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06 December 2012

Higher rate tax threshold to reduce to £41,865 then increase by 1% PA

on Thursday, 06 December 2012.

The higher rate tax threshold will be £41,865 from April 2013, down £610 from the current level of £42,475.

This is £235 higher than suggested in March’s Budget to pass on the increased personal allowance to higher rate taxpayers too. The threshold will then increase by 1% in both April 2014 and April 2015 but it means that more and more people will face 40% tax on part of their income.

06 December 2012

Annual investment allowance increased to £250,000 for two years

on Thursday, 06 December 2012.

From 1 January 2013 the current Annual Investment Allowance, which gives enhanced tax relief for the purchase of plant and machinery, will be increased from £25,000 to £250,000 for a period of two years. This is great news for any business that spends more than £25,000 per annum on equipment.

06 December 2012

Tax news: main rate of corporation tax to reduce to 21% from April 2014

on Thursday, 06 December 2012.

The main rate of Corporation Tax will reduce by 2% in April 2014, rather than the 1% cut originally announced. This will take the main rate from 24% currently, to 23% in April 2013 and then to 21% in April 2014. The small companies’ rate of Corporation Tax remains unchanged at 20%, but this news will be welcomed by larger companies and those paying tax at the marginal rate.

06 December 2012

Small business rates relief extended until April 2014

on Thursday, 06 December 2012.

In a move that will be welcomed by small businesses, the temporary doubling of Small Business Rates Relief has been extended for a further 12 months to April 2014.

06 December 2012

Cash basis available to small businesses from April 2013

on Thursday, 06 December 2012.

The Chancellor confirmed that the proposed cash basis for calculating taxable profits will be available to small unincorporated businesses from April 2013. This will allow sole traders and partnerships with turnovers below £77,000 pa to account for tax based on the income received and expenses paid in the tax year, rather than the amounts invoiced in the year.
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