Latest News
AAT Qualified Vacancy
Posted: April 27th, 2012
Budget 2012
Here are some of the key points from today’s Budget Speech and the Autumn Statement:-
Income Tax
From 6th April 2013 the top rate of income tax will be reduced from 50% to 45%.
Another significant rise in the personal tax allowance. The allowance for 2013/2014 will be £9,205, a rise of £1,100.
Restrictions on age related income tax allowances for the elderly, these changes come into effect from April 2013.
The previously announced cut in the basic rate tax band. From April 2012 this will be further reduced to £34,371 and from April 2013 to £32,246.
Corporation Tax
Further accelerated reductions in the main rate of corporation tax. For the financial year 2012/2013 the rate will be 24%, 2013/2014 the rate will be 23% and for 2014/2015 it will be 22%.
VAT
Plans to close loopholes may see increased exposure to VAT for hairdressers, producers of hot foods and operators of static caravan parks.
Increases in the registration and reregistration thresholds from 1st April 2012 to £77,000 and £75,000 respectively.
Stamp Duty Land Tax
New increased rates for properties costing more than £2,000,000 with special attention being paid to those being purchased by and already owned by corporate entities.
Tax Credits
Further changes are soon to be implemented which will further restrict this benefit.
Child Benefit Withdrawal
Child benefit will only be withdrawn from higher rate taxpayers if someone in the household has an income of more than £50,000.
Restrictions On Tax Relief
New cap on tax reliefs set at 25% of total income for anyone claiming more than £50,000 in a year, but no significant change to pension relief. These new rules will apply from April 2013.
Other Matters
Tax simplification for small businesses will be consulted with a view to introducing measures in the Finance Bill 2013. The measures include a voluntary cash accounting system for businesses up to the VAT registration threshold and clarification on the system for deduction of business use of cars, motorcycles and home.
Gaming machine duty changes.
Changes in the rules surrounding the claiming of capital allowances on fixtures.
Changes in the taxation of non domiciliaries.
Changes in company car taxation.
Changes to EIS, EMI and VCT investments.
**********************************************************************************
For more detailed information please see the Rates and Allowances Tables or the HMRC Budget Overview as shown on our website.
We would of course point out that the effect of tax changes will vary according to your individual circumstances and that we will be more than happy to discuss your specific requirements.
Please note that the information contained above is by its nature in a summary format and that neither Berrys Business Services Ltd nor its employees can accept liability for loss arising from reliance on the information provided in this summary.
Please visit our dedicated Budget 2012 page for information!
Posted: March 23rd, 2012
Two Staff Pass ACCA Exams
James Tythcott and Svetlana Sluman both passed their ACCA exams which they took in December 2011.
James passed the Taxation and Corporate & Business Law papers and Svetlana passed the Financial Reporting paper.
Congratulations to them from all the other staff of Berrys!
Posted: February 15th, 2012
New web site
Welcome to the new Berrys, Chartered Accountants web site. We hope you find the information informative!
Posted: February 15th, 2011