Newsletter Spring 2011
|
01 April 2011
2011/12
You can earn £1000 more tax free!
BUT the index linked increase to the basic rate band has been replaced by a decrease! The 40% band now kicks in on income over £42,475 and the 50% band on income over £150k.
AND all NI contributions have gone up by 1%.
ISA maximum allowance is up to £10680 (£5340 Cash ISA) – worth while doing if you are still reluctant to lock more up in a pension fund.
Home Responsibilties Protection
We have now come across a form which enables us mothers who had time out of employment while receiving child benefit to check that the computer has correctly credited us with years towards our entitlement to state pension.
Furnished Holiday Lettings
This has been a most tax efficient way to earn money from your second home in the UK or Europe while offsetting losses against other income.
BUT there will be a change in the regime from April 2011.
It is no longer possible to set off losses against other income only future income from the same business.
And from April 2012:
Days available to let increase from 140 to 210 and
Days actually let increase from 70 to 105 days
With a period of grace to allow owners to ramp up their operation over the next three years
So get marketing!
Facing redundancy
Go to directgov to work out the statutory entitlement and the contract of employment for any overriding compensation.
AND the notice period is based on the length of service as well – check the entitlement.
