Tax Diary January/February 2013

1 January 2013 – Due date for Corporation Tax due for the year ended 31 March 2012. 19 January 2013 – PAYE and NIC deductions due for month ended 5 January 2013. (If you pay your tax electronically the due date is 22 January 2013.) 19 January 2013 – Filing Read more…

Cap on Income Tax relief

Draft clauses recently published for the Finance Bill 2013 outline the way in which the Government proposes to limit the amount of tax relief an individual can claim. Capped reliefs will be limited to the greater of £50,000 or 25% of net taxable income – this is income less pension Read more…

Universal Credit and the self-employed

A new Universal Credit (UC) benefits system will be introduced in the UK this year: – The Greater Manchester and Cheshire regions from April 2013,– All new claimants from October 2013,– All existing claimants will be transferred to the new system on a phased approach to be completed in 2017. Read more…

Ten-fold increase in Annual Investment Allowance

One of the surprise announcements in the Autumn Statement 2012 was the decision to increase the Annual Investment Allowance (AIA) from 1 January 2013 to £250,000. The increase will apply for two years. Obviously, this is an attempt to focus the minds of entrepreneurs on investment. For profitable, self-employed traders Read more…

End of year tax planning

Although we are now at the beginning of a new calendar year we are in the last quarter of the current tax year. Whether you are a business person, property landlord or pay significant amounts of tax as an employed or retired person there is now a short window of Read more…