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Income Tax |
Annual earnings up to £6,035= normally 0%, covered by personal allowance. |
Annual earnings up to £6,475= normally 0%, covered by personal allowance. |
Annual earnings up to £6,475*= normally 0%, covered by personal allowance. |
Annual earnings up to £7,475*= normally 0%, covered by personal allowance. |
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up to £34,800=20% |
up
to £37,400=20% |
From
£6,475-£37,400 =20%
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From
£7,475-£35,000 =20%
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From
£37,401-£150,000 =40%
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From
£35,001-£150,000 =40%
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more than £ 34,800=40% |
more than £ 37,400.00 = 40% |
Above£150,000 = 50% |
Above£150,000 = 50% |
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Corporation Tax |
FY ending: 31 Mar 2009 |
FY ending: 31 Mar 2010 |
FY ending: 31 Mar 2011 |
FY ending: 31 Mar 2012 |
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Standard Fraction 7/400 |
Standard Fraction 7/400 |
Standard Fraction 7/400 |
Standard Fraction 3/200 |
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Small rate£0 to£300,000=21% |
Small rate£0 to£300,000=21% |
Small rate£0 to£300,000=21% |
Small rate£0 to£300,000=20% |
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Small Marginal£300,001 to £1.5m= 32.75 effectively |
Small Marginal£300,001 to £1.5m= 32.75 effectively |
Small Marginal£300,001 to £1.5m= 32.75 effectively [27.5%] |
Small Marginal£300,001 to £1.5m= 32.75 effectively [29.5%] |
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Full rate over £1.5m= 28% |
Full rate over £1.5m= 28% |
Full rate over £1.5m= 26% |
Full rate over £1.5m= 28% |
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Capital Gain Tax (CGT) |
Threshold £9,600 |
Threshold £10,100 |
Threshold £10,100 |
Threshold £10,600 |
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below the starting rate limit at 10% |
Standard Rate from April 6 2009
18% |
18% for the gain before 22 June 2010
18% up to £35,000
28% up to £35,001
28% for trustees or for personal representatives of died
person
10% for gains qualifying for Entrepreneurs' Relief |
18% up to £35,000
28% up to £35,001
28% for trustees or for personal representatives of died
person
10% for gains qualifying for Entrepreneurs' Relief |
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between the starting rate and basic rate limits at 20%, |
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and above the basic rate limit at 40%. |
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Inheritance Tax (IHT) |
Threshold £312,000 |
Threshold £325,000 |
Threshold £325,000
NIL OVER 40% |
Threshold £325,000
NIL OVER 40% |
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Taxation of dividend |
10% for starting and basic rate taxpayers - liability covered by tax credit |
10% for starting and basic rate taxpayers - liability covered by tax credit |
10% for starting and basic rate taxpayers (upto 37,400) - liability covered by tax credit |
10% for starting and basic rate taxpayers (upto 35,000) - liability covered by tax credit |
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32.5 % for higher rate taxpayers - equivalent to effective rate of 25% of
dividend received |
32.5 % for higher rate taxpayers - equivalent to effective rate of 25% of
dividend received |
32.5 % for higher rate taxpayers - equivalent to effective rate of 25% of
dividend received 42.5% for top slice those are in 50% band |
32.5 % for higher rate taxpayers - equivalent to effective rate of 25% of
dividend received 42.5% for top slice those are in 50% band |
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National Insurance |
Class 1=Lower threshold£105/W & Upper earnings limit£770/W=11% above
upper earnings limit=1% |
Class 1=Lower threshold£110/W & Upper earnings limit£844/W=11% above
upper earnings limit=1% |
Class 1=Lower threshold£110/W & Upper earnings limit£844/W=11% above
upper earnings limit=1% |
Class 1=Lower threshold£139/W & Upper earnings limit£817/W=12% above upper
earnings limit=2% |
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Class 1A=12.8% earnings above£105 per week |
Class 1A=12.8% earnings above£105 per week |
Class 1A=12.8% earnings above£110 per week |
Class 1A=13.8% earnings above £139 per week |
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Class 2=£2.30 per week over £4,825 |
Class 2=£2.40 per week over £4,825 |
Class 2=£2.40 per week over £4,825 |
Class 2=£2.50 per week over £4,825 |
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Class 4= 8% of 5,435 to £40,040 per year and then 1% above that |
Class 4= 8% of 5,715 to £43,875 per year and then 1% above that |
Class 4= 8% of 5,715 to £43,875 per year and then 1% above that |
Class 4= 9% of 7,225 to £42,475 per year and then 2% above that |
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VAT |
Standard = 17.5% |
Standard = 15% |
Standard = 17.5%
20% from January 4 |
Standard = 20% |
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Lower = 5% |
Lower = 5% |
Lower = 5% |
Lower = 5% |
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Zero rated = 0% |
Zero rated = 0% |
Zero rated = 0% |
Zero rated = 0% |
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Registration limit £67,000 |
Registration limit £68,000 |
Registration limit £70,000 |
Registration limit £73,000 |
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Deregistration limit £65,000 |
Deregistration limit £66,000 |
Deregistration limit £66,000 |
Deregistration limit £71,000 |
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Capital Allowance (On Reducing Balance) |
Plant & Machinery |
Plant & Machinery |
Plant & Machinery |
Plant & Machinery |
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General Rate= 20% |
General Rate= 20% |
General Rate= 20% |
General Rate= 20% |
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Long Life Assets=10% |
Long Life Assets=10% |
Long Life Assets=10% |
Long Life Assets=10% |
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Annual Investment Allowance : 100% on £50,000 of costs |
Annual Investment Allowance : 100% on £50,000 of costs |
Annual Investment Allowance : 100% on £100,000 of costs |
Annual Investment Allowance : 100% on £25,000 of costs |
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FYA:
Small Business=50% |
FYA: 40% |
FYA: None |
FYA: None |
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Medium Business=40% |
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Motor Expenses |
Motor Expenses |
Motor Expenses |
Motor Expenses |
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General Rate =20% |
Avg. emission =20%*
High emission=10%* |
Avg. emission =20%*
High emission=10%* |
Avg. emission =20%*
High emission=10%* |
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Low Emission Cars=100% |
Low Emission Cars=100% |
Low Emission Cars=100% |
Low Emission Cars=100% |
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USEFUL INFORMATION