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Spring Newsletter

Posted on January 24, 2012 by dre

Please click on the following link to see our Spring Newletter

2012 Spring Newsletter

 

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Autumn Statement

Posted on November 30, 2011 by dre

Please click on the following link to see the Autumn Statement

DRE and Co- Autumn Statement

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Pension enrolment delays

Posted on November 29, 2011 by dre

News sources are reporting firms with fewer than 50 employees will get more than a year extra to comply with the new pension rules. The move may affect nearly four million workers in the UK.

Their starting deadline for automatic enrolment has been moved from April 2014 to May 2015, in order to help the small companies save money.

The enrolment process for big employers is still due to begin in October 2012.

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Welcome to the new DRE & Co. Website

Posted on November 17, 2011 by admin

Welcome to the updated DRE & Co. website. Here you will find useful accountancy information for your personal and business finances. Please contact us for more information.

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VAT Fuel Scale Charges

Posted on November 17, 2011 by admin

Where businesses buy fuel which has some degree of private use, they must account for output VAT on a scale charge. This is based on the CO2 emissions (rounded down to the next multiple of 5).

These are the charges which apply from the start of the first prescribed accounting period beginning on or after 1 May 2011.

CO2 emissions

Appropriate percentage

Quarterly VAT

(g/km)

Petrol
%

Diesel
%

Fuel scale
charge £

VAT on charge

£ (20%)

Up to 75

5

8

157

26.17

76 to 120

10

13

157

26.17

121 – 124

15

18

157

26.17

125 – 129

15

18

236

39.33

130 – 134

16

19

252

42.00

135 – 139

17

20

268

44.67

140 – 144

18

21

283

47.17

145 – 149

19

22

299

49.83

150 – 154

20

23

315

52.50

155 – 159

21

24

331

55.17

160 – 164

22

25

346

57.67

165 – 169

23

26

362

60.33

170 – 174

24

27

378

63.00
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Inheritance Tax

Posted on November 17, 2011 by admin

 

Death
rate
%

Lifetime
rate
%

Chargeable transfers
2011/12 and 2010/11
£’000

Nil

Nil

0 – 325*

40

20

Over 325*

*Potentially increased for surviving spouses or civil partners who die on or after 9 October 2007.

Reliefs
Annual exemption £3,000

Marriage

 - parent £5,000
Small gifts £250   - grandparent £2,500
      - bride/groom £2,500
      - other £1,000

 

Reduced charge on gifts within seven years of death
Years before death

0-3

3-4

4-5

5-6

6-7
% of death charge

100

80

60

40

20
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VAT

Posted on November 17, 2011 by admin

 

Standard rate

20%
Reduced rate

5%
Annual Registration Limit – from 1.4.11 (1.4.10 – 31.3.11 £70,000)

£73,000
Annual Deregistration Limit – from 1.4.11 (1.4.10 – 31.3.11 £68,000)

£71,000
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Income Tax Reliefs

Posted on November 17, 2011 by admin

 

 

2011/12
£

2010/11
£
Personal allowance - under 65

7,475

6,475
  - 65 – 74*

9,940

9,490
  - 75 and over*

10,090

9,640
(Reduce personal allowance by £1 for every £2 of adjusted net income over £100,000.)
Married couple’s allowance (relief at 10%) - 75 and over*

7,295

6,965
  - min. amount

2,800

2,670
* Age allowance income limit
(Reduce age allowance by £1 for every £2 of excess income over £24,000 (£22,900))

24,000

22,900
Blind person’s allowance  

1,980

1,890

 
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Tax Credits

Posted on November 17, 2011 by admin

 

2011/12
£

2010/11
£
Working Tax Credit

Basic element – max.

1,920

1,920
Childcare element
70% (80%) of eligible costs up to £175 per week (£300 if two or more children).
Child Tax Credit (CTC)

Child element per child – max.

2,555

2,300
Family element

545

545
Baby addition

-

545

Reductions in maximum rates

41% (39%) of income above £6,420* p.a.

*If only CTC is claimed, the threshold is £15,860 (£16,190) p.a. The family element of CTC is not reduced unless income is more than £40,000 (£50,000) p.a. when the withdrawal rate is 41% (6.67%).

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Income Tax Rates

Posted on November 17, 2011 by admin

 

2011/12

 

2010/11

Band £

Rate %

Band £

Rate %

0 – 2,560

10*

0 – 2,440

10*

0 – 35,000

20**

0 – 37,400

20**

35,001 – 150,000

40***

37,401 – 150,000

40***

Over 150,000

50****

Over 150,000

50****

*Only applicable to dividends and savings income. The 10% rate is not available if taxable non-savings income exceeds £2,560 (£2,440).

** Except dividends (10%).

*** Except dividends (32.5%).

**** Except dividends (42.5%).

Other income taxed first, then savings income and finally dividends.

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