From 06 April 2012, for unincorporated businesses and from 01 April 2012 for Companies the Annual Investment Allowance will be reduced to:- £25,000 What does this mean? This means that if you require Capital Equipment for your business, now is a good time to purchase this. You will be allowed to write off a maximum of [...]
PAYE Underpayments
April 17, 2012 By
The maximum amount of underpayment which can be coded out in 2012/2013 and future years has now been increased to £2,999.99 (previously £1,999.99) This means, if you have underpaid tax for the previous tax year, you can apply to have your PAYE Code reduced by an amount of up to £2999.99 in the following year [...]
Furnished Holiday Lettings
April 17, 2012 By
As from 01.04.2012 for Individuals and Partnerships, longer qualifying periods for which holiday properties must be available come into force. Properties must be available for letting for 120 days and actually let out for 105 days per annum.
Student Loan Repayments
April 17, 2012 By
From 06 April 2012, repayments will be calculated on income in excess of £15,795 (in place of the threshold £15,000 since 2005/2006)
What should my tax code be for 2012
April 17, 2012 By
The PAYE code for 2012/2013 before any deductions for benefits received or attachments to earnings is:- Basic 810L This means that you can earn £8105 per tax year 06 April to 05 April before paying any tax. This is usually worked out on a monthly basis being £8105/12 = £675.41. So you can [...]
Employees Working From Home
April 17, 2012 By
If you are employed but also carry out some of your work from your home, you are entitled to claim a ‘Use of Home’ charge to cover heating, electricity and other houshold costs. This is allowed if the facilities required are not available at your normal working premises or the employee works too far away [...]
Pensions and Benefits 2012/2013
April 17, 2012 By
The principal Social Security pensions and benefits are shown below. For more information visit www.dwp.gov.uk/docs/benefitrates2012.pdf Retirement Pension Basic £107.45 Sick Pay Earnings threshold £107.00 Standard Rate £85.85 Maternity and Paternity Pay Standard Rate £135.45 Employment and Support Allowance Age under 25 £56.25 Age 25 or over £71.00
A few more – New VAT Rules
April 17, 2012 By
Storage Supplies of self-storage will be standard rated (at present they are exempt unless the supplier has opted to tax the relevant building) This is mainly aimed at businesses which offer lock-up units in purpose-built or converted buildings but it will also apply to any defined space which is let for the storage of goods [...]
New VAT Rules on Food 01.04.2012
April 17, 2012 By
All food (except bread) will be standard rated (as a supply in the course of catering) if it is warmer than the ambient air temperature at the time it is sold- even if it is simply coooling down after having been baked or cooked, or is being kept warm to comply with food safety legislation. [...]
Business Finance
April 17, 2012 By
The Governments National Loan Guarantee Scheme (NLGS) was launched the day before budget day. This is no way similar to (SFLGS) Small Firms Loan Guarantee Scheme. Under (SFLGS) the Government guaranteed Bank Lending to small businesses (SME). Because of this guarantee it was unusual for the banks to seek formal security from borrowers and there was a [...]
