Income Tax
Income Tax Rates
|
2014-2015
%
|
2013-2014
%
|
2012-2013
%
|
2011-2012
%
|
Starting rate for savings |
10
|
10
|
20
|
20
|
Basic tax rate |
20
|
20
|
20
|
20
|
Higher tax rate |
40
|
40
|
40
|
40
|
Additional tax rate |
45
|
45
|
50
|
50
|
Tax on dividends at Basic Rate |
10
|
10
|
10
|
10
|
Tax on dividends at Higher Rate |
32.50
|
32.50
|
32.50
|
32.50
|
Tax on dividends at Additional Rate |
42.50
|
42.50
|
42.50
|
42.50
|
Starting rate band for savings 10% |
£0 –
£2,880 |
£0 –
£2,790 |
£0 –
£2,710 |
£0 –
£2,560 |
Basic rate band 20% |
£0 –
£31,865 |
£0 –
£32,010 |
£0 –
£34,370 |
£0 –
£35,000 |
Higher rate band 40% |
£31,866 to £150,000
|
£32,011 to £150,000
|
£34,371 to £150,000
|
£35,001 to £150,000
|
Additional rate band 45% |
Above £150,000
|
Above £150,000
|
–
|
–
|
Additional rate band 50% |
–
|
–
|
Above £150,000
|
Above £150,000
|
Personal Allowances
Personal allowances
|
2014-2015
|
2013-2014
|
2012-2013
|
2011-2012
|
Standard payroll tax code |
1000L
|
944L
|
810L
|
747L
|
Personal allowance (1) |
£10,000
|
£9,440
|
£8,105
|
£7,475
|
– People born between 6/4/38 & 5/04/48 (1)(2) |
£10,500
|
£10,500
|
n/a
|
n/a
|
– People born before 6/4/38 (1)(2) |
£10,660
|
£10,660
|
n/a
|
n/a
|
Income limit for Personal Allowance |
£100,0000
|
£100,0000
|
£100,0000
|
£100,0000
|
Maximum Married Couples Allowance – Born before 6/4/35 |
£8,165
|
£7,915
|
n/a
|
n/a
|
Income limit for those birn before 6/04/48 |
£27,000
|
£26,100
|
n/a
|
n/a
|
Min amount of Married Couples Allowance |
£3,140
|
£3,040
|
£2,960
|
£2,800
|
Blind person’s allowance |
£2,230
|
£2,160
|
£2,100
|
£1,980
|
Note 1: The Personal Allowance reduces where income is above £100,000 by £1 for every £2 of income above the £100,000 limit. This reduction applies to all people irrespective of age or date of birth. | ||||
Note 2: These allowances reduce where the income is above the income limit by £1 for every £2 of income above the limit. This applies until the level of the personal allowance for those aged under 65, or from 2013-14, for those born after 5 Apri 1948, is reached. For maried couples allowance this applies until it reaches the minimum amount. | ||||
Note3: Tax relief for the Married Couple’s Allowance is given at 10%. |
Key Dates
Key dates in 2014 for personal Self Assessment tax payers
|
|
31 July 2014 | The date by which the second payment on account in respect of 2013/2014 must be paid. Consider reducing if last year’s income has dropped. |
31 October 2014 | Deadline for submission of a HMRC paper tax return for 2013/2014. |
5 October 2014 | Deadline for notifying HMRC of new sources of income unless a 2013/2014 tax return has already been issued. Complete form CWF1 for self employment, form SA1 for non self-employed income, or form SA401 for partners. |
30 December 2014 | Deadline for e-filing the tax return where the tax payer requires the 2013/2014 balancing payment to be collected through next year’s tax code (less than £2,000). |
31 January 2015 | Deadline for submitting online your 2013/2014 self assessment tax return. It is also the date by which the tax payer will be required to settle the 2013/2014balancing payment and make the first payment on account in respect of 2014/2015. |
Capital Gains Tax
Capital Gains Tax
|
2013-2014
£
|
2012-2013
£
|
2011-2012
£
|
2010-2011
£
|
Annual exempt amount: |
|
|
|
|
– Individuals etc |
£10,600
|
£10,600
|
£10,600
|
£10,100
|
– Trustee |
£5,300
|
£5,300
|
£5,300
|
£5,050
|
|
Inheritance Tax
Inheritance Tax
|
2014-15
£
|
2013-14
£
|
2012-13
£
|
2011-12
£
|
No tax charge arises up to: |
£325,000
|
£325,000
|
£325,000
|
£325,000
|
Balance taxed at 40% above: |
£325,000
|
£325,000
|
£325,000
|
£325,000
|
|
Stamp Duty
Stamp duty Land Tax Rates: Transfers of land and buildings
|
Residential land in the UK
|
Non-residential
|
|
Disadvantaged Areas
|
All Other Areas
|
All Land
|
|
Zero |
£0 to £150,000
|
£0 to £125,000
|
£0 to £150,000
|
1% |
over £150,000 to £250,000
|
over £125,000 to £250,000
|
over £150,000 to £250,000
|
3% |
over £250,000 to £500,000
|
over £250,000 to £500,000
|
over £250,000 to £500,000
|
4% |
Over £500,000 to £1m
|
Over £500,000to £1m
|
Over £500,000 to £1m
|
5% |
Over £1 million
|
Over £1 million
|
–
|
7% |
Over £2 million
|
Over £2 million
|
–
|
|
SDLT on new leasehold properties
|
NPV of total rent
Residential
|
NPR of premium
Non-residential
|
Zero |
£0 to £125,000
|
£0 to £150,000 (rent < £1K)
|
1% |
Over £125,000
|
£0 to £250,000 (rent > £1K)
|
3% |
–
|
Over £250,000 to £500,000
|
4% |
–
|
Over £500,000
|
|
National Insurance Contributions
National Insurance
Class 1 |
2014-2015
£
|
2013-2014
£
|
2012-2013
£
|
Class 1 Men over 65, Women over 60, and children under 16 do not pay Class 1 contributions. |
|||
Employee’s Earnings Limits |
Weekly – Monthly – Yearly
|
Weekly – Monthly – Yearly
|
Weekly – Monthly – Yearly
|
– Lower earnings limit (LEL) The minimum level of earnings employees need to qualify for benefit including State Pension. |
£111 – £481 – £5,772
|
£109 – £472 – £5,668
|
£107 – £464 – £5,564
|
– Primary threshold (PT) The level of earnings above which employees Class 1 contributions become payable. |
£153 – £663 – £7,956
|
£149 – £645 – £7,748
|
£146 – £633 – £7,592
|
– Secondary threshold (ST) The level of earnings above which employers Class 1 contributions become payable. |
£153 – £663 – £7,956
|
£148 – £641 – £7,696
|
£144 – £624 – £7,488
|
– Upper Accrual Point (UAP) The limit or contracted out rebate relief. |
£770 – £3,337 – £40,040
|
£770 – £3,337 – £40,040
|
£770 – £3,337 – £40,040
|
– Upper earnings limit (UEL) Employees do not pay Class 1 contributions above this level. |
£805 – £3,488 – £41,860
|
£797 – £3,453 – £41,444
|
£817 – £3,540 – £42,484
|
Employee’s Class 1 NI rates |
|
|
|
– Primary rate from PT to UEL |
12%
|
12%
|
12%
|
– Above UEL |
2%
|
2%
|
2%
|
Employer’s Class 1 NI rates |
|
|
|
– Primary rate from PT to UEL |
13.8%
|
13.8%
|
13.8%
|
– Above UEL |
2%
|
2%
|
2%
|
Employer’s Class 1A NI rates on B-I-K |
13.8%
|
13.8%
|
13.8%
|
National Insurance Class 2
|
2014-2015
£
|
2013-2014
£
|
2012-2013
£
|
2011-2012
£
|
Self-employed National Insurance |
|
|
|
|
– on annual earnings over |
£5,885
|
£5,725
|
£5,595
|
£5,315
|
– weekly contribution |
£2.75
|
£2.70
|
£2.65
|
£2.50
|
– annual contribution |
£143.00
|
£140.40
|
£137.80
|
£130.00
|
National Insurance Class 3
|
2014-2015
£
|
2013-2014
£
|
2012-2013
£
|
2011-2012
£
|
Voluntary contributions: |
|
|
|
|
– weekly contribution |
£13.90
|
£13.55
|
£13.25
|
£12.60
|
– annual contribution |
£722.80
|
£704.60
|
£689.00
|
£655.20
|
National Insurance Class 4
|
2014-2015
£
|
2013-2014
£
|
2012-2013
£
|
2011-2012
£
|
Self-employed National Insurance on taxable profits between: |
|
|
|
|
– Lower limit (LL) |
£7,956
|
£7,755
|
£7,605
|
£7,225
|
– Upper limit (UL) |
£41,865
|
£41,450
|
£42,475
|
£42,475
|
– Rate applied to earnings above LL to UL |
9%
|
9%
|
9%
|
9%
|
– Rate applied to earnings above UL |
2%
|
2%
|
2%
|
2%
|
– Maximum payable |
£3,051.81 + 2%
|
£3,032.55 + 2%
|
£3,138.30 + 2%
|
£3,172.50 + 2%
|
The Authorised Mileage Rates
Mileage Rates to be used for privately owned vehicles from 6th April 2011
|
First 10,000 miles
|
Above 10,000 miles
|
Cars and vans |
45p
|
25p
|
Motorcycles |
24p
|
24p
|
Cycles |
20p
|
20p
|
Mileage Rates to be used for privately owned vehicles before 5th April 2011
|
First 10,000 miles
|
Above 10,000 miles
|
Cars and vans |
40p
|
25p
|
Motorcycles |
24p
|
24p
|
Cycles |
20p
|
20p
|
Compulsory registration for VAT
VAT thresholds and limits
|
Registration
threshold |
Deregistration
limit |
from 1 April 2013 |
£79,000
|
£77,000
|
01.04.12 to 31.03.13 |
£77,000
|
£75,000
|
01.04.11 to 31.03.12 |
£73,000
|
£71,000
|
01.04.10 to 31.03.11 |
£70,000
|
£68,000
|
01.05.09 to 31.03.10 |
£68,000
|
£66,000
|
VAT Road Fuel Scale Charges
Quarterly Road Fuel Scale charges for periods after 1 May 2009
|
VAT fuel scale charge
|
VAT at 17.5%
|
VAT exclusive charge
|
CO2 Band
|
£(Qtr)
|
£(Qtr)
|
£(Qtr)
|
120 or less
|
£126
|
£18.77
|
£107.23
|
125
|
£189
|
£28.15
|
£160.85
|
130
|
£189
|
£28.15
|
£160.85
|
135
|
£189
|
£28.15
|
£160.85
|
140
|
£201
|
£29.94
|
£171.06
|
145
|
£214
|
£31.87
|
£182.13
|
150
|
£226
|
£33.66
|
£192.34
|
155
|
£239
|
£35.60
|
£203.40
|
160
|
£251
|
£37.38
|
£213.62
|
165
|
£264
|
£39.32
|
£224.68
|
170
|
£276
|
£41.11
|
£234.89
|
175
|
£289
|
£43.04
|
£245.96
|
180
|
£302
|
£44.98
|
£257.02
|
185
|
£314
|
£46.77
|
£267.23
|
190
|
£327
|
£48.70
|
£278.30
|
195
|
£339
|
£50.49
|
£288.51
|
200
|
£352
|
£52.43
|
£299.57
|
205
|
£365
|
£54.36
|
£310.64
|
210
|
£378
|
£56.30
|
£321.70
|
215
|
£390
|
£58.09
|
£331.91
|
220
|
£403
|
£60.02
|
£342.98
|
225
|
£416
|
£61.96
|
£354.04
|
230
|
£428
|
£63.74
|
£364.26
|
235 or above
|
£441
|
£65.68
|
£375.32
|
Monthly Road Fuel Scale charges for periods after 1 May 2009
|
VAT fuel scale charge
|
VAT at 17.5%
|
VAT exclusive charge
|
CO2 Band
|
£(Mnth)
|
£(Mnth)
|
£(Mnth)
|
120 or less
|
£42
|
£6.26
|
£35.74
|
125
|
£63
|
£9.38
|
£53.62
|
130
|
£63
|
£9.38
|
£53.62
|
135
|
£63
|
£9.38
|
£53.62
|
140
|
£67
|
£9.98
|
£57.02
|
145
|
£71
|
£10.57
|
£60.43
|
150
|
£75
|
£11.17
|
£63.83
|
155
|
£79
|
£11.77
|
£67.23
|
160
|
£83
|
£12.36
|
£70.64
|
165
|
£88
|
£13.11
|
£74.89
|
170
|
£92
|
£13.70
|
£78.30
|
175
|
£96
|
£14.30
|
£81.70
|
180
|
£100
|
£14.89
|
£85.11
|
185
|
£104
|
£15.49
|
£88.51
|
190
|
£109
|
£16.23
|
£92.77
|
195
|
£113
|
£16.83
|
£96.17
|
200
|
£117
|
£17.43
|
£99.57
|
205
|
£121
|
£18.02
|
£102.98
|
210
|
£126
|
£18.77
|
£107.23
|
215
|
£130
|
£19.36
|
£110.64
|
220
|
£134
|
£19.96
|
£114.04
|
225
|
£138
|
£20.55
|
£117.45
|
230
|
£142
|
£21.15
|
£120.85
|
235 or above
|
£147
|
£21.89
|
£125.11
|
Van Benefits
Van Benefits
|
2013-2014
|
2012-2013
|
2011-2012
|
2010-2011
|
Van Benefit |
£3,000
|
£3,000
|
£3,000
|
£3,000
|
Fuel Benefit |
£564
|
£550
|
£550
|
£550
|
Corporation Tax
Corporation Tax
|
YE 31.03.14 (2013)
|
YE 31.03.13 (2012)
|
YE 31.03.12 (2011)
|
YE 31.03.11 (2010)
|
||||
Profits Band
|
%
|
Profits Band
|
%
|
Profits Band
|
%
|
Profits Band
|
%
|
|
Small Profits Rate |
£0 – 300K
|
20%
|
£0 – 300K
|
20%
|
£0 – 300K
|
20%
|
£0 – 300K
|
21%
|
Marginal Relief Limits |
£300K – 1.5M
|
–
|
£300K – 1.5M
|
–
|
£300K – 1.5M
|
–
|
£300K – 1.5M
|
–
|
Main Rate |
Above £1.5M
|
23%
|
Above £1.5M
|
24%
|
Above £1.5M
|
26%
|
Above £1.5M
|
28%
|
Small companies fraction |
1/80
|
1/80
|
3/200
|
7/400
|