Monthly Archives for March, 2012

Key Dates

March 28, 2012
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Below are some up and coming key dates.

5 April 2012

o - End of financial year

19 April 2012

o - PAYE and NIC due for the month ended 5th April 2012.

o - CIS return must be submitted for the month ended 5thApril 2012

19 May 2012

o - Deadline for filing Employers Annual Return (P35s and P14s) for tax year ending 5 April 2012

o - PAYE and NIC due for the month ended 5th May 2012.

o - CIS return must be submitted for the month ended 5th May 2012

31 May 2012

o - Last date for giving a paper form P60 for 20101-12 to each relevant employee who was working for you on 5 April 2012.


Electronic payment of PAYE & NIC extends the due date to the 22nd of the month.

Budget Update

March 28, 2012
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The Chancellor of the Exchequer, George Osborne, announced his budget on 22nd March 2012. Below is a list of the key changes and how they may affect you personally and your business.

Tax Changes…

o - Income Tax

o - The personal allowance for people aged under 65 will increase by £1,100 to £9,205 in April 2013. This is the amount of income you can receive without paying tax on it

o - Age related allowances will be frozen from April 2013

o - The top rate of income tax will fall from 50% to 45% in April 2013. This will affect individual’s earning over £150,000.

o - Corporation Tax

o - The main rate of Corporation Tax will be reduced by an additional 1% to 24% from April 2012.

o - Vat Registration

o - The VAT registration increases by £4,000 from £73,000 to £77,000 as of April 2012. The VAT deregistration threshold also increases at the same time by £4,000 from £71,000 to £75,000.


Child Benefit…

Child Benefit will be withdrawn when someone in a household has an income of more than £50,000. The benefit will be withdrawn gradually; for every extra £100 earned over £50,000, the child benefit will be reduced by 1%. Only those with an income of more than £60,000 will lose all their Child Benefit.