Here is a useful summary of key tax rates and allowances for the 2014-15 tax year:
Income Tax Rates
|
20% 40% 45% |
The equivalent rates applicable to dividends are a 10% ordinary rate, a 32.5% dividend upper rate and a dividend additional rate of 37.5% (less a deductible 10% tax credit in each case)
Personal Allowances
|
£10,000 £10,500* £10,660* |
Note the Personal Allowance reduces where total income is above £100,000 by £1 for every £2 of income above the £100,000 limit which applies irrespective of age.
*These age-related allowances, frozen at their 2012-13 levels, are reduced by £1 for every £2 of income above £27,000 until the basic personal allowance of £10,000 is reached.
National Insurance Contributions
|
12% (on income between £7,956pa and £41,865pa, 13.8% (on income above £7,956pa ~ no ceiling) 13.8% (on employee taxable benefits) |
Self-employed:
|
9% (on profits between £7,956 and £41,865, then £2.75 per week (small earnings exception £5,885pa) |
Employment Allowance (new from 2014-15)
Per business |
£2,000 offset against employer’s Class 1 NIC |
Car Benefits
|
5% of list price (8% diesels) 11% of list price (14% diesels) increasing by 1% for every additional 5gms until 210gms/km reached 35% of list price (35% diesels) |
Fuel Benefits
Relevant car fuel % multiplied by £21,700
Private Use of Vans
|
£3,090 £581 |
No charge where personal use limited to home-work journeys
Tax-Free Mileage Allowance ~ Own Vehicle
|
45p per mile 25p per mile |
Corporation Tax
|
20% (on profits up to £300,000) 21% (profits of £1.5 million and over) 21.25% (profits between £300,000 and £1.5 million) |
Capital Allowances
|
100% on first £500,000pa of qualifying expenditure 18% writing down allowance 8% writing down allowance 100% where CO2 emissions of 95gms/km or less |
Research & Development
|
100% allowance 225% (small and medium sized companies) 130% (large companies) |
Capital Gains Tax
|
First £11,000 of gains 18% 28% 10% (up to lifetime limit of £10 million gains) £6,000 (per item) |
Inheritance Tax
|
£325,000 per individual (frozen until 5 April 2018) 40% (20% on certain trust lifetime transfers) £3,000 (per donor per year) £1,000 ~ £5,000 (depending upon donor £250 (per donee per year) 100% or 50% relief |
Value Added Tax
Standard Rate
|
20% 5% £81,000 annual taxable turnover £79,000 £150,000 turnover limit £1,350,000 turnover limit £1,350,000 turnover limit |
Stamp Duties
|
nil (£150,000 for non-residential properties) 1% 3% 4% 5% 7% (Residential properties only) |
Note a 15% rate applies to properties over £500,000 purchased by companies and certain other ‘non-natural entities’
Previous Years Rates
For a list of rates & allowances for earlier tax years visit the following link at HM Revenue & Customs website: http://www.hmrc.gov.uk/rates/index.htm
Marsh Vision App
The App can be downloaded free onto your iPhone, iPad or Android phones. It’s packed full of some really useful Tax Tables, Calculators and important dates, all of which you will be able to access for free, anywhere you have internet connection on your device.
http://www.marshvision.com/marsh-vision-app.asp