 |
| Tax Figures 2011-12 |
UK taxation becomes more complicated almost by the day. The changes do not now always take place with the start of a new tax year. It is very difficult to keep up to date.
For a normal person, not a tax expert, trying to read through pages of data to find one simple tax allowance must be a nightmare. Can tax really not be taxing? We have our doubts.
We have tried to set down only the most important rates. These are the basic figures needed for a simple tax calculation. There are hundreds more and many deviations. If you need more information then please get in touch, most tax rates need to be accompanied by explanations. Tax books and the annual Finance Acts expand each year, as do the penalties for errors. |
|
2011-12 |
2010-11 |
Description |
Rate |
|
Band |
Rate |
|
Band |
Basic rate |
20% |
first |
£35,000 |
20% |
first |
37,400 |
Higher rate |
40% |
from |
£35,001 |
40% |
from |
37,401 |
Additional rate |
50% |
from |
150,001 |
50% |
from |
150,001 |
Notes:
*2011-12 (and 2010-11) - There is a starting rate for savings of 10%, applied to the first £2,560 (£2,440) of savings income.
Dividend ordinary and upper rates are 10% and 32.50%.
Special rates apply to certain trusts.
Age |
2011-12 |
2010-11 |
Under 65 |
£7,475 |
£6,475 |
65 – 74 |
£9,940 |
£9,490 |
75 and above |
£10,090 |
£9,640 |
Rent a room relief |
£4,250 |
£4,250 |
CLASS 1 Per Week (not contracted out) |
EMPLOYEE |
EMPLOYER |
|
Amount per week |
Rate |
Amount per week |
Rate |
Lower threshold |
£102 |
0% |
£102 |
0% |
Payment threshold |
£136 |
12% |
£136 |
13.8% |
Upper limit |
£817 |
2% |
No upper limit |
13.8% |
CLASS 1A |
Annual contribution: |
13.8% |
CLASS |
SELF- EMPLOYED |
|
Amount per annum |
Rate per week |
Small earnings exception |
£5,315 |
|
Above the exception |
|
£2.50 |
CLASS 3 |
Weekly contribution: |
£12.60 |
CLASS 4 |
SELF-EMPLOYED |
|
Amount per annum |
Rate |
Lower profits limit |
£7,225 |
0% |
Upper profits limit |
£42,475 |
9% |
Above upper profits limit |
|
2% |
Cars |
First 10,000 business miles |
45p per mile |
|
Excess business miles |
25p |
|
Each passenger making the same business trip |
5p |
Motorcycles |
|
24p |
Bicycles |
|
20p |
Engine size |
Petrol |
Diesel |
LPG |
1400 cc or less |
14p |
13p |
10p |
1401 cc – 2000 cc |
16p |
13p |
12p |
Over 2000 cc |
23p |
16p |
17p |
Capital Gains Tax rate |
2011-12 |
18% - basic rate |
| |
From 23/06/10 |
28% - above basic rate |
Annual exemption |
|
£10,100 |
Financial year |
Being |
Rate – small company |
Main rate |
Marginal relief fraction |
2009 |
01/04/08 – 31/03/09 |
21% |
28% |
7/400 |
| 2010 |
01/04/09 – 31/03/10 |
21% |
28% |
7/400 |
| 2011 |
01/04/10 – 31/03/11 |
21% |
28% |
7/400 |
2012 |
01/04/11 - 31/03/12 |
20% |
27% |
3/200 |
The hourly NMW rates in force since 1 October 2011 apply to workers in the following age bands:
21 and over |
£6.08 |
18-20 |
£4.98 |
16 and 17 |
£3.68 |
Apprentices under 19 (or 19 and over in first year) |
£2.60 |
|
Date of transfer |
0% band |
Rate on chargeable lifetime transfers |
Rate on death |
06/04/08 – 05/04/09 |
£0 - £312,000 |
20% |
40% |
| 06/04/09 – 05/04/10 |
£0 - £325,000 |
20% |
40% |
| 06/04/10 – 05/04/11 |
£0 - £325,000 |
20% |
40% |
06/04/11 – 05/04/12 |
£0 - £325,000 |
20% |
40% |
Rate |
Applies |
Percentage |
Fraction |
Standard |
01/04/91 - 30.11.08 |
17.5% |
7/47 |
Standard |
01/12/08 to 31/12/09 |
15% |
3/23 |
Standard |
01/01/10 to 03/01/11 |
17.5% |
7/47 |
Standard |
04/01/11 onwards |
20% |
1/6 |
Reduced |
|
5% |
1/21 |
Threshold: |
|
|
|
Annual Registration From 01/04/10 |
£73,000 |
De-registration limit |
£71,000 |
Upper limits: |
|
|
|
Cash accounting entry |
£1,350,000 |
Cash accounting exit |
£1,600,000 |
Annual accounting entry limit |
£1,350,000 |
Annual accounting exit |
£1,600,000 |
Flat rate scheme:
Taxable income
Total income |
£150,000 |
Flat rate scheme exit |
£230,000 |
This information is produced for assistance with taxation rates and is a brief summary only of the matters covered it is not comprehensive and is not intended to provide specific taxation advice.
|
|
|
|
|
|
|
|
|
| Services |
|
|
We provide a wide range of accountancy services including:
|
|
|
 |
|
|
