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Simpkins Edwards- News 2012

April 9, 2012

Welcome to our monthly newswire designed to keep you informed of the latest business and tax issues. Please contact us if you have any questions. Remember, we’re here to help.

Budget 2012
George Osborne presented his third Budget on Wednesday 21 March 2012.
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Increased personal allowance for 2012/13
For those aged under 65 the personal allowance will be increased.
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Age allowances
It was announced in the Budget that from 2013/14 the higher age related personal allowances will not be increased.
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Child Benefit
Legislation will be introduced to impose a new charge on a taxpayer who has adjusted net income over £50,000 in a tax year where either they or their partner are in receipt of Child Benefit for the year.
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Corporation tax rates
A further reduction in the main rate of corporation tax has been announced.
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Stamp duty land tax
A new rate of 7% will be introduced where the chargeable consideration for a residential property is more than £2 million.
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Employer end of year forms
HMRC are reminding employers that in order to avoid penalties they must file the Employer Annual Return (P35 and P14s) online and on time.
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Reimbursing additional household expenses
From 6 April 2012 HMRC are increasing the guideline rate which employers can use to reimburse employees for additional household expenses incurred because they have to work from home.
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Advisory fuel rates for company cars
New company car advisory fuel rates have been published to take effect from 1 March 2012.
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Updated guidance on Gift Aid and new declarations
HMRC have updated their guidance on Gift Aid declarations and provided new model declarations.
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National Minimum Wage rates
The government has accepted the Low Pay Commission’s recommendations for National Minimum Wage rates from 1 October 2012.
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National Loan Guarantee Scheme
The Chancellor George Osborne has launched the National Loan Guarantee Scheme.
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