Latest News
Tax
changes this year and beyond
10
Jan 2012
On 6
December 2011 HMRC published draft clauses for the 2012 Finance Bill.
This will set the scene for tax changes in 2012-13 and subsequent
tax years. Notable items include:
1. From
1 April 2013 companies will be able to apply a 10% tax rate on profits
attributable to patents and other intellectual property.
2. Research & Development tax credits are to be improved.
3. The new statutory residence test is to be introduced from April
2013, a year later than expected.
4. A new scheme to encourage investment in new, small start up companies
will be launched from April 2012. The scheme will be a variant of
the present EIS scheme and will be known as the Seed Enterprise Investment
Scheme. Whilst reliefs may be greater, investment limits are more
restricted.
5. The present EIS and Venture Capital Trust legislation will be more
restrictive in order to focus on higher risk activities.
6. The UK tax position of certain non-domiciled individuals is changing
from 6 April 2012.The good news is that non-doms will be able to bring
in funds to invest in the UK without being penalised; the bad news
is that for non-domiciles who have been resident in at least 12 of
the previous 14 tax years, the present annual charge payable to secure
more favourable tax breaks is to increase from £30,000 to £50,000
from April 2012.
7. The UK Controlled Foreign Company (CFC) rules are to be relaxed
in certain circumstances. Not all of the expected changes in this
area have been published – the remainder are expected to be made
public shortly.
Tax
Diary January 2012/February 2012
1 January
2012 - corporation tax due for the year ended 31 March 2011.
19 January
2012 - PAYE and NIC deductions due for month ended 5 January 2012.
(If you pay your tax electronically the due date is 22 January 2012)
31 January
2012 – Last day to file 2011 self assessment tax returns online.
31 January
2012 – Balance of self assessment tax owing for 2010-11 due to
be settled today. Also first payment on account for 2011-12 due today.
1 February
2012 - Due date for corporation tax payable for the year ended 30
April 2011.
19 February
2012 - PAYE and NIC deductions due for month ended 5 February 2012.
(If you pay your tax electronically the due date is 22 February 2012)
