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Cash in smaller pension pots - 9th January 2012

Changes to the present pension tax rules will allow over 60s to cash in up to two pension pots as a lump sum.

• Changes apply from April 2012.
• Pension pots of up to £2,000 in value can be considered for this...

Tax Diary January 2012/February 2012 - 9th January 2012

1 January 2012 - Due date for 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)

19...

Winter Fuel Allowance - 9th January 2012

This allowance is paid tax free. This year the payment is worth £200 per household. If one of the persons eligible is over 80 this increases to £300.

Please note that to be eligible for this payment in 2012 you need to have been...

Buying or bringing back goods from abroad - 9th January 2012

When travelling from the EU to the UK

You do not have to pay any tax or duty on goods you have bought in another EU country as long as:

• tax was included in the price when you purchased the items,
...

Tax changes this year and beyond - 9th January 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%...

Summary of Autumn Statement - 6th December 2011

There were few surprises in the announcements made on 29 November. We have listed below a few of the more topical issues:

• Small Business Rate Relief to be extended for a further six months from 1 October 2011.
• ...

Joint ownership of let property - 6th December 2011

Property, as with most assets, can be owned by individuals, jointly with other parties in partnership, or by a limited liability company or a trust.

In most cases the taxation of rental income derived from letting a property is...

Party time... - 6th December 2011

At this time of the year business owners and their employees are wont to celebrate. The article that follows explains how to organise a well deserved works party this Christmas and make the most of the tax reliefs available.

The cost of a...

Tax Diary December 2011/January 2012 - 6th December 2011

1 December 2011 - Due date for corporation tax due for the year ended 28 February 2011.
 
19 December 2011 - PAYE and NIC deductions due for month ended 5 December 2011. (If you pay your tax electronically the due date is 22...

Interesting deduction - 6th December 2011

You may find the notes that follow useful if you raise money by increasing the lending/mortgage in respect of rental property.

The following factors need to be taken into account:

Loan used in property business

Generally...