21/3/2012 Budget - How was it for you?
Well another budget out the way, but will you be better or worse off?
Here is a glimpse of some of the measures announced:
- The personal allowance has gone up to £9,205 for 2013/14 but at the same time the basic rate limit comes down to £32,245 so if your income goes above £41,450 you’re a higher rate tax payer for that year.
- The age allowance is set to be frozen for persons who are currently eligible from 2013/14, and no age allowance for those who are then eligible they will simply get the personal allowance.
- The 50% tax rate for those individuals with annual taxable income over £150,000 will be reduced to 45% from April 2013.
- The “main” rate of corporation tax is being reduced for Financial Year beginning 1 April 2012 by an extra 1% to 24% and it is to be followed by two further annual 1% cuts to 22% by the Financial Year beginning 1 April 2014. No reduction to “small companies” rate though.
- Changes to company car taxation from 2014/15.
- Smokers will be worse off as duty increase more than inflation!
- Stamp duty “loop holes” closed amongst other anti avoidance measures.
For more detailed information, HMRC’s website has a dedicated page:
If you are looking for tax advice why not speak to us and have an initial consultation with a tax consultant for FREE!
The above is for general guidance only. Buick & Co Chartered Tax Advisers and Tax Consultants take no responsibility whatsoever for this blog, its reliability or any actions you take having read it. If any tax planning is to be undertaken specific advice should be sought beforehand from a professional tax advisor.