A Joseph & Joseph
Chartered Certified Accountants
Business and Tax Advisers 
Registered Auditors
 

                                

    Our Business...

 

 

 

 

    
Self -Employed National Insurance 
      Contributions
Class 2 NIC - £2 per week (Exception limit up to £3955 profit per annum).
Class 4 NIC - 7% on profit in excess of £4535 (Maximum profit £29900).
Class 3 Voluntary contributions - £6.75 per week.
 
Value Added Tax
    See Newsletter 4 for limits and rates.
Allowances on Investment in Business       
    Assets 
    (Capital Allowances).
     See Newsletter 4 for rates.  
 
 
Key Dates & Deadlines 2001/2002
Income Tax & Class 4 NIC:
1st.Payment on Account - January 2001.
2nd.Payment on Account - 31 July 2001.
Balancing Payment - 31 January 2002.
2002 Self Assessment Tax Return - 31 
January 2002.
 
 
Budget 2001 - Company Relief and Taxation
Following are the budget changes affecting 
small to medium sized companies:
Corporation Tax     Profits
Rate(%)
Up to £10,000
10%
Next £40,000
22.5%
Next £250,000
20%
Next £1,200,000
32.5%
Over £1,500,000
30%
 
Capital Allowances:
    See Newsletter 4 for rates.
Value Added Tax:
    See Newsletter 4 for limits and  rates.
 
Employers' NI
Employer
Employee
Class 1-£87.01-£575
11.9%
10%
Class 1A-on relevant benefits
11.9%
Nil
  
Gain on Disposal of Business or Business 
     Assets
    Annual Exemption: Individual - £7500;
    Settlement - £3750.
    Retirement Relief: Exempt first £100,000 50%
    exempt next £300,000.
Transfers between husband and wife living 
together- Exempt.
 
 
Key Dates and Deadlines 2001/2002
Corporation Tax - 9 months after the year-end 
date
P14, P35, P38 etc. - 19 May 2001.
P11D, P9D - 6 July 2001.
Capital Gains Tax - 31 January 2003.
 
 
Budget 2001 - Charities
Budget 2000 was the budget for charities! The headline news of the budget was the ‘gift aid’, which simplified charity giving by individuals and companies. Except for listed churches, to be refunded VAT on repairs and maintenance, Budget 2001 made little or no mention of charities.
 
 
                 STAKEHOLDERS  PENSIONS
‘Pensions revolution!’ ‘End to retirement poverty in sight!’ were some of the headlines marking the introduction of the Stakeholder Pensions from April 6  2001. Employers’ view of the Legislation, understandably, was that of more red tapes, more regulations and costs to struggling small businesses! Our brief on Stakeholder Pensions looks at what Stakeholder Pensions are, employers’  responsibilities, costs and benefits to employees, and deadlines.
 
What is Stakeholder Pensions?
In an effort to increase individuals’ retirement income and ease the burden on the state, the government introduced legislation requiring employers to offer employees access to a simple, cost effective pension arrangement. The legislation, the Stakeholder Pension Schemes Regulations 2000 (SI 2000 No 1403), came into effect from April 6, 2001. Detailed regulations can be found on HMSO website:
www.legislation.hmso.gov.uk
  
Our business is to advise...
Tax and business laws are constantly changing. We recommend that you talk to us before entering into transactions that might affect your personal and business tax position.
Telephone: +44(0)20 7561 9955 

 

 

 
Contact: 2nd Floor
123 Fonthill Road
London N4 3HH
Tel: +44(0)20 7561 9955
E-mail: A Joseph Associates