Tax rates and allowances

With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients'' tax liabilities are planned to be at a minimum.

2011/12

Further to the 2011 Budget on 23 March 2011, we have now updated our tax rates and allowances. The main changes for 2011/12 include:

An increase in the personal allowance for those under 65 of £1,000
A reduction of 2 per cent in the main rate of corporation tax
An increase in Entrepreneurs' relief to £10,000,000

Key dates and deadlines

This is a summary of the key filing and payment dates.

Corporation tax

Details of corporation tax rates and bands.

National insurance contributions & rates

Residential property letting

Residential property letting tax rates and allowances.

Main capital allowances

Check out the main allowances for 2011/12.

In order to attract a deduction in computing the profits of a trade or business any expenses must be incurred wholly and exclusively for the purpose of the trade. Capital expenditure is not an allowable expense (capital allowances are claimed on these costs), and certain other expenses are barred by statute.

Penalties for late returns

Make sure you do not become liable to any of these fines or penalties.

Trusts and settlements

Trusts and settlements - Tax rates and allowances.

Non domiciled individuals

The basics of the non domicile charge.

Qualification for a small or medium sized company

Qualification to be a small or medium sized company applies if two or more of the following criteria are met in the current and preceding year.

'Green' travel arrangements

There are a number of schemes intended to encourage employers to make arrangements for their staff to travel to work by more environmentally beneficial methods.

Mileage allowances

The budget and mileage allowances.

Vehicle benefits

Vehicle benefits.

Vehicle duties 2011 - 2012

Pension premiums

There is no limit on the amount that may be contributed to a registered pension scheme. The maximum amount on which an individual can claim tax relief in any tax year is the greater of the individual's UK relevant earnings or £3,600.