01270 767848
41 High Street, Sandbach, Cheshire, CW11 1AL
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April 14, 2014
Late filing of Self Assessment tax returns
Taxpayers who have not yet filed their Self Assessment returns online face a daily penalty of £10 up to a

April 14, 2014
Tax statements
The Chancellor of the Exchequer has announced that from October 2014 some 24 million UK taxpayers will

April 14, 2014
Abolition of stamp taxes on recognised growth markets
With effect from 28 April 2014, the Government is abolishing the 0.5% stamp duty or stamp duty reserve

Rates & Allowances

Inheritance Tax

Inheritance Tax

2013-14

2012-13

Nil rate band for individuals*

£325,000

£325,000

Thereafter - lifetime gifts**

20%

20%

- lower rate on death***

36%

36%

- on death

40%

40%

* Unused nil rate band can be used by surviving spouse or civil partner.

** Increased to 40%, subject to tapering relief, on gifts made between 3 and 7 years pre death. Certain lifetime gifts are exempt. Special rules for business property.

*** A lower rate applies where 10% or more of the net estate is left to charity.

Years before death

0-3

3-4

4-5

5-6

6-7

% of death charge

100%

80%

60%

40%

20%

Main exempt lifetime gifts

Recurring annual gifts out of surplus income

unlimited

Annual gifts out of capital (with one year carry forward if unused)

£3,000

Small gifts (per recipient)

£250

Parental gift on marriage

£5,000

Grandparent or party to marriage

£2,500

Other gifts on marriage (per donor)

£1,000

Business Property Relief

Shares in unquoted companies (including USM/AIM stocks)

100%

Shares in quoted companies

- shareholding upto 50%

none

- shareholding over 50%

50%

Unincorporated business or interest in a business

100%

Land, buildings, plant and machinery used in the deceased's business/company

50%

Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

National Insurance

National Insurance - Rates and Allowances

2013-14

2012-13

Lower weekly earnings limit, primary Class 1

£109

£107

Upper weekly earnings limit, primary Class 1

£797

£817

Upper weekly accruals point

£770

£770

Primary weekly earnings threshold

£149

£146

Secondary weekly earnings threshold

£148

£144

Employees' primary Class 1 rate between primary earnings threshold and upper earnings limit

12%

12%

Employees' primary Class 1 rate above upper earnings limit

2%

2%

Employees' contracted-out rebate between primary earnings threshold and upper earnings limit

1.40%

1.40%

Married women's reduced rate between primary earnings threshold and upper earnings limit

5.85%

5.85%

Married women's rate above upper earnings limit

2%

2%

Employers' secondary Class 1 rate above secondary earnings threshold

13.80%

13.80%

Employers' contracted-out rebate, final salary-related schemes

3.40%

3.40%

Employers' contracted-out rebate, money purchase schemes

Abolished from

Abolished from

06-Apr-12

06-Apr-12

Class 2 weekly rate

£2.70

£2.65

Class 2 small earnings exception

£5,725 per year

£5,595 per year

Special Class 2 weekly rate for share fishermen

£3.35

£3.30

Special Class 2 weekly rate for volunteer development workers

£5.45

£5.35

Class 3 voluntary weekly rate

£13.55

£13.25

Class 4 lower profits limit

£7,755 per year

£7,605 per year

Class 4 upper profits limit

£41,450 per year

£42,475 per year

Class 4 rate between lower profits limit and upper profits limit

9%

9%

Class 4 rate above upper profits limit

2%

2%

From 1 April 2014, a tax free allowance of £2,000 will be available to all businesses and charities to offset against their Class 1 secondary NICs.

Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

Capital Gains Tax

Capital Gains Tax: Individuals and Trustees

2013-14

2012-13

Annual exempt amount

Individuals

£10,900

£10,600

Trusts

£5,450

£5,300

Rates

Standard rate taxpayers

18%

18%

Higher rate taxpayers / Trustees

28%

28%

Limit for gains subject to entrepreneurs' Relief (2)

£10,000,000

£10,000,000

Entrepreneurs' Relief rate

10%

10%

Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

Tax Credits

Tax Credits

2013-14

2012-13

Basic element – maximum

£1,920

£1,920

Childcare element 70% of eligible costs up to £175 per week for one child, £300 for two or more children.

Child Tax Credits

2013-14

2012-13

Child element per child – maximum

£2,720

£2,690

Family element

£545

£545

If only the child tax credit is claimed, the threshold.

£15,910

£15,860

Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

Pensions

Pension Contributions

2013-14

2012-13

Lifetime allowance

£1,500,000

£1,500,000

Maximum annual contribution

£50,000

£50,000

Tax on excess

Marginal rate

Marginal rate

Normal minimum pension age

£55

£55

Basic State Pension – per week

2013-14

2012-13

Single person

£110.15

£107.45

Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

Income Tax

Bands

2013-14

2012-13

Basic rate 20%

£0 - £32,010

£0 - £34,370

Higher rate 40%

£32,011 - £150,000

£34,371 - £150,000

Additional rate 45% (was 50% in 2012-13)

Over £150,000

Over £150,000

Dividend and savings income is taxed at 10% up to £2,790 (2012-13 £2,710).
This 10% rate does not apply if taxable non-savings income exceeds £2,790.
Dividends are deemed to be the top slice of total income in computing tax liability at 10%, 32.5% or 37.5% respectively for 2013-14.

Reliefs

2013-14

2012-13

Personal allowance

- Born after 5/4/48

£9,440

£8,105

- Born between 6/4/38 and 5/4/48

£10,500

£10,500

- Born before 6/4/38

£10,660

£10,660

Registered blind person's allowance

£2,160

£2,100

Income limit for personal allowance*

£100,000

£100,000

Income limit for age related allowances**

£26,100

£25,400

* The personal allowance is gradually withdrawn by £1 for every £2 of income over £100,000.
** The age related allowances are gradually withdrawn by £1 for every £2 of income over £26,100 (2012-13: £25,400), for those born before 6/4/48 until reduced to level of basic personal allowance.
Married couples allowance - tax relief given at 10%

- Born before 6 April 1935

£7,915

£7,705

- Minimum amount

£3,040

£2,960


Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

Stamp Duty & Stamp Duty Land Tax (SDLT)

Rate

Residential Property

Non-Residential

Zero

£0 - £125,000

£0 - £150,000

1%

£125,001 - £250,000

£150,001 - £250,000

3%

£250,001 - £500,000

£250,001 - £500,000

4%

£500,001 - £1,000,000

Over £500,000

5%

£1,000,001 - £2,000,000

7%

Over £2,000,000

15%

On £2,000,000 plus houses held in a 'corporate envelope'

Disadvantaged Areas Relief (DAR) is abolished for transactions with an effective date on or after 6 April 2013.

Shares and securities rate 0.5%

Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

Minimum Wage

Minimum Wage

From 1 October 2012

From 1 October 2011

21 & over

£6.19 p.h.

£6.08 p.h.

18 to 20

£4.98 p.h.

£4.98 p.h.

16 and 17

£3.68 p.h.

£3.68 p.h.

Apprentice rate

£2.65 p.h.

£2.60 p.h.

Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

VAT

Standard rate

20%

Reduced rate

5%

Zero rate

0%

Annual registration limit (from 1 April 2013)

£79,000

Annual deregistration limit (from 1 April 2013)

£77,000

VAT Cash accounting scheme threshold

£1,350,000

VAT Annual accounting scheme threshold

£1,350,000

Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

Corporation Tax

FY 2013

FY 2012

Profits band

Rate

Profits band

Rate

Small profits rate

£0 - £300,000

20%

£0 - £300,000

20%

Effective marginal rate

£300,001 - £1,500,000

23.75%

£300,001 - £1,500,000

25%

Main rate

Over £1,500,000

23%

Over £1,500,000

24%

The main rate will decrease to 21% for FY 2014 and to 20% for FY 2015 when the main and small rates will converge.

Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

Car, Van & Fuel Benefits

Company cars 2013 -14

CO2 emissions

(g/km)

round down to nearest 5g/km

% of car's list price taxed

CO2 emissions

(g/km)

round down to nearest 5g/km

% of car's list price taxed

CO2 emissions

(g/km)

round down to nearest 5g/km

% of car's list price taxed

0

0

130

18

180

28

1 to 75

5

135

19

185

29

76 to 94

10

140

20

190

30

95

11

145

21

195

31

100

12

150

22

200

32

105

13

155

23

205

33

110

14

160

24

210

34

115

15

165

25

215 and above

35

120

16

170

26

125

17

175

27

There is a diesel supplement of 3% for all bands, subject to a maximum rate of 35%. For cars registered before 1 January 1998 the charge is based on engine size. The list price includes accessories and is not subject to an upper limit. The list price is reduced for capital contributions made by the employee of up to £5,000.

Car fuel benefit

£21,100 x 'appropriate percentage' (percentage used to calculate the taxable benefit of the car for which the fuel is provided).

The charge does not apply to certain environmentally friendly cars.

The charge is proportionately reduced if provision of private fuel ceases part way through the year. The fuel benefit is reduced to nil only if the employee pays for all private fuel.

Van benefit per vehicle

Van benefit

£3,000

Fuel benefit

£564

The charges do not apply to vans which cannot emit CO2 when driven or if a 'restricted private use condition' is met throughout the year.

Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

Mileage Allowance Payment

Cars & vans

- up to 10,000 miles

- over 10,000 miles

Rate per mile

45p

25p

Motorcycles

24p

Bicycles

20p

These rates represent the maximum tax free mileage allowances for employees using their own vehicles for business. Any excess is taxable. If the employee receives less than the statutory rate, tax relief can be claimed on the difference.

Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

Capital Allowances

2013 -14

2012 - 13

Plant and Machinery

- Main writing down allowance

- Long life assets, integral fixtures

- First year allowances (certain environmentally efficient products)

18%

8%

100%

18%

8%

100%

- R&D tax credits SME scheme

- R&D tax credits Large Companies Scheme

- Annual Investment Allowance

225%

130%

£250,000

225%

130%

£25,000

Cars

- CO2 emissions up to 95g/km

- CO2 emissions 96g/km - 130g/km

- CO2 emissions over 130g/km

100%

18%

8%

100%

18%

8%

Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

Tax Favoured Investments

Individual Savings Account (ISA)

2013-14

2012-13

- ISA investment limit

£11,520

£11,280

- Cash ISA maximum

£5,760

£5,640

Venture Capital Trusts

Income tax relief of up to 30% on investments up to £200,000.

Enterprise Investment Scheme

Income tax relief of up to 30% on qualifying share subscriptions between £500 and £1,000,000.

Seed Enterprise Investment Scheme

Income Tax relief of up to 50% on maximum £100,000 investment plus Capital Gains Tax relief for reinvested gains accruing to individuals in 2013-14 that are reinvested in 2013-14 or 2014-15.

Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

Key Dates and Deadlines

Payment Dates

2013-14

2012-13

Income Tax and Class 4 NIC's:

- First interim Income Tax payment

31 January 2014

31 January 2013

- Second interim Income Tax payment

31 July 2014

31 July 2013

- Final balancing Income Tax payment

31 January 2015

31 January 2014

Capital Gains Tax payment

31 January 2015

31 January 2014

Class 1A NICs (22nd if paid electronically)

19 July 2014

19 July 2013

Corporation Tax is due 9 months and one day after the end of accounting period (or by quarterly instalments if large company).

2012-13 Return filing deadlines

File end of year PAYE forms Issue P60s to employees

19 May 2013

Issue P60s to employees

31 May 2013

Forms P9D, P11D and P11D(b) – and appropriate copies to employees

06 July 2013

Self Assessment Tax Return (SATR) – paper version

31 October 2013

SATR Online to have unpaid tax of up to £3,000 collected through the 2014-15 PAYE code

30 December 2013

SATR Online

31 January 2014


Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.