News and the latest developments at HMRC

Chancellors Budget 21.3.2012

Income Tax – for 2012/13 the personal allowances increase to £8,105 for those aged under 65, £10,500 for 65-74’s and £10,660 for those 75 and above. The age allowance limit is increased to £25,400, if income exceeds

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Tax Planning – Capital Expenditure

Just a reminder that the annual investment allowance (allowing 100% claim in year 1) on capital equipment (excluding cars) reduces from £100,000 to £25,000 with effect from April 2012. If you are therefore planning on purchasing

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Chancellor’s Autumn Statement 29.11.11

Small business rate relief – the present relief will be extended for a further 6 months from 1st October 2012. National Loan Guarantee Scheme – over the next 2 years the scheme will lower the

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Late Tax Returns – New Penalties

New penalties apply to 2010/11 tax returns: Deadlines are 31st October 2011 for paper returns, and 31st January 2012 for online returns. Late returns will incur the following penalties: One day late – penalty of

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NMW rates from 1st October 2011

The new NMW rates from 1.10.11 are as follows: 16-17 years old – £3.68 per hour 18-20 years old – £4.98 per hour 21 and over – £6.08 per hour Apprentices – £2.60 per hour

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