013
The Government is committed to providing information on the measures in the Finance Bill at least three months prior to its introduction in Parliament and, where possible, the associated draft legislation. As such, HM Treasury have published their ‘Overview of Legislation in Draft’ (OLD) document together with Tax Information and Impact Note (TIIN) and Explanatory [...]
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 [...]
Tax
The Mansion Tax Mr Osborne said that more will be paid by the ‘better off’, however, this did not mean a tax raid by applying a higher tax rate and he confirmed that there would be no tax on property. Accompanied by head-shaking from the Deputy Prime Minister, this signals the end of speculation about [...]
Auto-Enrolment Thresholds 2013/14
The Pensions Act 2008 requires the annual review of the Auto-Enrolment thresholds. These are, currently, set in The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2012. In a written statement on 06 September, Pensions Minister Steve Webb announced the publication of the latest Government consultation on the review and revisions of the Earnings [...]
FAQ – Some of our employees have been notified of tax underpayments as a result of a Week 53 situation in the previous tax year. Why could this be?
Since tax started to be collected via PAYE, the system has had to make adjustments for the fact that there are these additional paydays in a tax year. The fact remains, however, that tax is due on the taxable pay paid in this extra pay period and, likewise, this is assessable to tax. To ensure [...]
The Single Income Tax
Following on from the article about tax transparency, it is appropriate to mention a recent 2020 Report. The 2020 Commission is a joint project between the Taxpayers’ Alliance and the Institute of Directors (IOD). It has published a report entitled ‘The Single Income Tax’ and produced a Webcast on their Website advocating a simpler UK [...]
Auto-Enrolment Thresholds 2012/13
The Pensions Act 2011 required that Government annually reviews the auto-enrolment Earnings Trigger and Lower and Uppers bands of Qualifying Earnings. This ensures that the auto-enrolment process continues one of its objectives of targeting the lower-paid, whilst ensuring that as many people as possible are saving for their retirement. Also, the annual review ensures that [...]
The ‘Granny Tax’
As we reported on 13 March 2012, The Office of Tax Simplification had previously identified the age-related allowances as a source of confusion and complexity. Further, the Coalition’s increases to the lower Personal allowance were reducing the difference between the lower and age-related amounts. In a move towards a universal tax allowance system, one of [...]
Personal Allowance 2013/14
The Income Tax (Indexation) Order 2011 in the Finance Bill 2012 already provides for the Personal Allowances to increase from the start of tax year 2012/13, at which point L suffix codes increase by 63 points and the Emergency tax code becomes 810L. This was confirmed in the Autumn Statement of 2011 and is not [...]
Autumn Statement – 2011
The Autumn Statement on 29 November 2011 focused on the economy and the reducing growth forecasts as a result of European and Global influences. For payroll professionals, there were few surprises in the Statement. Whilst there is another change on the way in respect of the State Pension Age, even this cannot be said to [...]
Corrections to CWG2 Employee Further Guide to PAYE and NICs
A number of amendments have been made to the CWG2 guidance for employers. HMRC has announced that an updated version of booklet CWG2 Employer Further Guide to PAYE and NICs is available to download. It shows “03/11” on the back cover. For employers who have obtained printed copies of the CWG2 from the Employer Orderline, [...]
Consultation on draft legislation for Finance Bill 2011
The policy of the Coalition government is to confirm most of its new tax measures at least three months before the introduction of a Finance Bill. The draft text of the legislation that will appear in the Finance Bill 2011 was published on 9 December and is open for technical comment until 9 February 2011. [...]
