Employers' Digest March 2012 - Crowe Horwath International
Employers' Digest March 2012 - Crowe Horwath International
Employers' Digest March 2012 - Crowe Horwath International
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Employers’ <strong>Digest</strong> <strong>March</strong> <strong>2012</strong><br />
Official rate of<br />
interest<br />
HMRC has announced that its official<br />
rate of interest will remain unchanged<br />
at 4% for the <strong>2012</strong>/13 tax year. This rate<br />
is used to calculate the taxable benefit<br />
arising from interest-free or low-interest<br />
loans to employees. It is also used to<br />
calculate the additional tax charge on<br />
employee living accommodation costing<br />
more than £75,000. The interest rate<br />
may be subject to review in the event<br />
of significant changes to the Bank of<br />
England’s base lending rate.<br />
Home working<br />
allowance updated<br />
HMRC has announced an increase<br />
in the home working allowance. This<br />
is a fixed weekly amount that can be<br />
paid to employees who work at home<br />
under arrangements agreed with their<br />
employer. It is intended to compensate<br />
for the additional heating and lighting<br />
costs that the employee will incur. With<br />
effect from 6 April <strong>2012</strong>, the weekly<br />
allowance will go up from £3 to £4.<br />
Employees who incur greater costs than<br />
these may be able to claim tax relief<br />
for more than £4, but to do so they will<br />
first have to satisfy HMRC that they are<br />
necessarily working from home (the<br />
allowance can be paid to employees who<br />
voluntarily work at home). They will then<br />
have to produce detailed calculations as<br />
evidence of the actual costs.<br />
Company cars – advisory fuel rates revised<br />
HMRC have revised their advisory fuel rates for company cars once more with effect<br />
from 1 <strong>March</strong> <strong>2012</strong>. The new rates, based on prices of 135.2p, 143.2p and 74.1p per<br />
litre for petrol, diesel and LPG respectively, are set out in the tables below:<br />
Engine size Petrol LPG<br />
1400cc or less 15p 10p<br />
1401 to 2000cc 18p 12p<br />
Over 2000cc 26p 18p<br />
Forthcoming events<br />
Budget <strong>2012</strong> update seminars<br />
Engine size<br />
Diesel<br />
1600cc or less 13p<br />
1601 to 2000cc 15p<br />
Over 2000cc<br />
Charities and schools<br />
These seminars will include all the important changes announced by the Chancellor<br />
in his Budget on 21 <strong>March</strong> <strong>2012</strong>. They will also bring you up to date with any changes<br />
announced in earlier Budgets but which come into effect on 5 April <strong>2012</strong>.<br />
Our speakers will cover matters relating to:<br />
employment tax<br />
VAT<br />
direct tax.<br />
Charities<br />
Date: Tuesday 27 <strong>March</strong> <strong>2012</strong><br />
Time:<br />
4.30pm – 6.00pm<br />
Venue: <strong>Crowe</strong> Clark Whitehill LLP<br />
St Bride’s House<br />
10 Salisbury Square<br />
London EC4Y 8EH<br />
RSVP:<br />
Judy Vincent by calling<br />
020 7842 7319 or emailing<br />
judy.vincent@crowecw.co.uk.<br />
19p<br />
Schools<br />
Date: Thursday 29 <strong>March</strong> <strong>2012</strong><br />
Time:<br />
4.30pm – 6.00pm<br />
Venue: <strong>Crowe</strong> Clark Whitehill LLP<br />
St Bride’s House<br />
10 Salisbury Square<br />
London EC4Y 8EH<br />
RSVP:<br />
Judy Vincent by calling<br />
020 7842 7319 or emailing<br />
judy.vincent@crowecw.co.uk.<br />
We hope you find this newsletter of interest. If you have any questions about any of the topics<br />
covered, please call your regular <strong>Crowe</strong> Clark Whitehill contact or:<br />
London<br />
David Daly<br />
020 Office 7842 locations<br />
7364<br />
david.daly@crowecw.co.uk<br />
Susan Ball<br />
020 7842 7238<br />
susan.ball@crowecw.co.uk<br />
Brian Robson<br />
020 7842 7147<br />
brian.robson@crowecw.co.uk<br />
Cheltenham<br />
Karen Goodwin<br />
01242 234421<br />
karen.goodwin@crowecw.co.uk<br />
Kent<br />
Simon Warne<br />
01622 767676<br />
simon.warne@crowecw.co.uk<br />
Midlands<br />
Paul Edwards<br />
0121 543 1900<br />
paul.edwards@crowecw.co.uk<br />
Manchester<br />
Steve Livingston<br />
0161 214 7500<br />
steve.livingston@crowecw.co.uk<br />
Thames Valley<br />
Stuart Weekes<br />
0118 959 7222<br />
stuart.weekes@crowecw.co.uk<br />
Associate member of<br />
<strong>Crowe</strong> Clark Whitehill UK<br />
Isle of Man<br />
01624 627335<br />
The office in the Isle of Man is <strong>Crowe</strong> Clark<br />
Whitehill LLC. It is a separate, independent<br />
firm and not part of <strong>Crowe</strong> Clark Whitehill<br />
LLP. Accordingly, neither firm can be held<br />
liable for the acts or omissions of the other.<br />
<strong>Crowe</strong> Clark Whitehill LLP is a member of <strong>Crowe</strong> <strong>Horwath</strong> <strong>International</strong>, a Swiss verein (<strong>Crowe</strong> <strong>Horwath</strong>). Each member firm of <strong>Crowe</strong> <strong>Horwath</strong> is a separate and independent legal<br />
entity. <strong>Crowe</strong> Clark Whitehill LLP and its affiliates are not responsible or liable for any acts or omissions of <strong>Crowe</strong> <strong>Horwath</strong> or any other member of <strong>Crowe</strong> <strong>Horwath</strong> and specifically<br />
disclaim any and all responsibility or liability for acts or omissions of <strong>Crowe</strong> <strong>Horwath</strong> or any other <strong>Crowe</strong> <strong>Horwath</strong> member. © <strong>2012</strong> <strong>Crowe</strong> Clark Whitehill LLP<br />
This information is published without the responsibility on our part for loss occasioned to any person acting or refraining from acting as a result of any information published herein.
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