Manchester Accountants: Accounting & Financial News

Accounting & Financial News

Tax changes this year and beyond
10 Jan 2012

On 6 December 2011 HMRC published draft clauses for the 2012 Finance Bill. This will set the scene for tax changes in 2012-13 and subsequent tax years. Notable items include:

1. From 1 April 2013 companies will be able to apply a 10% tax rate on profits attributable to patents and other intellectual property.
2. Research & Development tax credits are to be improved.
3. The new statutory residence test is to be introduced from April 2013, a year later than expected.
4. A new scheme to encourage investment in new, small start up companies will be launched from April 2012. The scheme will be a variant of the present EIS scheme and will be known as the Seed Enterprise Investment Scheme. Whilst reliefs may be greater, investment limits are more restricted.
5. The present EIS and Venture Capital Trust legislation will be more restrictive in order to focus on higher risk activities.
6. The UK tax position of certain non-domiciled individuals is changing from 6 April 2012.The good news is that non-doms will be able to bring in funds to invest in the UK without being penalised; the bad news is that for non-domiciles who have been resident in at least 12 of the previous 14 tax years, the present annual charge payable to secure more favourable tax breaks is to increase from £30,000 to £50,000 from April 2012.
7. The UK Controlled Foreign Company (CFC) rules are to be relaxed in certain circumstances. Not all of the expected changes in this area have been published – the remainder are expected to be made public shortly.

Tax Diary January 2012/February 2012
05 Jan 2012

1 January 2012 - Due date for corporation tax due for the year ended 31 March 2011.

19 January 2012 - PAYE and NIC deductions due for month ended 5 January 2012. (If you pay your tax electronically the due date is 22 January 2012)

19 January 2012 - Filing deadline for the CIS300 monthly return for the month ended 5 January 2012.

19 January 2012 - CIS tax deducted for the month ended 5 January 2012 is payable by today.

31 January 2012 – Last day to file 2011 self assessment tax returns online.

31 January 2012 – Balance of self assessment tax owing for 2010-11 due to be settled today. Also first payment on account for 2011-12 due today.

1 February 2012 - Due date for corporation tax payable for the year ended 30 April 2011.

19 February 2012 - PAYE and NIC deductions due for month ended 5 February 2012. (If you pay your tax electronically the due date is 22 February 2012)

19 February 2012 - Filing deadline for the CIS300 monthly return for the month ended 5 February 2012.

19 February 2012 - CIS tax deducted for the month ended 5 February 2012 is payable by today.

For achived news from 2010

Michael Brookes & Co is a trading name of Arch Accounting & Payroll Agency Ltd
Company number 6147512 (England)