Tax table

Types
of tax
Tax
Brackets
and
rates
(%) 2012-13
Tax
Brackets
and rates
(%) 2013-14
Tax
Brackets
and rates
(%) 2014-15
Tax
Brackets
and rates
(%) 2015-16
Income Tax Annual earnings
up to
£8,105*= normally
0%, covered by
personal allowance.
Annual earnings
up to
£9,440*= normally
0%, covered by
personal allowance.
Annual earnings
up to
£10,000*= normally
0%, covered by
personal allowance.
Annual earnings
up to
£10,600*= norally
0%, covered by
personal allowance.
Income Tax £34,370 =20% £32,010 =20% £31,865 =20% £31,785 =20%
Income Tax From £34,371-£150,
000 =40%
From £32,011-£150,
000 =40%
From £31,866-£150,
000 =40%
From £31,786-£150,
000 =40%
Income Tax Above£150,000
= 50%
Above£150,000
= 45%
Above£150,000
= 45%
Above£150,000
= 45%
Corporation
Tax
FY ending:
31 Mar 2013
= 50%
FY ending:
31 Mar 2014
= 45%
FY ending:
31 Mar 2015
= 45%
FY ending:
31 Mar 2016
= 45%
Corporation
Tax
Standard
Fraction 1/100
Standard
Fraction 3/400
Standard
Fraction 1/400
n/a
Corporation
Tax
Small rate £0 to
£300,000=20%
Small rate £0 to
£300,000=20%
Small rate £0 to
£300,000=20%
Small rate £0 to
£300,000=20%
Corporation
Tax
Marginal 25% Marginal 23.75% Marginal 21.25% Marginal 20%
Corporation
Tax
Full rate over
£1.5m= 24%
Full rate over
£1.5m= 23%
Full rate over
£1.5m= 21%
Full rate over
£1.5m= 20%
Capital Gain
Tax (CGT)
Threshold £10,600 Threshold £11,000 Threshold £11,100 Threshold £11,100
Corporation
Tax
18% up to £35,000
28% above £35,001
28% for trustees
or for personal
representatives of
died person
10% for gains
qualifying for
Entrepreneurs' Relief
18% up to £32,100
28% above £32,101
28% for trustees
or for personal
representatives of
died person
10% for gains
qualifying for
Entrepreneurs' Relief
18% up to £31,866
28% above £31,866
28% for trustees
or for personal
representatives of
died person
10% for gains
qualifying for
Entrepreneurs' Relief
18% up to £31,866
28% above £31,866
28% for trustees
or for personal
representatives of
died person
10% for gains
qualifying for
Entrepreneurs' Relief

Notes:
* There will be no personal allowance for income more than £100,000

TAX DEADLINES 2015/2016

Income Tax and Capital Gains Tax
• 19/04/2015 PAYE forms P35 & P14 due [MUST BE ONLINE SUBMISSION]
• 31/05/2015 PAYE forms P60 due
• 31/07/2015 2nd payment on account for 2013/14
• 05/10/2015 Notify HMRC if no return issued but tax to pay
• 31/01/2016 Submit tax return (online), final payment for 2014/2015, plus first payment on account for 2015/2016

Corporation Tax and PAYE

  • Corporation tax – large companies tax payable quarterly from month 7 within accounting period, final payment 9 months and 1 day after year end
  • All other companies full payment 9 months and 1 day after year end.
  • PAYE & NIC due 19th of each month (unless quarterly payments applicable). Class 1A NIC due July 19, 2015 for 2014/2015.
  • PAYE is launched under RTI (real time information) where all the payroll information to be submitted into HMRC before payslip is issued.

NIC Class 2 Registration
3 months from self employment start

TAX FREE MILEAGE RATES

Employee’s own car Rate per mile:
• Annual business mileage up to 10,000 miles 45p
• Each additional mile over 10,000 miles 25p
• Motorcycles 24p, Bicycles 20p

 

FEE PROTECTION :

The environment surrounding HMRC compliance checks has changed and, from 1 April 2009, HMRC’s powers have increased dramatically. They are now able to make inspections and investigations unannounced.