Janet Hoskin and Chris Thomas review the Budget 2011 Tax Proposals
Rise in NICs goes ahead and thresholds linked to CPI
While there was a further large rise in the personal allowance (up to £8 105 for 2012/13) this will be offset to some degree by the announcement that from 2012/13 the NICs lower earnings limit and primary threshold will be linked to CPI rather than RPI – meaning that future increases are likely to be around 1% lower than currently. In addition the Budget maintained the squeeze on higher-earning employees confirming the 1% rise in NIC rates and the restriction of the tax relief on childcare vouchers to basic rate only. On a brighter note however the rate of approved mileage allowance is to rise to 45p as...
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Janet Hoskin and Chris Thomas review the Budget 2011 Tax Proposals
Rise in NICs goes ahead and thresholds linked to CPI
While there was a further large rise in the personal allowance (up to £8 105 for 2012/13) this will be offset to some degree by the announcement that from 2012/13 the NICs lower earnings limit and primary threshold will be linked to CPI rather than RPI – meaning that future increases are likely to be around 1% lower than currently. In addition the Budget maintained the squeeze on higher-earning employees confirming the 1% rise in NIC rates and the restriction of the tax relief on childcare vouchers to basic rate only. On a brighter note however the rate of approved mileage allowance is to rise to 45p as...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
