NEWSLETTER 63

Headlines from our latest newsletter.  Please click on any of the links below for more information :

TENFOLD INCREASE IN ANNUAL INVESTMENT ALLOWANCE
The shock announcement of the Autumn Statement was the tenfold increase in the amount of the Annual Investment Allowance (AIA).

PERSONAL ALLOWANCE FOR 2013/14
For those aged under 65 the personal allowance will be increased from the current £8,105 to £9,440.

PENSIONS SAVING
It was announced in the Autumn Statement that for tax year 2014/15 onwards:
• the annual allowance for pensions tax relieved savings will be reduced from £50,000 to £40,000

A SIMPLER TAX SYSTEM FOR SMALLER BUSINESSES
The Chancellor is to proceed with proposals to make the tax system simpler for small unincorporated businesses from April 2013.

STATUTORY RESIDENCE TEST
HMRC have announced that legislation will be introduced in Finance Bill 2013 to put the rules which determine an individual’s tax residence on a statutory basis.

GOVERNMENT MUST TACKLE RED TAPE
The CBI is calling on the Government to tackle ‘red tape’.

REMINDER TO THOSE WITH HIGH INCOME AND CHILD BENEFIT
HMRC are reminding Child Benefit recipients with higher incomes that they have a month to decide whether to stop receiving the benefit or to pay a charge on it through self assessment.

ADVISORY FUEL RATES FOR COMPANY CARS
New company car advisory fuel rates took effect from 1 December 2012.