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Tax Facts
Last Year from 6th April 2008 to 5th April 2009
|
INCOME TAX RATES |
|
| Tax free amount (below age 65) |
|
£6,035 |
|
| Basic rate 20% |
|
|
£0 - £34,800 |
|
| Higher rate 40% |
|
|
over £34,800 |
|
| VALUE
ADDED TAX |
|
| Must register |
|
|
Turnover £67,000 plus |
|
| Standard rate |
from December 2008 |
15% |
|
|
(previously 17.5%) |
|
|
| 15% VAT included in total |
|
Total x (3 / 23) |
|
| 17.5% VAT included in total |
|
Total x (7 / 47) |
|
| Can deregister |
Turnover below £65,000 |
|
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|
| WAGES |
|
| Standard employee* |
|
|
|
|
| - no deductions |
|
|
Up to £105 per wk |
|
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|
| * exceptions apply |
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| AUTHORISED
MILEAGE RATES |
|
| |
First 10,000 miles |
Above 10,000 |
|
| Cars/Vans |
40p |
25p |
|
| Motorcycles |
24p |
24p |
|
| Bicycles |
20p |
20p |
|
| CAPITAL
GAINS TAX |
|
| Rate |
Individuals |
18% |
| Annual exemption |
Individuals |
£9,600 |
|
| Entrepreneurs' relief |
Lifetime allowance |
£1m @ 10% |
|
| MINIMUM
WAGE HOURLY RATES |
|
|
before |
|
from |
|
|
1st October 2008 |
|
1st October 2008 |
|
| Aged 16 to 17 * |
£3.40 |
|
£3.53 |
|
| Aged 18 to 21 * |
£4.60 |
|
£4.77 |
|
| Aged 22 and over |
£5.52 |
|
£5.73 |
|
|
|
|
|
| * Apprentices under 19 exempt |
|
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|
| INDIVIDUAL
SAVINGS ACCOUNTS - ISAs |
|
| Maximum new investment |
overall each tax year |
£7,200 |
|
|
- including maximum cash part
|
|
£3,600 |
|
| INHERITANCE TAX |
|
| First £ 312,000 |
|
Nil |
|
| Tax on excess |
|
|
40% |
|
| STAMP DUTY - RESIDENTIAL PROPERTY |
|
| Property value: |
|
|
|
| £ 0 to £ 175,000 |
|
Nil |
|
| £ 175,001 to £ 250,000 |
|
1% |
|
| £ 250,001 to £ 500,000 |
|
3% |
|
| over £ 500,000 |
|
4% |
|
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Current year.... |
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