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Payroll
Year End Deadlines
- 19 May File your Employer Annual Return (P35 and
P14s)
- 31 May Give each relevant employee a form P60
- 6 July File expenses and benefits annual return P11D( b)
- 6 July Give each relevant employee a form P11D
- 19 July Pay Class 1A NICs
Key
points from the budget
Personal tax
- Basic personal allowance will increase to £8,105 for
2012–13 and to £9,205 for 2013–14.
- Age-related personal allowances will be restricted and
phased out from 2013–14.
- Additional rate of income tax will be reduced from 50% to
45% for 2013–14
- EIS annual investment limit for individuals will be
increased to £1 million from 6 April 2012
Business tax
- Main corporation tax rate will be cut by 2%, to 24% from 1
April 2012; the small profits
rate will remain at 20%.
- Main corporation tax rate will be 23% from 1 April 2013,
falling to 22% from 1 April 2014
- All Payroll Starters and Leavers forms ( P45 & P46)
and Employers annual returns must be filed on
line.
- Penalties introduced for late payment of PAYE/NI
- All Corporation tax returns must be filed
electronically in the iXBRL format
- The basic tax
code:- 810L so the
first £155.86 of a weekly wage will be tax free
- The earnings threshold:- £146. Any one earning less
per week will pay no NI.
- Employee's Ni rate:- 12% and
employer's rate to 13.8%
- Working from home:- flat rate
£4 weekly allowance tax free
- car Allowance:-
45p per mile tax-free for up to 10,000 business miles, per
annum
25
p thereafter
- £6.08 per hour for workers aged 21 years and older
- £4.98 for workers aged 18 - 20 inclusive
- £3.68 for workers under 18 who are no longer of compulsory
school age
- £2.60 per hour for apprentices who are either under 19 or
in the first year of their apprenticeship
Why not
contact us for advice on income tax, corporation tax,
capital gains tax and inheritance tax
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