Newsletter...
December 2012 - ENEWS
In this month’s enews we report on some key issues from the Autumn Statement and subsequent publication of draft Finance Bill legislation. The Autumn Statement has sparked much debate with the biggest surprise being the tenfold increase in the AIA only months after it was reduced.
We also report that HMRC are urging those who have not yet filed their self assessment tax return to do so now and experience ‘inner peace’.
Please contact us if you would like any further details on any of the issues covered.
With all best wishes for the festive season and the New Year.
- TENFOLD INCREASE IN ANNUAL INVESTMENT ALLOWANCE
The shock announcement of the Autumn Statement was the tenfold increase in the amount of the Annual Investment Allowance (AIA). The AIA provides a 100% deduction for the cost of plant and machinery purchased by a business up to an annual limit which is currently £25,000 for expenditure incurred from April 2012.......... read more
- PERSONAL ALLOWANCE FOR 2013/14
For those aged under 65 the personal allowance will be increased from the current £8,105 to £9,440. This increase in the personal allowance is greater than the amount previously announced and is part of the plan of the Coalition Government to ultimately raise the allowance to £10,000...........read more
- PENSIONS SAVING
It was announced in the Autumn Statement that for tax year 2014/15 onwards.........read more
- A SIMPLER TAX SYSTEM FOR SMALLER BUSINESSES
The Chancellor is to proceed with proposals to make the tax system simpler for small unincorporated businesses from April 2013. Where a business has a turnover up to £77,000 it will be able to calculate its profits on a simplified cash basis. In addition it will not have to distinguish between revenue expenditure and capital expenditure...........read more
- STATUTORY RESIDENCE TEST
HMRC have announced that legislation will be introduced in Finance Bill 2013 to put the rules which determine an individual’s tax residence on a statutory basis. The new statutory residence test will come into force from the start of the 2013/14 tax year........read more
- GOVERNMENT MUST TACKLE RED TAPE
The CBI is calling on the Government to tackle ‘red tape’. The CBI is warning that economic growth faces being held back because of tens of millions of pounds in extra business red tape coming from the UK Government and Europe.........read more
- REMINDER TO THOSE WITH HIGH INCOME AND CHILD BENEFIT
HMRC are reminding Child Benefit recipients with higher incomes that they have a month to decide whether to stop receiving the benefit or to pay a charge on it through self assessment..........read more
- ADVISORY FUEL RATES FOR COMPANY CARS
New company car advisory fuel rates took effect from 1 December 2012. HMRC’s website states.......read more
- 2013/14 STATUTORY PAYMENTS
HMRC have announced the following statutory payment rates for 2013/14. These rates are still subject to Parliamentary approval and will be confirmed by HMRC before the start of the new tax year........read more
- CHARITIES AND GIFT AID
HMRC will introduce a new online service which will enable Charities and Community Amateur Sports Clubs (CASCs) to submit repayment claims electronically, Charities Online, in April 2013........read more
- FILE YOUR SELF ASSESSMENT RETURN
A HMRC advertising campaign is urging anyone who hasn’t sent in their 2011/12 self assessment tax return to do it now and find ‘inner peace’. The new advertising campaign highlights the imminent 31 January 2013 deadline for online returns, and the automatic £100 penalty for missing the deadline........read more
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