Value added tax:
- From 04/01/2011 VAT was increased from 17.5% to 20%
Personal:
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From 06/04/2011 Personal allowances increased from £6,475 to £7,475 per year
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From 06/04/2011 Increase in main rate of Class 1 National insurance contributions by 1.0% to 12%
Business:
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From 01/04/2011 The main company rate of corporation tax will be 26% and from 01/04/2012 will be 25%
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From 01/04/2011 The small company rate of corporation tax will be 20%
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From 01/04/2012 Capital allowance for annual investment allowance of 100% is decreased from £50,000 to £25,000 per annum
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From 01/04/2012 the capital writing down allowances will reduce from 20% to 18% and from 10% to 8%
- From 06/04/2011 Increase in main rate of class 1 National insurance contributions from 1.0% to 13.8%
General:
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The filing date for self-assessment paper tax returns for 2010/11 will be 31 October 2011. The filing date for those tax returns filed on-line will remain 31 January 2012.
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The adult minimum wage rose from £5.80 to £5.93 on the 01/10/2010 and with effect of 01/10/2011 this rises again to £6.08.
- In the last few years we set up an insurance scheme with CCH that will provide cover against HMRC investigations. Almost 20 clients took up the scheme last year. All clients will realise that HMRC are increasing the number of businesses they investigate. The renewal date for this scheme was 1 June 2011. Would all clients that may be interested in entering into such a scheme please contact the office and further details will be provided.
