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Resources

Tax

Income Tax Allowances	2013 - 14	2014 - 15
Personal Allowance (1)	N/A	N/A
Personal Allowance for people born after 5 April 1948 (1)	£9,440	£10,000
Income limit for Personal Allowance	£100,000	£100,000
Personal Allowance for people aged 65-74 (1) (2)	N / A	N / A
Personal Allowance for people born between 6 April 1938 and 5 April 1948 (1) (2)	£10,500	£10,500
Personal Allowance for people aged 75 and over (1) (2)	N / A	N / A
Personal Allowance for people before 6 April 1938 (1) (2)	£10,660	£10,660
Maximum amount of Married Couple's Allowance (born before 6th April 1935) (2) (3)	£7,915	£8,165
Income limit for age-related allowances	N / A	N / A
Income limit for the allowances for those born before 6 April 1948	£26,100	£27,000
Minimum amount of Married Couple's Allowance	£3,040	£3,140
Blind Person's Allowance	£2,160	£2,230

Income Tax Rates & Taxable Bands	2013 - 14	2014 - 15
Starting rate for savings: 10%*	£0 - £2,790	£0 - £2,880
Basic rate: 20%	£0 - £32,010	£0 - £31,865
Higher rate: 40%	£32,011 - £150,000	£31,866 - £150,000
Additional rate: 50%	N / A	N / A
Additional rate: 45% from 6 April 2013	Over £150,000	Over £150,000

Corporation Tax Rates (for financial years starting on 1 April)	2011	2012	2013	2014
Small profits rate*	20%*	20%*	20%*
Small profits rate can be claimed by qualifying companies with profits at a rate not exceeding	£300,000	£300,000	£300,000
Marginal Relief Lower Limit	£300,000	£300,000	£300,000
Marginal Relief Upper Limit	£1,500,000	£1,500,000	£1,500,000
Standard fraction	3/200	1/100	3/400
Main rate of Corporation Tax*	26%*	24%*	23%*	21%*
Special rate for unit trusts and open-ended investment companies	20%*	20%*	20%*

Useful Links

HMRC Tax Calculators	http://www.hmrc.gov.uk/calcs-tools/
Year End Tax Tables	http://www.hmrc.gov.uk/rates/it.htm
The VAT Guide	http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageVAT_ShowContent&id=HMCE_CL_001596&propertyType=document
Income Tax - the basics	http://www.hmrc.gov.uk/incometax/basics.htm
Corporation Tax	http://www.hmrc.gov.uk/ct/
Corporation Tax Rates Table	http://www.hmrc.gov.uk/rates/corp.htm
Property Rental Toolkit	http://www.hmrc.gov.uk/agents/toolkits/property-rental.pdf
Income Tax Losses Toolkit	http://www.hmrc.gov.uk/agents/toolkits/income-tax-losses.pdf
Template Spreadsheet for Bookkeeping	Bookkeeping template
Research and Development Relief for Corporation Tax	http://www.hmrc.gov.uk/ct/forms-rates/claims/randd.htm
Tools for Inheritance Tax	http://www.hmrc.gov.uk/agents/iht/tools.htm