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Tax Rates & Allowances:

Income Tax  
Personal Allowances  
  2014/15 (£) 2013/14 (£)
Born after 5 April 1948 10,000 9,440
Born after 5 April 1938 before 4 April 1948 10,500 10,500
Born before 6 April 1938 10,660 10,660
Minimum married couples allowance* 3,140 3,040
Maximum married couples allowance* 8,165 7,915
Income limit for standard allowances 100,000 100,000
Personal allowance removed completely at: 120,000 118,880
     
Income Tax Rates and Bands  
     
  2014/15 2013/14
Savings rate: 10%, 0% from 2015/16 0- £2,880 0- £2,790
Basic rate: 20% 0 - £31,865 0 - £32,010
Higher rate: 40% £31,866- £150,000 £32,011 - £150,000
Additional rate: 45% Over 150,000 Over 150,000
     
National Insurance Contributions  
Class: Weekly earnings Rate
Employer's class 1 above primary threshold Above £153 13.80%
Employee's class 1 not contracted out From £153 to £805 12%
Employee's additional class 1 Above £805 2%
Married woman's rate* From £153 to £805 5.85%
Self-employed class 2 (per week)   £2.75
Share fishermen class 2 (per week)   £3.40
Volunteer development workers class 2   £5.55
Class 3 ( per week)   £13.90
     
  Annual profit thresholds  
Small earnings exemption class 2 £5,885  
Self-employed class 4 From £7,956 to £41,865  
Self-employed class 4 additional rate Above £41,865  
     
Capital Gains Tax  
  2014/15 (£) 2013/14 (£)
Annual exemption £11,000 £10,900
Rate for gains within the basic rate band 18% 18%
Rate for gains above the basic rate band 28% 28%
Rate for gains subject to entrepreneurs" relief 10% 10%
Lifetime limit for gains subject to entrepreneurs" relief £10 million £10 million
     
Value Added Tax  
From 1-Apr-14 1-Apr-13
0% Lower rate
Reduced rate 5% 5%
Standard rate 20% 20%
Registration turnover £81,000 £79,000
Deregistration turnover £79,000 £77,000
Acquisitions from EU member states, registration and deregistration threshold £81,000 £79,000
     
Corporation Tax  
Year beginning 1 April: 2014 2013
Small profits rate 20% 20%
(profits up to £300,000)
Marginal rate 21.25% 23.25%
(profits in band £300,000 to £1.5 million)
Main rate for companies  21% 23%
(profits above £1.5 million)
     
Mileage Allowances  
  First 10,000 business miles in the tax year Each mile over 10,000 miles in the tax year
Cars and vans 45p 25p
Motorcycles 24p 24p
Bicycles 20p 20p
 


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