Autumn Statement '11

Posted by on 30 November 2011 | 0 Comments

In the shadow of the Chancellor's Autumn Statement we are bringing you a general round up of the key details, cutting through the jargon.

First off the state pension age is increasing and will be 67 between 2026 and 2028. This wasn't a surprise given what the chancellor and PM have said in the events leading up to the statement.

The National Infrastructure Plan 2011 was announced which is intended to boost the construction industry with several large projects been planned including rail and commuter infrastructure improvements, specifically heavily congested areas. Also investments in 'super-connected' cities with plans to have 80 - 100 MB broadband and high-speed mobile networks.

There was no change for Annual Investment Allowances (AIA) which are set to reduce to £25,000 on 6th April 2012. It is always worth talking to your accountant while planning to buy plant and machinery to ensure that the allowance is as efficiently as possible.

Small Business Rate Relief was extended for a further six months and also allowing businesses to put off 60% of the increase until their bills for the financial year ending 2013.

Plans for the personal allowance were confirmed as it is increased to £8105, putting them in line to reach £10,000 by the end of the coalitions time in power. But on the downside the higher rate band has been adjusted (the point at which tax is paid at 40% rather than 20%) has been adjusted down to £34,370 netting off any gain from the personal allowance increase for higher rate tax payers.

Furnished Holiday Letting rules are to change again as of 6th April 2012. The available and actual letting days are being increased by 70 and 35 days accordingly bring them to 210 available and 105 actually let days.

For more details on the Autumn Statement or general information about Chase Accounting, call us on 01543 468500 to speak to a member of our team.