BFMS Accountants and Business Advisors

Self-Assessment Countdown

Gemma — Fri, 13 Jan 2012 15:57:57 +0000

Dont forget to have your tax returns filed and any tax outstanding paid by 31 January 2012.

For assistance call 015395 36163

or complete a web enquiry

Free Consultation February 2012

Gemma — Fri, 13 Jan 2012 15:55:16 +0000

Have you been thinking of changing accountants? Do you require more advice and support? Are you looking for one accounting solution under one roof? Was your bill more than you expected?

Whatever your requirements, we are offering through bookings only a one hour free consultation to see what we can do for you.

Why not book an appointment, bring your last set of accounts accounts with you and see our competitive rates and services.

Bookings are being taken from Monday 6th February 2012 to Friday 17th February 2012

To secure a slot email gemma@bfmsltd.co.uk OR complete a web enquiry on this website OR call 015395 36163

Corporation Tax Rates to 31.03.12

Gemma — Tue, 15 Nov 2011 15:52:53 +0000

Corporation Tax is payable on adjusted NET company trading profits and the rates for year ends falling up to 31.03.12 are:-

On adjusted LTD Company profits:-

0 – 300,000 20%

300,001 – 1,500,000 27.5%

1,500,001 > 26%

Understanding those ‘payments on account’

Gemma — Tue, 15 Nov 2011 11:44:59 +0000

Payments on account

The tax that you have to pay by 31 January is the tax due on earnings in the tax year from 6 April to the following 5 April.

In addition HMRC require a further ‘payment on account’ which equals 100% of the tax that you paid during the year 6 April to 5 April in two installments. The first installment has to be paid by 31 January aswell as the tax due for the year. In effect this is a payment towards the current year. The second payment is due 31 July.

How is this calculated

You’ll have to make payments on account if your previous year’s tax was over £1,000 – unless more than 80 per cent of the previous year’s liability was covered by tax taken off at source (i.e CIS or PAYE)

What happens to these payments

The payments on account that are made are held in your account with HMRC and are offset against the next tax return due. So if your tax bill was £2000 for the year ended 5 April 2011, you would pay £3000 on 31 January 2012 (the total tax due and a further 50% of the total tax due towards next year) and then a further £1000 on 31 July 2012. When assessing your tax for the year 5 April 2012, you have already paid £2000 towards the next bill.

Can this be adjusted

If your circumstances have changed and the projected earnings for next years tax return have reduced, or you have tax deducted at source, your accountant can make an application to reduce these payments for you. And if you want to pay more, this can also be arranged.

Self Assessment Diary 2011/2012

Gemma — Tue, 15 Nov 2011 11:28:49 +0000

31 July 2011

Second interim payment of income tax due for 2010-11, where required.

Second 5% surcharge on unpaid 2009-10 tax.

31 October 2011

Deadline for submission of 2010-11 paper tax returns.

31 January 2012

Deadline for submission of 2010-11 tax returns where submitted online.

Taxpayer sends balancing payment required of 2010-11 liability to income tax and capital gains tax.

First interim payment of income tax due for 2011-12, where required.

28 February 2012

5% surcharge on unpaid 2010-11 tax.

31 July 2012

Second interim payment of income tax due for 2011-12, where required.

Second 5% surcharge on unpaid 2010-11 tax.

31 October 2012

Deadline for submission of 2011-12 paper tax returns.

31 January 2012

Deadline for submission of 2011-12 tax returns where submitted online.

National Insurance Rate Information

Gemma — Tue, 15 Nov 2011 11:24:04 +0000

£ per week	2009-10	2010-11	2011-12
Lower earnings limit, primary Class 1	£95	£97	£102
Upper earnings limit, primary Class 1	£844	£844	£817
Upper accrual point	£770	£770	£770
Primary threshold	£110	£110	£139
Secondary threshold	£110	£110	£136
Employees’ primary Class 1 rate between primary threshold and upper earnings limit	11%	11%	12%
Employees’ primary Class 1 rate above upper earnings limit	1%	1%	2%
Class 1A rate on employer provided benefits (1)	12.8%	12.8%	13.8%
Employees’ contracted-out rebate	1.6%	1.6%	1.6%
Married women’s reduced rate between primary threshold and upper earnings limit	4.85%	4.85%	5.85%
Married women’s rate above upper earnings limit	1%	1%	2%
Employers’ secondary Class 1 rate above secondary threshold	12.8%	12.8%	13.8%
Employers’ contracted-out rebate, salary-related schemes	3.7%	3.7%	3.7%
Employers’ contracted-out rebate, money-purchase schemes	1.4%	1.4%	1.4%
Class 2 rate	£2.40	£2.40	£2.50
Class 2 small earnings exception	£5,075 per year	£5,075 per year	£5,315 per year
Special Class 2 rate for share fishermen	£3.05	£3.05	£3.15
Special Class 2 rate for volunteer development workers	£4.75	£4.85	£5.10
Class 3 rate	£12.05	£12.05	£12.60
Class 4 lower profits limit	£5, 715 per year	£5, 715 per year	£7,225 per year
Class 4 upper profits limit	£43, 875 per year	£43, 875 per year	£42,475 per year
Class 4 rate between lower profits limit and upper profits limit	8%	8%	9%
Class 4 rate above upper profits limit	1%	1%	2%
Additional primary Class 1 percentage rate on deferred employments	1%	1%	2%
Additional Class 4 percentage rate where deferment has been granted	1%	1%	2%

Capital Gains Tax Rates 2011-2012

Gemma — Tue, 15 Nov 2011 11:18:29 +0000

2011-2012

Individuals/Trusts 28%

Entrepreneurs’ Relief effective rate 10%

Annual Exemptions

Individuals and personal representatives £10,600

Trusts generally £5,300

Chattels exemption (5⁄3 taxable on excess) £6,000

Entrepreneurs’ Relief lifetime limit of gains £10,000,000

Main Income Tax Reliefs 2011-2012

Gemma — Tue, 15 Nov 2011 11:15:19 +0000

2011-2012

Personal allowance (for income up to £100,000) £7,475

Personal allowance (age 65-74) £9,940

Personal allowance (age 75 and over) £10,090

Married couple’s allowance (where born before 6.4.35) £7,295

Income limit for age-related allowances £24,000

Blind person’s allowance £1,980

Rent-a-room tax-free income £4,250

Income Tax Rates 2011/2012

Gemma — Tue, 15 Nov 2011 11:12:08 +0000

2011-2012

10% starting rate for savings £2,560

20% on first/next £35,000

40% on income over £35,000

50% on income over £150,000

Dividends for basic rate taxpayers 10%

Dividends for higher rate taxpayers up to £150,000 32.5%

Dividends for income over £150,000 42.5%

National Minimum Wage Reminder

Gemma — Mon, 14 Nov 2011 17:41:45 +0000

From 01.10.11

Aged 21 and over £6.08
Aged 18-20 £4.98
Aged 16-17 rate for workers above school leaving age but under 18 £3.68