[March 27, 2012]

UK Budget 2012 Highlights & HMRC Deadlines for VAT, Intrastat Declaration from Nair & Co.

UK's annual budget revealed a string of tax measures including a reduction in business tax to 24% with further 1% cuts announced until 2014, while the top personal income tax rate will be reduced to 45% from 50% in 2013.

The 2012 Budget also announced changes in capital allowances for plant and machinery, low emission cars and certain enterprise zones.

Read more at http://www.nair-co.com/UKBudget2012.aspx

UK Business Tax Rates

• From April 2012, the main rate of Corporation Tax will be reduced to 24% (from 25%), with further yearly reductions of 1% until it reaches 22% in 2014. The small profits rate of corporation tax will remain at 20%.
• Previously announced changes to the rates of capital allowances will take effect from April 1, 2012 e.g. Plant and machinery in the main pool will attract reduced writing down allowances at a rate of 18% instead of 20%.

Rad more at http://www.nair-co.com/UKBudget2012.aspx

UK VAT, Intrastat Declaration Deadlines, Registration and Deregistration Thresholds

Businesses whose accounting year starts on or after April 1, 2012 are required to file VAT returns online including VAT due to HM Revenue & Customs (HMRC). This is applicable for companies who have registered for VAT before April 2010 and with annual sales less than £100,000 (excluding VAT).

Payments can be made electronically using direct debit, internet or telephone banking, BACS (Bankers Automated Clearing System) direct credit, etc.

Companies trading in goods with EU nations need to ensure that Intrastat declarations are completed, specifically if their EU imports are over £600,000 and EU exports exceed £250,000.

Read more at http://www.nair-co.com/UKTaxFilings.aspx

VAT Registration Thresholds

The 2012 UK budget announced an increase in the VAT registration threshold from £73,000 to £77,000 and increase in the VAT deregistration threshold from £71,000 to £75,000 (effective from April 2012).

Read more at http://www.nair-co.com/UKTaxFilings.aspx

Nair & Co.'s International Deadlines and Compliance Calendar (www.nair-co.com/internationaltaxdeadlines2012.aspx) makes it easy to keep track of tax filing deadlines across multiple countries.

About Nair & Co.

Nair & Co. provides you with your one touch outsourced finance, compliance, HR and legal department for your international operations. If you are expanding abroad for the first time, our turnkey solution will help you do so with minimal risk, stress and cost. We currently support more than 1000+ client operations in over 50 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com

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