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Tax Facts
Last Year from 6th April 2009 to 5th April 2010
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INCOME TAX RATES |
|
| Tax free amount (below age 65) |
|
£6,475 |
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| Tax free amount (from age 65)* |
|
£9,490 |
|
| * Reduces to £6,475 as income rises above £22,900 |
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| Basic rate 20% |
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|
£0 - £37,400 |
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| Higher rate 40% |
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over £37,400 |
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| VALUE
ADDED TAX |
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| Must register |
|
|
Turnover £68,000 plus |
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| Standard rate to |
31 December 2009 |
15% |
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| Standard rate from |
1 January 2010 |
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 £66,000 |
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| WAGES - NO DEDUCTIONS |
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| Standard employee* |
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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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| AUTHORISED
MILEAGE RATES |
|
| |
First 10,000 miles |
Above 10,000 |
|
| Cars/Vans |
40p |
25p |
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| Motorcycles |
24p |
24p |
|
| Bicycles |
20p |
20p |
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| CAPITAL
GAINS TAX |
|
| Rate |
Individuals |
18% |
| Annual exemption |
Individuals |
£10,100 |
|
| Entrepreneurs' relief |
Lifetime allowance |
£1m @ 10% |
|
| MINIMUM
WAGE HOURLY RATES |
|
|
before |
|
from |
|
|
1st October 2009 |
|
1st October 2009 |
|
| Aged 16 to 17 |
£3.53 |
|
£3.57 |
|
| Aged 18 to 21 |
£4.77 |
|
£4.83 |
|
| Aged 22 and over |
£5.73 |
|
£5.80 |
|
| INDIVIDUAL
SAVINGS ACCOUNTS - ISAs |
|
|
Age below 50 |
Age from 50 |
|
| Maximum new investment |
£7,200 |
£10,200 |
|
|
- inc. maximum cash part
|
£3,600 |
£5,100 |
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| INHERITANCE TAX |
|
| First £ 325,000 |
|
Nil |
|
| Tax on excess |
|
|
40% |
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| STAMP DUTY - RESIDENTIAL PROPERTY |
|
| Property value: |
|
Rate on full value |
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| £ 0 to £ 175,000* |
|
Nil |
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| £ 175,001* to £ 250,000 |
|
1% |
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| £ 250,001 to £ 500,000 |
|
3% |
|
| over £ 500,000 |
|
4% |
|
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| * 175,000 is reduced to 125,000 from 1 January 2010 |
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Current year.... |
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