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Tax Facts
Current Year from 6th April 2010 to 5th April 2011
|
INCOME TAX RATES |
|
| Tax free amount (below age 65) |
|
£6,475* |
|
| Tax free amount (from age 65) |
|
£9,490** |
|
| * Reduces to £nil as income rises above £100,000 |
|
| ** Reduces to £6,475 as income rises above £22,900 |
|
| Basic rate 20% |
|
|
£0 - £37,400 |
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| Higher rate 40% |
|
|
£37,401 to £150,000 |
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| Additional rate 50% |
|
|
over £150,000 |
|
| CORPORATION TAX |
|
| Main rate |
|
|
28% |
|
| Small company rate (profits up to £300,000) |
|
|
21% |
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| VALUE
ADDED TAX |
|
| Must register |
|
|
Turnover £70,000 plus |
|
| Standard rate to 3 January 2011 |
|
17.5% |
|
| Standard rate from 4 January 2011 |
|
20% |
|
| 17.5% VAT included in total |
|
Total x (7 / 47) |
|
| 20% VAT included in total |
|
Total x (1 / 6) |
|
| Can deregister |
Turnover below £68,000 |
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| WAGES - NO DEDUCTIONS |
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| Standard employee* |
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|
|
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| - no National Insurance |
|
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Below £110 per wk |
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| - no PAYE |
|
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Below £125 per wk |
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| * exceptions apply |
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| MINIMUM
WAGE HOURLY RATES |
|
|
before |
|
from |
|
|
1st October 2010 |
|
1st October 2010 |
|
| Aged 16 to 17 |
£3.57 |
|
£3.64 |
|
| Aged 18 to 21 |
£4.83 |
|
- |
|
| Aged 22 and over |
£5.80 |
|
- |
|
| Aged 18 to 20 |
- |
|
£4.92 |
|
| Aged 21 and over |
- |
|
£5.93 |
|
| PRIVATELY OWNED VEHICLES - ALLOWANCES FOR BUSINESS MILES |
|
| |
First 10,000 miles |
Above 10,000 |
|
| Cars/Vans |
40p* |
25p* |
|
| Motorcycles |
24p |
24p |
|
| Bicycles |
20p |
20p |
|
|
|
|
|
| * plus 5p per passenger mile |
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|
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| CAPITAL ALLOWANCES |
|
| Annual Investment Allowance |
|
|
£100,000 |
|
| Writing Down Allowance - plant |
|
|
20% |
|
| Writing Down Allowance - integral features |
|
|
10% |
|
|
|
|
|
|
| CAPITAL
GAINS TAX |
|
| Standard Rate |
Individuals |
18% |
| Higher Rate from 23 June 2010 |
Individuals |
28% |
| Annual exemption |
Individuals |
£10,100 |
|
| Entrepreneurs' relief |
Lifetime allowance from 23 June 2010 |
£5m @ 10% |
|
| INHERITANCE TAX |
|
| First £ 325,000 |
|
Nil |
|
| Tax on excess |
|
|
40% |
|
| INDIVIDUAL
SAVINGS ACCOUNTS - ISAs |
|
| Maximum new investment |
|
£10,200 |
|
|
- inc. maximum cash part
|
|
£5,100 |
|
| STAMP DUTY - RESIDENTIAL PROPERTY |
|
| Property value: |
|
Rate on full value |
|
| £ 0 to £ 125,000 |
|
Nil |
|
| £ 125,001 to £ 250,000 |
|
1% |
|
| £ 125,001 to £ 250,000 |
First time buyers only |
Nil |
|
| £ 250,001 to £ 500,000 |
|
3% |
|
| over £ 500,000 |
|
4% |
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Last year.... |
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