The New Tax Year
6th April saw the start of the new 2012/13 tax year. Here are the most significant changes and dates to be aware of.
Personal Allowance
aged 65 £8,105
aged 65 – 74 £10,500
aged 75 + £10,660
(Personal allowance abates on income above £100,000)
Income Tax rates
basic rate 20% up to £34,370
Higher rate 40% £34,371 – £150,000
Additional rate 50% £150,000+
Corporation Tax rates
Profits band £0 – £300,000 20%
Profits band £300,000 – £1,500,000 £25%
All Profits £1.5m + 24%
Capital Allowances
100% write off for expenditure on plant & machinery up to £25,000 PA (was £100,000)
Other plant annual writing down allowance of 18% (was 20%)
Cars 18% or 8% writing down allowance depending on emissions
VAT
Registration from £77,000 turnover in a 12 month period
Standard rate 20%
National Insurance
Employees earnings £146/week – £817/week – 12%
earnings over £817 and above – 2%
Employers earnings £144/week and above – 13.8%
Self Employed Class II £2.65 week
Self Employed Class IV Profits £7,605 – £42,475 – 9%
Profits £42,475 and above – 2%
Capital Gains Tax
Annual Exemption £10,600
Standard Rate taxpayers 18%
Higher Rate taxpayers 28%
Entrepreneur’s Relief – Gains on sales of business assets taxed at 10%
KEY DATES
PAYE
19.05.2012 Filing P35 with HMRC
06.07.2012 Filing P11Ds with HMRC
SELF ASSESSMENT
31.07.2012 Pay second payment on account
31.10.2012 File paper return for 2012 (unless filing electronically)
31.01.2013 File electronic return for 2012
Pay final balance of 2011/12 tax
Pay first payment on account 2013