Dont forget to have your tax returns filed and any tax outstanding paid by 31 January 2012. For assistance call 015395 36163 email gemma@bfmsltd.co.uk or complete a web enquiry
Free Consultation February 2012
January 13, 2012 By
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 [...]
Corporation Tax Rates to 31.03.12
November 15, 2011 By
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’
November 15, 2011 By
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 [...]
Self Assessment Diary 2011/2012
November 15, 2011 By
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 [...]
National Insurance Rate Information
November 15, 2011 By
£ 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% [...]
Capital Gains Tax Rates 2011-2012
November 15, 2011 By
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
November 15, 2011 By
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
November 15, 2011 By
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
November 14, 2011 By
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