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January 2013

  • Increased Annual Investment Allowance

    Newsletter issue - January 2013. The annual investment allowance (AIA) gives a 100% deduction for tax purposes for the cost of plant, equipment and certain fixtures in buildings, which qualify for capital allowances. The AIA has an annual cap. This started at £50,000 in 2008, was increased to £100,000 by the previous government, and was…More

  • RTI - More Information

    Newsletter issue - January 2013. The rules for reporting wages, hours worked and payroll deductions under real time information (RTI) are still being written. What to report RTI reports will need to be made where at least one employee is paid above the lower earnings limit (LEL), (£109 per week for 2013/14). For wages between…More

  • New Tax Free Allowance

    Newsletter issue - January 2013. The standard personal allowance (amount of tax-free income) for 2013/14 will be £9,440. We had been expecting a smaller increase to £9,205. The new higher allowance allows an individual to earn £181.54 per week (about £787 per month) tax free. But the NIC thresholds will not increase by as much,…More

  • Polytunnels and Glasshouses

    Newsletter issue - January 2013. Does your business use a polytunnel or glasshouse? In the past the Taxman has refused to allow a tax deduction for the cost of such structures, on the basis that greenhouses are buildings. A greenhouse is generally expected to last several years, so the cost of the structure should be…More

  • January Question and Answer Section

    Newsletter issue - January 2013. Q. If I purchase a Land Rover Defender for use in my partnership business can I reclaim the VAT paid on the purchase? I will use the Land Rover 75% for business and 25% for private journeys. A. You first need to check that the specific model of Land Rover…More

  • January Key Tax Dates

    Newsletter issue - January 2013. 1 - Due date for payment of Corporation Tax for the year ended 31 March 2012 14 - Return and payment of CT61 tax due for quarter to 31 December 2012 19/22 - PAYE/NIC and CIS deductions due for month to 5/1/2013 or quarter 3 of 2012/13 for small employers…More

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