If you have recently logged-on to the HMRC online service for PAYE for employers, or corporation tax, you will have seen a request to sign-up for the tax dashboard. This is a new facility that will provide a single view of all your business tax liabilities arising from corporation tax or income tax (for company or individual), VAT and PAYE.
The tax dashboard will show the following for each tax:
- Amount owed
- Repayments due from HMRC
- Payments already made
- Interest due on any late payments
- Penalties incurred, and
- Direct debit payment plans
You will not be able to reallocate payments between taxes, or even between periods for the same tax. The dashboard is merely a viewing facility.
Before you can use the tax dashboard you must be registered with the HMRC online service for corporation tax or self-assessment. You may already be registered and have separate online logins for the PAYE, VAT and corporation tax or self-assessment online services. If this is the case you need to move all online services to one login, in order to see all taxes on your tax dashboard. There are instructions on the HMRC page for the tax dashboard on how to move online services to one login.
Tax agents cannot use the tax dashboard to view their clients' tax liabilities, which would be really useful. This facility may be provided in the future, but we are not holding our breath!
Showing posts with label Corporation Tax advice. Show all posts
Showing posts with label Corporation Tax advice. Show all posts
Thursday, 3 May 2012
Thursday, 5 January 2012
Tax Numbers for 2012/13
Tax rates and thresholds for 2012/13 have been announced as follows:
Income Tax Personal Allowances
Under 65: £8,105
65-75: £10,500
75 and over: £10,660
Minimum marriage allowance: £2,960
Maximum marriage allowance: £7,705
Blind person's allowance: £2,100
Income limit for those aged 65 or more: £25,400
Income limit for under 65 personal allowance: £100,000
Income Tax Rates
Savings rate* (10%): £0 - 2,710
Basic rate (20%): £0 - 34,370
Higher rate (40%): £34,371 to 150,000
Additional rate (50%): Over £150,000
* Rate does not apply where other income exceeds the savings rate threshold.
Different tax rates apply for dividend income as follows:
Basic rate (10%): £0 - 34,370
Higher rate (32.5%): £34,371 to 150,000
Additional rate (42.5%): Over £150,000
NI
The rates and weekly thresholds for NI contributions will be:
Employer's class 1 above primary threshold (above £144): 13.8%
Employee's class 1 not contracted out (from £146 to £817): 12%
Employee's additional class 1 (above £817): 2%
Self-employed class 4 (annual figures from £7,605 to £42,475): 9%
Self-employed class 4 additional rate (above £42,475 per year): 2%
Self-employed class 2: £2.65 per week
Voluntary contributions class 3: £13.25 per week
Capital Gains Tax
Tax rates for individuals
Up to basic rate band: 18%
Above basic rate band: 28%
Annual exemption: £10,600
Corporation Tax
From 1 April 2012:
Profit of £0 - £300,000: 20%
Profit of £300,000- £1,500,000: 26.25%
Profit of £1,500,000 and over: 25%
These rates apply where there are no associated companies.
Income Tax Personal Allowances
Under 65: £8,105
65-75: £10,500
75 and over: £10,660
Minimum marriage allowance: £2,960
Maximum marriage allowance: £7,705
Blind person's allowance: £2,100
Income limit for those aged 65 or more: £25,400
Income limit for under 65 personal allowance: £100,000
Income Tax Rates
Savings rate* (10%): £0 - 2,710
Basic rate (20%): £0 - 34,370
Higher rate (40%): £34,371 to 150,000
Additional rate (50%): Over £150,000
* Rate does not apply where other income exceeds the savings rate threshold.
Different tax rates apply for dividend income as follows:
Basic rate (10%): £0 - 34,370
Higher rate (32.5%): £34,371 to 150,000
Additional rate (42.5%): Over £150,000
NI
The rates and weekly thresholds for NI contributions will be:
Employer's class 1 above primary threshold (above £144): 13.8%
Employee's class 1 not contracted out (from £146 to £817): 12%
Employee's additional class 1 (above £817): 2%
Self-employed class 4 (annual figures from £7,605 to £42,475): 9%
Self-employed class 4 additional rate (above £42,475 per year): 2%
Self-employed class 2: £2.65 per week
Voluntary contributions class 3: £13.25 per week
Capital Gains Tax
Tax rates for individuals
Up to basic rate band: 18%
Above basic rate band: 28%
Annual exemption: £10,600
Corporation Tax
From 1 April 2012:
Profit of £0 - £300,000: 20%
Profit of £300,000- £1,500,000: 26.25%
Profit of £1,500,000 and over: 25%
These rates apply where there are no associated companies.
Tuesday, 7 December 2010
Business Tax Changes 2011/12
Corporation Tax
The small profits rate of corporation tax will fall by 1% to 20% from 1 April 2011.This rate applies to profits of up to £300,000 if there are no associated companies. The corporation tax rate for large companies with profits over £1.5million will also fall by 1% to 27%, making the marginal rate for profits between those limits 28.75%. The main rate for larger companies will also fall by 1% in each of the following 3 years down to 24% in the year beginning 1 April 2014.
Capital Allowances
Capital allowances will be reduced with effect from 1 April 2012 (6 April 2012 for income tax purposes), as follows:
- Main pool writing down allowance - reduced from 20% to 18%
- Special rate pool writing down allowance - reduced from 10% to 8%
- Annual Investment Allowance (AIA) maximum investment - reduced from £100,000 to £25,000
Where expenditure on integral features, plant and equipment (excluding cars) is within the annual investment allowance, the business can claim a 100% deduction for those costs in the year bought.
NI
From 6 April 2011 the rates for NI contributions will be increasing by 1% and the new rates become...
- Employer's class 1 above secondary threshold: 13.8%
- Employee's class 1 above primary threshold and below upper earnings limit: 12%
- Employee's class 1 above upper earnings limit: 2%
- Self-employed class 4: 9%
- Self-employed class 4 additional rate: 2%
The reduced rates of NI for contracted out contributions for employers and employees have not been confirmed as yet.
From 6 April 2011 if you are self-employed you will be able to pay your class 2 NICs in two instalments on 31 January and 31 July, the same dates as your income tax payments on account are due. You can continue to pay your class 2 NIC by monthly direct debit if you wish, but there will be a break in DD requests by HMRC from April 2011 to August 2011.
The small profits rate of corporation tax will fall by 1% to 20% from 1 April 2011.This rate applies to profits of up to £300,000 if there are no associated companies. The corporation tax rate for large companies with profits over £1.5million will also fall by 1% to 27%, making the marginal rate for profits between those limits 28.75%. The main rate for larger companies will also fall by 1% in each of the following 3 years down to 24% in the year beginning 1 April 2014.
Capital Allowances
Capital allowances will be reduced with effect from 1 April 2012 (6 April 2012 for income tax purposes), as follows:
- Main pool writing down allowance - reduced from 20% to 18%
- Special rate pool writing down allowance - reduced from 10% to 8%
- Annual Investment Allowance (AIA) maximum investment - reduced from £100,000 to £25,000
Where expenditure on integral features, plant and equipment (excluding cars) is within the annual investment allowance, the business can claim a 100% deduction for those costs in the year bought.
NI
From 6 April 2011 the rates for NI contributions will be increasing by 1% and the new rates become...
- Employer's class 1 above secondary threshold: 13.8%
- Employee's class 1 above primary threshold and below upper earnings limit: 12%
- Employee's class 1 above upper earnings limit: 2%
- Self-employed class 4: 9%
- Self-employed class 4 additional rate: 2%
The reduced rates of NI for contracted out contributions for employers and employees have not been confirmed as yet.
From 6 April 2011 if you are self-employed you will be able to pay your class 2 NICs in two instalments on 31 January and 31 July, the same dates as your income tax payments on account are due. You can continue to pay your class 2 NIC by monthly direct debit if you wish, but there will be a break in DD requests by HMRC from April 2011 to August 2011.
Thursday, 18 February 2010
Is Interest on Corp Tax Allowable?
Q. My company has paid interest on late paid corporation tax. Is that interest tax allowable?
A. Yes. Interest paid to the Tax Office on late paid corporation tax is tax allowable for the company for the period in which the interest was paid. Likewise interest paid by the Taxman because corporation tax has been paid early, or in excess of the amount due, is taxable.
A. Yes. Interest paid to the Tax Office on late paid corporation tax is tax allowable for the company for the period in which the interest was paid. Likewise interest paid by the Taxman because corporation tax has been paid early, or in excess of the amount due, is taxable.
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