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27th April 2012

The New Tax Year

6th April saw the start of the new 2012/13 tax year. Here are the most significant changes and dates to be aware of.

Personal Allowance     

aged 65 £8,105

aged 65 – 74 £10,500

aged 75 + £10,660

(Personal allowance abates on income above £100,000)

Income Tax rates        

basic rate 20%               up to £34,370

Higher rate 40%           £34,371 – £150,000

Additional rate 50%    £150,000+

Corporation Tax rates          

Profits band £0 – £300,000 20%

Profits band £300,000 – £1,500,000 £25%

All Profits £1.5m + 24%

Capital Allowances   

100% write off for expenditure on plant & machinery up to £25,000 PA (was £100,000)

Other plant annual writing down allowance of 18% (was 20%)

Cars     18% or 8% writing down allowance depending on emissions

VAT

Registration from £77,000 turnover in a 12 month period

Standard rate 20%

National Insurance   

Employees       earnings £146/week – £817/week – 12%

earnings over £817 and above – 2%

Employers       earnings £144/week and above – 13.8%

Self Employed Class II £2.65 week

Self Employed Class IV Profits £7,605 – £42,475 – 9%

Profits £42,475 and above – 2%

Capital Gains Tax

Annual Exemption £10,600

Standard Rate taxpayers 18%

Higher Rate taxpayers 28%

Entrepreneur’s Relief – Gains on sales of business assets taxed at 10%

KEY DATES

PAYE                          

19.05.2012      Filing P35 with HMRC

06.07.2012      Filing P11Ds with HMRC

SELF ASSESSMENT    

31.07.2012       Pay second payment on account

31.10.2012      File paper return for 2012 (unless filing electronically)

31.01.2013      File electronic return for 2012

Pay final balance of 2011/12 tax

Pay first payment on account 2013

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