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 |