This time we have our Budget summaries, lots of major updates, and new calculators and tables.

We also have new guides on "optimising salaries" to avoid NICs and how to calculate the Child Benefit Tax Charge.

As we now have a number of cliff edges for tax when income reaches different bands, I have created an income band diffuser to illustrate the potential pitfalls.

Best wishes


Nichola Ross Martin FCA
Tax Director
Your online Virtual Tax Partner: practical support for accountants, tax advisers and their clients

Essential reading - Freeview

Budget 2012 + Finance Bill 2012
Our summary of the new measures proposed for 2012 combined with those announced last Autumn.

How to work out the Child Benefit Tax charge
NEW: this does what it says.

Don't forget

Directors' NICs and payrolls
Check your payroll is calculating correctly before you year-end.

Advisory fuel rates (company car drivers)
New rates for diesel drivers from 1 March 2012.

Tax Credits: urgent action required
HMRC is removing families from tax credits before 2011/12 figures are in. As the backdating rules are changing this could lead to a loss of benefits.

For subscribers (pay to view)

Tax planning for the new year:

Do I pay a salary or dividend?
UPDATE: falling marginal rates of corporation tax will tip the balance for many more companies from 2012/13.

Salary 2012/13 (avoiding NICs)
UPDATE: these tables show the salary levels to pay to secure basic benefits and avoid National Insurance charges.

Tax planning for income at marginal tax rates NEW: changes to Child Benefit and the claw back of personal allowances have created extra tax cliff-edges.

Editor's choice

Finance Bill 2012: tax tracker
UPDATE: our unique tracker provides essential CPD for all subscribers. We keep a rolling summary of all the key tax measures introduced and also track key HMRC changes affecting SMEs and their owners from 2010/11 to 2012/13.

Enterprise Management Incentives (EMIs)
UPDATE: get planning now. New limits for 2012/13 and from 2013/14 options may qualify for Entrepreneurs' Relief.

Company cars
UPDATE: changes to fuel benefit charges from April 2012 and lowering of emissions rates for capital allowances.

CGT Capital Gains Tax rates & allowances
UPDATE: following Budget announcements

Remittance basis (overseas income)
UPDATE: changes for long term residents.

Travel (self-employed)
UPDATE: we have a complete rewrite and comparing and contrasting recent FTT decisions.

Subsistence (self-employed)
UPDATE: rewrite and update.

Capital allowances case: plant or buildings?
If you missed this last time, look again: have your clients claimed capital allowances on all they should?

Year-end tax planning

Tax planning for the 2011/12 year end
Private clients - (PAID subscribers)

Directors' loan accounts: toolkit
Companies - (FREEVIEW)

Property profits & losses: toolkit
Property - (PAID subscribers)

Associated companies checklist (new rules)
Companies - (PAID subscribers)

AIA: rules where there is a change of rate
If a business has a year end other than 31 March 2013.

All about employees

Employee homeworking allowance rises in 2012/13
Those generous folk at HMRC have increased the rate.

Tax-free benefits in kind and perks
UPDATE: a quick guide.

Overarching contracts, travel & salary sacrifice
Reed v HMRC: a cautionary tale for agencies and umbrella companies.

How to check your 2012/13 PAYE Code
New guidance from the Low Income Tax Reform Group.

Technical support

Stuck on a technical query?
Have you tried our Virtual Tax Partner support service? ...More

Dividends: index
Worried about formalities or the consequences of an unlawful dividend, start here.

Transactions in securities (TiS)
UPDATE: capital treatment of a Companies Act 2006 capital reduction may well be counteracted under the TiS rules.

ABC or Alphabet shares: employees
What are the tax and NICs consequences of issuing different classes of shares?

Pensions: carry forward of unused allowances
The mechanics of the carry-forward of deemed allowances from 2008/09.

Collecting Tax Debts through PAYE
From April 2012 debts of up to £2,999 will be added to codes. These will be issued from now on.

When a dividend is subject to NICs (Part 3)
A contrived bonus scheme is taxed as employment earnings (may yet appeal to Supreme Court).

Use of home for business purposes
Tax treat mini guide for your staff.

Plug in car and van grants
NEW: the fleet vehicle of the future?

More Subscribers' Guides

Don't miss:

Capital expenditure allowances - signpost
Quick guide to alternative allowances to plant and machinery capital allowances.

Fixtures: overview
Confused about late claims for Fixtures and changes in 2012? Start here.

Disappearing tax reliefs
UPDATE: tax reliefs and changes that will affect your clients in the next 12 months.

Legal or unlawful dividends: Companies Act 2006
A mini-guide.


Tax planning for directors
Index to guides and updates

Retirement: a purchase of own shares
A menu and summary

VAT: a whole new section
Toolkits, practical guides, current reclaim opportunities and updates

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