Rates & Allowances
Inheritance Tax
|
Inheritance Tax
|
2013-14
|
2012-13
|
|
Nil rate band for individuals*
|
£325,000
|
£325,000
|
|
Thereafter - lifetime gifts**
|
20%
|
20%
|
|
- lower rate on death***
|
36%
|
36%
|
|
- on death
|
40%
|
40%
|
|
* Unused nil rate band can be used by surviving spouse or civil partner.
** Increased to 40%, subject to tapering relief, on gifts made between 3 and 7 years pre death. Certain lifetime gifts are exempt. Special rules for business property.
*** A lower rate applies where 10% or more of the net estate is left to charity.
|
|
Years before death
|
0-3
|
3-4
|
4-5
|
5-6
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6-7
|
|
% of death charge
|
100%
|
80%
|
60%
|
40%
|
20%
|
|
Main exempt lifetime gifts
|
|
Recurring annual gifts out of surplus income
|
unlimited
|
|
Annual gifts out of capital (with one year carry forward if unused)
|
£3,000
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|
Small gifts (per recipient)
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£250
|
|
Parental gift on marriage
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£5,000
|
|
Grandparent or party to marriage
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£2,500
|
|
Other gifts on marriage (per donor)
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£1,000
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|
Business Property Relief
|
|
Shares in unquoted companies (including USM/AIM stocks)
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100%
|
|
Shares in quoted companies
|
|
- shareholding upto 50%
|
none
|
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- shareholding over 50%
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50%
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|
Unincorporated business or interest in a business
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100%
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|
Land, buildings, plant and machinery used in the deceased's business/company
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50%
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Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
National Insurance
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National Insurance - Rates and Allowances
|
2013-14
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2012-13
|
|
Lower weekly earnings limit, primary Class 1
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£109
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£107
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|
Upper weekly earnings limit, primary Class 1
|
£797
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£817
|
|
Upper weekly accruals point
|
£770
|
£770
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|
Primary weekly earnings threshold
|
£149
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£146
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|
Secondary weekly earnings threshold
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£148
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£144
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Employees' primary Class 1 rate between primary earnings threshold and upper earnings limit
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12%
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12%
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|
Employees' primary Class 1 rate above upper earnings limit
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2%
|
2%
|
|
Employees' contracted-out rebate between primary earnings threshold and upper earnings limit
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1.40%
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1.40%
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|
Married women's reduced rate between primary earnings threshold and upper earnings limit
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5.85%
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5.85%
|
|
Married women's rate above upper earnings limit
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2%
|
2%
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|
Employers' secondary Class 1 rate above secondary earnings threshold
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13.80%
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13.80%
|
|
Employers' contracted-out rebate, final salary-related schemes
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3.40%
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3.40%
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|
Employers' contracted-out rebate, money purchase schemes
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Abolished from
|
Abolished from
|
|
06-Apr-12
|
06-Apr-12
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|
Class 2 weekly rate
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£2.70
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£2.65
|
|
Class 2 small earnings exception
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£5,725 per year
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£5,595 per year
|
|
Special Class 2 weekly rate for share fishermen
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£3.35
|
£3.30
|
|
Special Class 2 weekly rate for volunteer development workers
|
£5.45
|
£5.35
|
|
Class 3 voluntary weekly rate
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£13.55
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£13.25
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|
Class 4 lower profits limit
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£7,755 per year
|
£7,605 per year
|
|
Class 4 upper profits limit
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£41,450 per year
|
£42,475 per year
|
|
Class 4 rate between lower profits limit and upper profits limit
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9%
|
9%
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|
Class 4 rate above upper profits limit
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2%
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2%
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From 1 April 2014, a tax free allowance of £2,000 will be available to all businesses and charities to offset against their Class 1 secondary NICs.
Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
Capital Gains Tax
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Capital Gains Tax: Individuals and Trustees
|
2013-14
|
2012-13
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|
Annual exempt amount
|
|
|
|
Individuals
|
£10,900
|
£10,600
|
|
Trusts
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£5,450
|
£5,300
|
|
Rates
|
|
Standard rate taxpayers
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18%
|
18%
|
|
Higher rate taxpayers / Trustees
|
28%
|
28%
|
|
Limit for gains subject to entrepreneurs' Relief (2)
|
£10,000,000
|
£10,000,000
|
|
Entrepreneurs' Relief rate
|
10%
|
10%
|
Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
Tax Credits
|
Tax Credits
|
2013-14
|
2012-13
|
|
Basic element – maximum
|
£1,920
|
£1,920
|
|
Childcare element 70% of eligible costs up to £175 per week for one child, £300 for two or more children.
|
|
Child Tax Credits
|
2013-14
|
2012-13
|
|
Child element per child – maximum
|
£2,720
|
£2,690
|
|
Family element
|
£545
|
£545
|
|
If only the child tax credit is claimed, the threshold.
|
£15,910
|
£15,860
|
Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
Pensions
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Pension Contributions
|
2013-14
|
2012-13
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|
Lifetime allowance
|
£1,500,000
|
£1,500,000
|
|
Maximum annual contribution
|
£50,000
|
£50,000
|
|
Tax on excess
|
Marginal rate
|
Marginal rate
|
|
Normal minimum pension age
|
£55
|
£55
|
|
Basic State Pension – per week
|
2013-14
|
2012-13
|
|
Single person
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£110.15
|
£107.45
|
Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
Income Tax
|
Bands
|
2013-14
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2012-13
|
|
Basic rate 20%
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£0 - £32,010
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£0 - £34,370
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|
Higher rate 40%
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£32,011 - £150,000
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£34,371 - £150,000
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|
Additional rate 45% (was 50% in 2012-13)
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Over £150,000
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Over £150,000
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Dividend and savings income is taxed at 10% up to £2,790 (2012-13 £2,710).
This 10% rate does not apply if taxable non-savings income exceeds £2,790.
Dividends are deemed to be the top slice of total income in computing tax liability at 10%, 32.5% or 37.5% respectively for 2013-14.
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Reliefs
|
2013-14
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2012-13
|
|
Personal allowance
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|
|
|
- Born after 5/4/48
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£9,440
|
£8,105
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|
- Born between 6/4/38 and 5/4/48
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£10,500
|
£10,500
|
|
- Born before 6/4/38
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£10,660
|
£10,660
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|
Registered blind person's allowance
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£2,160
|
£2,100
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|
Income limit for personal allowance*
|
£100,000
|
£100,000
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|
Income limit for age related allowances**
|
£26,100
|
£25,400
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* The personal allowance is gradually withdrawn by £1 for every £2 of income over £100,000.
** The age related allowances are gradually withdrawn by £1 for every £2 of income over £26,100 (2012-13: £25,400), for those born before 6/4/48 until reduced to level of basic personal allowance.
Married couples allowance - tax relief given at 10%
|
- Born before 6 April 1935
|
£7,915
|
£7,705
|
|
- Minimum amount
|
£3,040
|
£2,960
|
Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
Stamp Duty & Stamp Duty Land Tax (SDLT)
|
Rate
|
Residential Property
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Non-Residential
|
|
Zero
|
£0 - £125,000
|
£0 - £150,000
|
|
1%
|
£125,001 - £250,000
|
£150,001 - £250,000
|
|
3%
|
£250,001 - £500,000
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£250,001 - £500,000
|
|
4%
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£500,001 - £1,000,000
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Over £500,000
|
|
5%
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£1,000,001 - £2,000,000
|
|
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7%
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Over £2,000,000
|
|
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15%
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On £2,000,000 plus houses held in a 'corporate envelope'
|
Disadvantaged Areas Relief (DAR) is abolished for transactions with an effective date on or after 6 April 2013.
Shares and securities rate 0.5%
Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
Minimum Wage
|
Minimum Wage
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From 1 October 2012
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From 1 October 2011
|
|
21 & over
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£6.19 p.h.
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£6.08 p.h.
|
|
18 to 20
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£4.98 p.h.
|
£4.98 p.h.
|
|
16 and 17
|
£3.68 p.h.
|
£3.68 p.h.
|
|
Apprentice rate
|
£2.65 p.h.
|
£2.60 p.h.
|
Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
VAT
|
Standard rate
|
20%
|
|
Reduced rate
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5%
|
|
Zero rate
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0%
|
|
Annual registration limit (from 1 April 2013)
|
£79,000
|
|
Annual deregistration limit (from 1 April 2013)
|
£77,000
|
|
VAT Cash accounting scheme threshold
|
£1,350,000
|
|
VAT Annual accounting scheme threshold
|
£1,350,000
|
Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
Corporation Tax
| |
FY 2013
|
|
FY 2012
|
|
| |
Profits band
|
Rate
|
Profits band
|
Rate
|
|
Small profits rate
|
£0 - £300,000
|
20%
|
£0 - £300,000
|
20%
|
|
Effective marginal rate
|
£300,001 - £1,500,000
|
23.75%
|
£300,001 - £1,500,000
|
25%
|
|
Main rate
|
Over £1,500,000
|
23%
|
Over £1,500,000
|
24%
|
|
The main rate will decrease to 21% for FY 2014 and to 20% for FY 2015 when the main and small rates will converge.
|
Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
Car, Van & Fuel Benefits
|
Company cars 2013 -14
|
|
CO2 emissions
(g/km)
round down to nearest 5g/km
|
% of car's list price taxed
|
CO2 emissions
(g/km)
round down to nearest 5g/km
|
% of car's list price taxed
|
CO2 emissions
(g/km)
round down to nearest 5g/km
|
% of car's list price taxed
|
|
0
|
0
|
130
|
18
|
180
|
28
|
|
1 to 75
|
5
|
135
|
19
|
185
|
29
|
|
76 to 94
|
10
|
140
|
20
|
190
|
30
|
|
95
|
11
|
145
|
21
|
195 |
31
|
|
100
|
12
|
150
|
22
|
200
|
32
|
|
105
|
13
|
155
|
23
|
205
|
33
|
|
110
|
14
|
160
|
24
|
210
|
34
|
|
115
|
15
|
165
|
25
|
215 and above
|
35
|
|
120
|
16
|
170
|
26
|
|
|
|
125
|
17
|
175
|
27
|
|
|
|
There is a diesel supplement of 3% for all bands, subject to a maximum rate of 35%. For cars registered before 1 January 1998 the charge is based on engine size. The list price includes accessories and is not subject to an upper limit. The list price is reduced for capital contributions made by the employee of up to £5,000.
|
|
Car fuel benefit
|
|
£21,100 x 'appropriate percentage' (percentage used to calculate the taxable benefit of the car for which the fuel is provided).
|
|
The charge does not apply to certain environmentally friendly cars.
|
|
The charge is proportionately reduced if provision of private fuel ceases part way through the year. The fuel benefit is reduced to nil only if the employee pays for all private fuel.
|
|
Van benefit per vehicle
|
|
Van benefit
|
£3,000
|
|
Fuel benefit
|
£564
|
|
The charges do not apply to vans which cannot emit CO2 when driven or if a 'restricted private use condition' is met throughout the year.
|
Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
Mileage Allowance Payment
|
Cars & vans
- up to 10,000 miles
- over 10,000 miles
|
Rate per mile
45p
25p
|
|
Motorcycles
|
24p
|
|
Bicycles
|
20p
|
|
These rates represent the maximum tax free mileage allowances for employees using their own vehicles for business. Any excess is taxable. If the employee receives less than the statutory rate, tax relief can be claimed on the difference.
|
Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
Capital Allowances
| |
2013 -14
|
2012 - 13
|
|
Plant and Machinery
- Main writing down allowance
- Long life assets, integral fixtures
- First year allowances (certain environmentally efficient products)
|
18%
8%
100%
|
18%
8%
100%
|
|
- R&D tax credits SME scheme
- R&D tax credits Large Companies Scheme
- Annual Investment Allowance
|
225%
130%
£250,000
|
225%
130%
£25,000
|
|
Cars
- CO2 emissions up to 95g/km
- CO2 emissions 96g/km - 130g/km
- CO2 emissions over 130g/km
|
100%
18%
8%
|
100%
18%
8%
|
Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
Tax Favoured Investments
|
Individual Savings Account (ISA)
|
2013-14
|
2012-13
|
|
- ISA investment limit
|
£11,520
|
£11,280
|
|
- Cash ISA maximum
|
£5,760
|
£5,640
|
|
Venture Capital Trusts
Income tax relief of up to 30% on investments up to £200,000.
|
|
Enterprise Investment Scheme
Income tax relief of up to 30% on qualifying share subscriptions between £500 and £1,000,000.
|
|
Seed Enterprise Investment Scheme
Income Tax relief of up to 50% on maximum £100,000 investment plus Capital Gains Tax relief for reinvested gains accruing to individuals in 2013-14 that are reinvested in 2013-14 or 2014-15.
|
Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
Key Dates and Deadlines
|
Payment Dates
|
2013-14
|
2012-13
|
|
Income Tax and Class 4 NIC's:
|
|
- First interim Income Tax payment
|
31 January 2014
|
31 January 2013
|
|
- Second interim Income Tax payment
|
31 July 2014
|
31 July 2013
|
|
- Final balancing Income Tax payment
|
31 January 2015
|
31 January 2014
|
|
Capital Gains Tax payment
|
31 January 2015
|
31 January 2014
|
|
Class 1A NICs (22nd if paid electronically)
|
19 July 2014
|
19 July 2013
|
|
Corporation Tax is due 9 months and one day after the end of accounting period (or by quarterly instalments if large company).
|
|
2012-13 Return filing deadlines
|
|
File end of year PAYE forms Issue P60s to employees
|
19 May 2013
|
|
Issue P60s to employees
|
31 May 2013
|
|
Forms P9D, P11D and P11D(b) – and appropriate copies to employees
|
06 July 2013
|
|
Self Assessment Tax Return (SATR) – paper version
|
31 October 2013
|
|
SATR Online to have unpaid tax of up to £3,000 collected through the 2014-15 PAYE code
|
30 December 2013
|
|
SATR Online
|
31 January 2014
|
Disclaimer
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually and unintentional errors can occur and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
|