tax allowances

Budget 2012 – Annual Tax Rates and Allowances

Introduction George Osborne’s third budget was once again a "budget for growth" just like last year, but the chancellor also stated it as a "budget for business" saying that it "unashamedly backs business and is on side of aspiration." The key points of the budget 2012 for small business were: The cutting of the 50 top tax rate to 45p from April 2013 Increasing personal income allowances to £9,205 from April 2013 Cutting corporation tax to 24% from April 2012 Announcing new Scottish enterprise zones in Dundee, Irvine and Nigg and a Welsh enterprise zone is to be created in Deeside. Simplifying the tax system Offering tax relief to video games, animation and high-end TV production businesses No changes to fuel duty Vehicle Excise Duty (VED) will ris... »

Did You Know That You Can Claim For…

The Association of Chartered Certified Accountants (ACCA) has compiled a list of the five top tips for small businesses to make the most of their hidden tax allowances. Read on to see how your small business can benefit… Small profits tax rate: If you run a small company and its taxable profits are less than £1.5m, you could pay a lower rate of tax… but you need to make sure that you claim the relief. There’s guidance on the calculations at the HMRC’s website; see the Corporation Tax Rates. Capital Allowances: Don’t hesitate to invest in new plant and machinery up front; it’s much more tax efficient to buy rather than rent for the first £100,000 of expenditure (though this will fall to £25,000 in April 2012). If you are able to borrow money to fund your purchase, the interest will be... »