Tax Update

April 2012

2012 Tax Returns

It's the end of the tax year today, so please let us have your records as soon as you can, so we can keep your tax affairs up to date. You can only gain by doing it now. You won't have to pay your tax earlier, but may benefit from reduced 'payments on account' or earlier refunds if due.

The deadline for submitting tax returns is 31st January 2013 - please note that the Revenue will charge £ 100 penalty for any return not received by this date.

Budget 2012

The new tax rates and allowances for 2012/2013 are now in place - please see below for the new rates:

HM Revenue new rates

Salary changes from April 2012

For many of our limited company clients, directors were being paid a salary of £ 589 per month (£ 7,068 per annum) to ensure a minimum tax and National Insurance burden. For those clients who fall into this category, from April 2012, this amount increases to £ 624 per month (£ 7,488 per annum), and if you're affected, please increase your monthly wage payment to this figure from 6th April 2012.

End of year Payroll Returns deadline - 19th May 2012

If we prepare payroll for you, we'll soon be sending you the year end return and forms covering 2011/12 for review and signature. Once you've received them, could you please action and return to us soon so that the 19th May deadline can be met - £ 100 per month penalties for being late! See below for other PAYE deadlines.

Payroll end-of-year tasks at a glance

Fee Protection

We offer a Fee Protection insurance which can cover you for our fees should you get an enquiry from HM Revenue & Customs, which also includes VAT enquiries.

Please get in touch if you'd like to discuss further.

Feel free to pass this update onto anyone who may be interested.

The Partners

Marks & Co

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