HMRC have today produced a revised list of assets that are officially accepted as qualifying for negligible value claims for Capital Gains Tax purposes. The revised list include any new agreements during the month of February 2012. The list is very long so I suggest please use HMRC’s website to browse it. The link is here:
Negligible Value agreements to 29 February 2012
As always, if you have any questions or need further assistance on this matter, please don not hesitate to contact us using this form: Contact us.
The latest edition of Internal Revenue Bulletin has been released today and you can download it by clicking the link given below:
Bulletin No. 2012-13 – March 26, 2012
If you have any questions or need any assistance in filing your UK Tax Return then please do not hesitate to contact me. All the viable methods of contacting me are given at this link:
I hope this information proves useful.
Effective 1st April 2012, the VAT registration and deregistration thresholds will be as follows:
- the taxable turnover threshold, which determines whether a person must be registered for VAT, will be increased from £73,000 to £77,000
- the taxable turnover threshold which determines whether a person may apply for deregistration will be increased from £71,000 to £75,000
- the registration and deregistration threshold for relevant acquisitions from other EU Member States will also be increased from £73,000 to £77,000
If you have any comments to make, please use the link given at the top of this post.
The new 7 per cent rate of Stamp Duty Land Tax (SDLT) for residential property transactions applies where the chargeable consideration exceeds £2 million. This applies to transactions where the effective date is on or after 22 March 2012, subject to transitional provisions for pre-existing contracts.
The new 15 per cent rate of SDLT applies for residential property transactions by certain persons (broadly companies, collective investment schemes and partnerships with a member who is a company or a collective investment scheme) where the chargeable consideration exceeds £2 million. The effective date is on or after 21 March 2012, subject to transitional provisions for pre-existing contracts.
There are also two exclusions from the higher charge, firstly for companies acting in its capacity as trustee of a settlement and for bona fide property developers who meet the qualifying conditions.
If you need further assistance then please contact me using the form attached at this link: Contact Us
Main announcement on direct & indirect taxes
- Income tax: 50p tax rate for anyone earning more than £150,000 a year will be reduced to 45p, effective 6th April 2013. Mr Osborne said the 50% rate is driving budding entrepreneurs away from Britain. Are they going to some other planet? Only he can tell us ;
- Personal allowance: Tax-free threshold will rise to £9,205 from 6th April 2013;
- Corporation tax: The corporation tax will be cut by 1% immediately, taking the tax to 24%. This will decrease to 22% by April 2014. the chancellor wants me to advertise this fact ” for business in Britain”. WELCOME TO BRITAIN FOR OUR WELFARE, FREE HOUSING AND REDUCED TAXATION;
- Stamp duty: The Stamp Duty Land Tax charge on residential properties over £2m will rise to 7% from midnight tonight (21 March 2012) and homes bought inside a corporate envelope will see tax of 15%. Now this is going to hurt people who buy residential properties on a daily basis;
- Tobacco: The tax on cigarettes will rise to 5% above inflation – adding 37p to the price of each packet sold from 6pm tonight (21 March 2012); Now this is the best time for smokers to quit;
- Gambling: Slot and fruit machines will see new taxes – with a standard rate of 20% and a lower rate for low-prize machines of 5% of net takings; Kids and truants would be hit hardest by this announcement;
- Alcohol and Fuel: No new changes to taxation announced. But Previously announced plans mean the price of a pint will rise between 5p and 10p from next week; Alcoholics beware!
- Additional: A consultation document to be published in April on Integration of income tax and national insurance;
- Where your money goes: the government confirmed that everyone would receive a personal tax statement explaining what they have paid and where this money has been spent – i.e. how much of your money has gone to things like education, health, benefits and the like. Now this move is considered money well spent by our government;
- Tax breaks for industry: The 2012 Budget contained tax breaks and support for several UK based industries, including TV production companies, animators, video games producers and more industrial sectors like aviation and pharmaceuticals. this move is likely to benefit foreign investments more than British investors; Britain is for sale from midnight tonight;
Detailed tables and rates are at this link; Rates and Allowances
It’s budget day today, 21st March 2012, and the rich and powerful should benefit in give-away tax cuts at the expense of the poor, single parent, children and, of course, the low paid workers. This is how UK operates under the Conservative Government because they strongly believe that the state must provide incentives to the rich and powerful for them to remain on this planet
We shall be posting links to all the official documents issued by HMRC so please come and visit us again later today.
See you soon.
The Government has announced that it will introduce new legislation, effective from 13 March 2012, to counter tax avoidance that relies on property business loss relief or post-cessation property relief.
HMRC has launched a campaign to target people who sell goods and services online for profit.
The campaign is aimed at people using online marketplaces (HMRC calls this e-marketplaces) to buy, sell or swap goods for a profit. You are at a risk to be investigated if it is suspected that you may not be paying tax on this income.
How to work out if you are trading
A website with questions and answers have been set up to help people decide if their activity is classed as an online trading. You can get preferential terms if you come forward before 14 June 2012. The website is here: http://www.hmrc.gov.uk/campaigns/emarket.htm