Tax rates 2011/12

Many of the tax rates and allowances are fundamental to our business and personal lives and the main ones are summarised here. Please use the left hand navigation to view the tax rates that are relevant to you. 

We are sure that you will find it a useful point of reference throughout the coming tax year but if you have any questions please contact us.

 

Latest news

Use of Government's new business support scheme plummets to new low

The number of businesses that have requested a National Insurance Contribution holiday plummeted to a new low of 400 in December 2012, down 44% from the 710 applications made in the same month the year before. This is the lowest take up of the scheme since January 2011 – just after the scheme launched – and less than a fifth of the 2,235 applications received at the scheme’s peak in October 2011.
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Offshore Disclosure update - the dominoes continue to topple

Hot on the heels of an announcement from HMRC that a “Memorandum of Understanding” had been agreed with the government of the Isle of Man, it has now been revealed that a deal with Guernsey is also close to being finalised.
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HMRC buy-to-let crackdown follows 43% rise in Capital Gains enquiry yield

The amount of tax collected by HM Revenue & Customs (HMRC) from Capital Gains Tax (CGT) enquiries leapt 43% over the last tax year. According to the data we obtained, HMRC investigations into underpaid CGT yielded £105.2 million in 2011, up from £73.
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Looming pension rule changes will damage UK competitiveness

The advantages that UK PLC gains from its relatively low employment taxes will be put in jeopardy by the new auto-enrolment pension contributions regime, according to our research.
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Taxpayers facing millions in fines for late filing - even if they owe no tax

Taxpayers who do not complete tax returns by 31 January 2013 will be hit by hefty fines under HMRC’s new, tougher penalty system. Even self-assessment taxpayers that do not owe tax also have to file a tax return or face fines under the new system.
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Tax rate of FTSE 100 companies drops for fourth year running

The tax rate paid by FTSE 100 companies has fallen for the fourth year running, according to our analysis. The average effective tax rate of FTSE 100 companies* is now just 24.5% compared to 35.
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The number of share schemes for senior staff is up 15% as the number of share schemes for junior staff falls

Businesses have expanded the number of share option schemes open to just senior management, while reducing the number of schemes available to junior employees – undermining the Government’s efforts to boost broader employee ownership.
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UK consumers burdened with highest sales taxes in G8

UK consumers are suffering under some of the highest levels of consumption and sales taxes in the G8*, according to our new research.
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Higher earners hit by £5.5billion in extra taxes

The biggest increases in tax have fallen very clearly on higher earners. They will face more than £5.5billion in extra taxes over the next five years as a result of the Autumn Statement 2012.
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Latest publications

Taxflash: The Annual Tax on Enveloped Dwellings

Download our latest taxflash for information on the Annual Tax on Enveloped Dwellings, which came into effect on 1 April 2013.
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Taxflash: Mileage rates - March 2013

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed with effect from 1 March 2013.
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Taxflash: Thinking of changing your car?

If you own your own business and are thinking of changing your car in the not too distant future delaying your decision could potentially lead to a substantial reduction in your tax relief.
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Tax update, issue 39: Pre-Budget and year end tax planning

Our regular summary of all the latest tax issues that will affect you and your business. In this issue we concentrate on tax planning: for the Budget; for your year end; for your business; for individuals and families; for UK or offshore trusts; for foreign domiciliaries; and for estate and inheritance tax.
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Financial update: January 2013

This issue of the UHY Financial Planning update covers a series of articles including the new child benefit charges, year end tax planning advice, changes brought about by the Retail Distribution Review and more.
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Taxflash: Mileage rates - December 2012

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed with effect from 1 December 2012.
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Taxflash: HMRC's Business Records Check

HMRC have announced the re-launch of their business records check program. A pilot scheme began back in April 2011 and by February 2012 had found that 36% of businesses had some issue with their record keeping. The process was then suspended to allow HMRC to redesign the approach.
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Child Benefit

Download our Child Benefit fact sheet to find out if you and your family will be affected and for more information on the Child Benefit changes.
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Taxflash: HMRC's Tax Amnesty for direct sellers

HMRC have recently announced the launch of their latest tax amnesty, this time for direct sellers. This amnesty, or ‘campaign’ as HMRC now prefer to refer to them, however, has a particularly short period for disclosure, with the amnesty door closing on 28 February 2013. If you are a direct seller you need to consider your position immediately and, if you engage direct sellers, prepare for HMRC’s call.
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