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We provide our clients with regular updates on changes in taxation regulation, news from the world of accounting and, of course, information about the latest developments at Warents Feingold & Co.

Budget 2012

PERSONAL TAXATION

The income tax personal allowance will rise again, not just to £8,105 as scheduled in April this year, but next year too.

It will go up by a further £1,100 in April 2013 to £9,205, a further step towards the coalition's aim of eventually ensuring that the first £10,000 of someone's income escapes tax.

Meanwhile the 50% "additional rate" of tax, which has been in place for nearly two years now for those whose taxable incomes are over £150,000 a year, will be cut to 45% from April 2013.

Age related allowances for pensioners will be simplified over time, starting in April 2013, creating a single personal allowance for all.

From April 2013, the 50p top rate of income tax will be cut to 45p. No changes announced for basic and higher rates.

BUSINESS & TAXATION PROPOSALS

The 50% tax rate on incomes on taxable incomes over £150k is to be abolished with effect from April 2013, to be replaced by a 45% rate.

Personal Allowance is to be increased to £9,205 with effect from April 2013

The main rate of Corporation Tax is to be reduced to 24% from May 2012 and is set to fall further, by 2014, to 22%.

PENSIONERS

The state pension age is already scheduled to rise to 67, for both men and women, by 2026.

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