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Financial changes to watch out for in 2012

Submitted by Manager on Tue, 10/01/2012 - 15:36

The world of personal and business finance is changing all the time – and there are a few changes coming in 2012 that we recommend you watch out for.

Self assessment deadline – January 31

The deadline for paper returns has long gone, and if you are filling out your tax return online, your deadline both for filling it in and paying any outstanding tax for the 2010-11tax year is January 31. If your tax return is still outstanding now is the time to get on with it – especially if you’ve still got to get your paperwork together and your records up to date. HMRC has lots of help available for self-assessment online.

The Budget – March 21

Predictions for the economy vary from negative to flat rates of growth leading to March, so George Osborne could be presenting his budget against a ‘double-dip’ recession. Labour are pushing him to cut VAT, his own back benchers piling on the pressure to drop the 50p top rate of income tax for £150,000+ earners. Either way, the budget will affect everyone and My IFM will be watching it closely.

Pension changes – April 5

The deadline for applying for fixed protection coincides with the reduction by the government of the lifetime allowance on pension funds, from £1.8m to £1.5m. If you’re in this position, tax charges will be high, so apply for fixed protection and stop making contributions by April. Contracting out a state second pension into a defined contribution pension will also be prohibited from this date.

Auto-enrolment – September 1

Your company should have informed you by this date of their auto-enrolment scheme – which means all staff will be automatically enrolled into their pension scheme. Employers can choose the qualifying scheme they choose, which may include NEST, and it must meet specific minimum standards. Auto-enrolment must be completed by October 1.

An end to gender-specific insurance fees – December 21

The European Court of Justice has outlawed the practice of taking gender into account when pricing insurance contracts, effective from this date. This means women will lose their advantage in the car insurance field, while men’s pension income from annuities could fall. The effects remain to be seen, but insurance overall will become more expensive. If you need help understanding how these changes may affect you, and preparing for them, give IFM a call today on 0845 066 9432.

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