Monthly Archives for April, 2011

Budget Update…

April 6, 2011
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The latest budget means a number of key changes which may affect both you personally and your business...

The Chancellor of the Exchequer, George Osborne, announced his budget on 23rd March 2011. Below is a list of the key changes and how they may affect you personally and your business.

Tax Changes…

Income Tax

o - The personal allowance for people aged under 65 will increase by £630 to £8,105 in April 2012. This is the amount of income you can receive without paying tax on it.

o - The basic rate limit will fall by £630, taking it from £35,000 in 2011-12 to £34,370 in 2012-13. This means the higher rate threshold (the personal allowance plus the basic rate limit) will not be affected. No additional higher rate taxpayers will be created through this, and most basic and higher rate taxpayers will gain from the increase in personal allowances by the same amount.

Inheritance Tax

o - Inheritance Tax will be reduced by 10 per cent if you leave 10 per cent or more of your estate to charity.

Corporation Tax

o - The main rate of Corporation Tax will be cut to 26% from April 2011 and reduced by 1% for the next three years until it reaches 23% in 2014/15.

Motoring and Travel…

For motorists who are required to use their own vehicle for work, the Approved Mileage Allowance Payments (AMAPs) rate will rise to:
o - 45 pence per mile for the first 10,000 miles (up from 40 pence a mile)
o - 25 pence per mile thereafter


The Chancellor has proposed to simplify the State Pension system into a new flat-rate pension based on contributions. The new system is estimated to be worth around £140 per week. The new system will not apply to current pensioners.


The ISA limit for 2011/12 has increased to £10,680 of which £5,340 is the cash element.

Tax advantage savings accounts will be made available from Autumn 2011 for children under 18 who do not have a child trust fund; this will be in the form of a Junior ISA.

New Business Opportunities…

April 4, 2011
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Looking for a new business venture? Getting the itch for some entrepreneurship? Then these business opportunities may interest you...

If you are interested in a new business venture, or know of someone who is the following opportunities are available:


o - A pub in Banknock has become available for rent, immediate entry.


o - A Glasgow based tracing company is available to buy.

If you are interested or have any questions please contact Gareth on 01236 822728 to discuss.

Key Dates…

April 1, 2011
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Some key dates in April and May for your financial calendar...

5 April 2011
o End of financial year

19 April 2011
o PAYE and NIC due for the month ended 5th April 2011.
o CIS return must be submitted for the month ended 5th April 2011

19 May 2011
o Deadline for filing Employers Annual Return (P35s and P14s) for tax year ending 5 April 2011
o PAYE and NIC due for the month ended 5th May 2011.
o CIS return must be submitted for the month ended 5th May 2011

31 May 2011
o Last date for giving a paper form P60 for 2010-11 to each relevant employee who was working for you on 5th April 2011.

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