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Bloomsbury Professional outlines 10 highlights from the 2012 Budget 1 Personal Taxes - General For 2013/14 the basic rate of income tax will be 20%, the higher rate will be 40%, and the additional rate will be 45%. The dividend additional rate will be 37.5%, the trust rate will be 45% and the dividend trust rate will be 37.5%. From April 2013, the personal allowance will rise to £9,205 (£8,105 for 2012/13). The basic rate limit will be reduced to £32,245 (£34,370 for ... Continue Reading

Here is a run down of TaxationWeb's hot tips to look out for in tomorrow's Budget: Update on Child Benefit "Cliff Edge" for Higher Rate Taxpayers - this was trailed heavily a fortnight or so ago. More recently it appears that the Chancellor has required some convincing that losing entitlement to this tax-free benefit immediately that a family member's income reaches the Higher Rate Threshold would be unpopular with the public(!) so how generous any changes might be is uncertain. But with some Tory ... Continue Reading

Claiming Income Tax relief on losses on shares can be difficult for small companies, says Mark McLaughlin. Introduction It is probably a sign of the present hard economic times that more taxpayers seem to be seeking tax relief for losses on investments in shares and business loans. This is reflected in the number of cases reaching the tax tribunal. Tax relief claims for losses against capital gains are prevalent. However, such relief generally only shelters gains at rates of up to ... Continue Reading

Lovell Consulting considers the outcome of the JD Wetherspoon Capital Allowances claim as heard by the Upper Tribunal earlier this year. Introduction The Upper Tribunal published a decision on 31 January 2012 in relation to the fit out of J D Wetherspoon (JDW) pubs. This follows on from the First Tier Tribunal's decision published in December 2009 and the original Special Commissioner's  decision in December 2007. The 2012 decision focused on three particular areas that were still ... Continue Reading

Mark McLaughlin considers the developments likely to come up in the 2012 Budget. In the week of the Cheltenham Gold Cup, I was amused to read PWC's list of 'runners and riders' for the Chancellor of the Exchequer's Budget changes on Wednesday. The shortest odds quoted by PWC were 'evens' for an increase in the rate of Stamp Duty Land Tax for high value properties, followed by 3-1 for the extension of Capital Gains Tax Entrepreneurs' Relief to all employees. If you fancy an outsider, how about ... Continue Reading

With the 2011/12 tax year drawing to a close on 5 April, LITRG gives pointers on tidying up this tax year’s loose ends and looks forward to the next. Introduction LITRG’s monthly articles prompt you to think of topical tax, tax credits and related benefits issues. The article is broken down into a number of sections: Tax on your wages or pension (PAYE) – make sure yours is right Tax returns – dealing with last year’s fallout Employers: ... Continue Reading

As some football clubs are finding out, owing money to the tax man can be a significant problem and is something to avoid. Introduction For people on low incomes avoiding tax debt is particularly important, but if it does happen then it needs to be dealt with quickly and knowledgeably. Tax charities, led by Tax Aid, have produced a series of videos to help people do just that. Help from the professionals Tax Aid has been an authority on tax debt for many years. In the last year, ... Continue Reading

Further to HM Revenue & Customs' previous news item on TaxationWeb HM Revenue & Customs Warns Electricians: Don't Short Circuit Your Responsibility to Pay Tax, the notification phase of the campaign closes on 15 May.  Those who wish to notify before the deadline may now prefer to use the dedicated telephone number - 0845 601 5041 - to get in touch with HMRC, rather than trust to the post. If previous campaigns serve as a guide, HMRC will accept notification after ... Continue Reading

Tutors and coaches have less than a month left to tell HM Revenue and Customs (HMRC) about tax that they owe and arrange to pay the tax, interest and any penalties due. Under the terms of the Tax Catch Up Plan, launched in October 2011, tutors and coaches had until 6 January 2012 to come forward and tell HMRC of any irregularities in their tax affairs. Those who notified their intention to take part now have until 31 March to pay what they owe. People who have not yet notified HMRC that they ... Continue Reading

Peter Arrowsmith FCA with an update on all matters NIC. Changes in Advisory Fuel Rates The car fuel advisory rates have been updated to apply to journeys undertaken on and after 1 March 2012 - see HMRC Tax-Free Advisory Fuel Rates Increase from 1 March These latest rates are based on prices per litre of 135.2p (petrol), 142.3p (diesel) and 74.1p (LPG). The only rates to change this time are for diesel. Advisory fuel rates are the HMRC approved rates at which employers ... Continue Reading