Latest UK Stamp Duty Rates 2011

 

      

 

     

 

Autumn Budget Statement  2012

Annual Investment Allowance (for capital purchases)

 

The only "in year" change of any note is the increase from January 2013 of the "annual investment allowance" for which you get 100% capital allowance is up from £25,000 to £250,000 for a period of two years.

 

Action: If you are planning on a large capital spend, defer until the new year if you can.

Warning: The computations are (ordinarily) based on your year end date. So a limited company with a January year end will probably only get 1/12th of this ie £20,833. You may recall this has been changed several times in the past few years. If you are planning any major spend,  look at the maths for you once the detail is published to ensure you get the best relief as this is not always a straightforward computation. 

 

  

Allowances

 

The personal allowance is due to go up markedly to £9,440 for 2013/14, however the higher rate tax threshold falls to £32,010, moreover the "sting in the tail" is that the NI threshold is barely raised at all.

Therefore for those with a limited company, the optimum salary/dividends split to stay a basic rate tax payer becomes £7,696 salary (TBC), £30,379 dividend, a total extraction of only £38,075 vs £38,976 for 2012/13 and over £40,000 back in 2010/11 and 2009/10.

For 2014 onwards, allowances will go up by a miserly 1%, presumably so the future deficit figures look better and he can announce something positive in the pre-election budget. Fiscal drag drags onwards.

 

Corporation Tax

 

The full rate of corporation tax to fall further to 21% from 2014. This is of particular benefit to those earning over £300,000 in profit as the marginal rate will be reduced. This also removes much of the disincentive effect of having two limited companies controlled by the same person(s) which have the small company band divided between them.

The small company rate remains at 20%, and will presumably be aligned come election time.

  

   

Pensions

 

The annual amount that you can pay into a pension and obtain tax relief is reduced from 2014/15 onwards from £50,000 to £40,000, and the lifetime limit to £1.25million from £1.5million. If you are contributing at or around this level if would therefore be good to plan to top your contributions up sooner rather than later.

 

Cash Basis For Sole Trader Returns

 

This is apparently going to happen for tax years starting April 2013 for turnovers under the VAT threshold. Quite how that will work out, we shall see. There is lots of consultation going on and its still a while until such returns will be produced.

There is a whole raft of things due to be published in the run up to Christmas.

For more information please contact a financial advisor registered with the FSA.

 

    

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