We keep you updated
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.
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%.
The state pension age is already scheduled to rise to 67, for both men and women, by 2026.
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