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The reduction in the additional rate of income tax from 50% to 45% results in a potential tax saving of 5% on any taxable income arising (in excess of £150,000) during 2012/13 which was not taxed until 2013/14.

In this special edition of Tax Matters, we look at some of the tax and HR aspects which will arise from London hosting the Games.

Employment Tax Director, Alastair Kendrick was last night interviewed on the BBC Newsnight programme following the leaked report that 2,000 Government office holders have been engaged via personal service companies, saving the Government in excess of £16m per annum in National Insurance Contributions.

Although much discussion is currently taking place around the cap on charitable donations, commentators at MHA MacIntyre Hudson are expressing concern that the cap could be set on other business reliefs and calls for Government clarification.

Following the Budget, the treasury has published further details on the cap on unlimited tax reliefs, which will cap income tax relief for individuals at £50,000 or 25% of income whichever is the greater.

There was not much for charities in the headlines of this week's Budget statement, with many of the mentions in the Budget document being previously announced measures. However, a few more were hidden in the detail.

Chris Blundell, Employment Tax Partner, comments.

The changes to the Controlled Foreign Company (CFC) regime, should enable the UK to continue to prosper as an international holding company jurisdiction.

Employers will be impacted not simply by the capital allowance changes announced in the Budget but also the increased Class 1A National Insurance given the increases in taxable benefits in cars.

Manufacturing-focused commentators at MHA MacIntyre Hudson are welcoming moves in the Budget to encourage growth and investment in the manufacturing and engineering sectors.

Commentators at MHA MacIntyre Hudson believe the Budget will cause more families to feel the pinch as plans to abolish child benefit for higher-rate taxpayers come into force.

MHA MacIntyre Hudson believes that today’s move to phase out increased age-related personal allowances will be detrimental to lower-income taxpayers over 65.

MHA MacIntyre Hudson has welcomed steps to improve the Enterprise Management Incentive scheme (EMI), as part of the Government’s reforms for growth announced in today’s Budget.

Commentators at MHA MacIntyre Hudson are welcoming moves in today’s Budget to create a world-leading technology hub in the UK.

Alastair Kendrick, Employment Tax Director at MHA MacIntyre Hudson LLP, the top 20 UK accounting firm, is advising employers to assess their company car strategy following the announcement in the Budget today.

Katharine Arthur, Tax Partner at MHA MacIntyre Hudson LLP, the top 20 UK accounting firm, welcomes the rise in Personal Allowance but believes the Government could have done more:

Following the announcement in today’s Budget, that the Coalition will consult further before introducing a General Anti-Abuse Rule to tackle tax avoidance, MHA MacIntyre Hudson is calling for an independent monitoring body to have control rather than HM Revenue & Customs.

The current system is outdated and disproportionately focused on the South East due to the structure of thresholds.

MHA MacIntyre Hudson believes that a review of the Windfall Taxes on utility companies is unlikely in this coming Budget.

Director of VAT specialises in International and Travel sectors.

Commentators at MHA MacIntyre Hudson believe the Budget will cause more families to feel the pinch as plans to abolish child benefit for higher-rate taxpayers come into force.

Patrick King, Tax Partner, MHA MacIntyre Hudson believes the decision by the Government to reduce corporation tax from 26 per cent to ten per cent for profits made on patented technologies is key to ensuring manufacturing continues in the UK.

Following the report into the General Anti-Avoidance Rule (GAAR), key commentators at MHA MacIntyre Hudson are advising that the proposed new measures are looked after by an independent body following the next stage of public consultation.

MHA MacIntyre Hudson predicts that the forthcoming Budget (21 March 2012) will contain unwelcome news for company car drivers as the Government commits to new taxation plans.

Following the guidance issued by HMRC regarding smartphones, Alastair Kendrick, Employment Tax Director, MHA MacIntyre Hudson, comments.

The changing face of tax on company cars.

Following Harry Redknapp and Milan Mandaric’s acquittal on charges of tax evasion, Alastair Kendrick, Tax Director, MHA Macintyre Hudson, comments.

Access unused 2008/09 tax relief before 5 April 2012

Tax director Alastair Kendrick appears on BBC Newsnight.

Chris Blundell comments on the barriers companies face when implementing share incentive plans.

Alastair Kendrick, Tax Director, comments on the outcome of the case.

Non-dom is short for a non UK domiciled individual. This article looks at the definition of a 'non-dom' and the considerable tax savings that could be made by a non-domiciled individual.

Tax director Alastair Kendrick comments on Newsnight.

The decision in the Upper Tribunal confirms my view that the previous decision was incorrect in that the proposed basis of calculation of National Insurance proposed by Total People does not conform to the specific NIC Regulations at Reg 22A.

The Upper Tier Tribunal (UTT) has delivered its judgement in the long awaited case concerning Med Hotels (now Secret Hotels 2 Ltd).

Draconian new penalties for late tax returns are being introduced in respect of the submission of 2010/11 tax returns.

Although the UK's biggest banks have recently signed up to the Government's Project Merlin agreement, committing them to lending more money in 2011 (especially to small businesses), corporate borrowing levels are still likely to remain low. With the growing trend of directors and shareholders choosing to lend their own money to their company, Nigel May, Tax Principal, looks at the key issues you should consider.

The Chancellor's Budget announcement on 23 March - hailed as a "Budget for making things, not making things up" - was welcomed by most as promising for SMEs.

Following previous amnesties, HM Revenue & Customs has shifted their attention to people who work (or have worked) in the plumbing, heating or gas installation trades, including those who install or repair associated pipes and fixtures in a building. This latest initiative is called the “Plumbers Tax Safe Plan”, and we can expect more of these in the future, even though they have had limited success in the past!

The Finance Bill 2011 has introduced changes to the associated company rules which determine the amount of profits generated by a company that is charged at the small profits rate (20% from 1 April 2011).

The Finance (No. 3) Bill has now been published which confirms the government's plan to reduce the amount that can be paid into registered pension schemes from £255,000 in 2010/11 to £50,000 in 2011/12.

Now that we are into the new tax year and the Budget has clarified what we can expect from 2011/12, it's a great time to remind ourselves of the tax opportunities that are available. Here we highlight a selection of the best.