KEY TAX FIGURES & DATES
Tax Allowances Details 2012/13 2013/14 2014/15
Personal £8105 £9440 £10000
Extra from 65-75 £2395 £1060 £500
Extra from 76 and over £160 £660 £660
* Extra drops out on a £ for £ basis and completely if income over £25400 £26100 £27100
National Insurance 2012/13 2013/14 2014/15
(Employed)
Class 1 (per week) £146 £149 £153
Employees 12% 12% 12%
Employers 13.8% 13.8% 13.8%
(Self Employed)
Class 2 (if profits over) £5595 £5725 £5885
Flat rate per week £2.65 £2.70 £2.75
Class 4 £5715 (9%) £7755 (9%) £7956 (9%)
Inheritance Tax 2012/13 2013/14
40% after £325000 £325000
From 6 April 2012 people who leave 10 per cent or more of their net estate to charity can choose to pay a reduced rate of Inheritance Tax of 36 per cent.
Capital Gains 2012/13 2013/14
Annual Exempt Amounts £10600 £10900
Rate (depending on other gross income) 18% – 28% 18% – 28%
Corporation Tax Small Companies 20% 20%
VAT Registration Currently (April 2013) and from 1st April 2014 £79000
Important Dates The day Tax Returns must be in by 31st January
Three months after you have started self employment you must notify the Revenue – or guess what…… a £100 fine
Limited companies have to file their accounts at Companies House within 9 months of their year end if late the penalties are:
More than 1 month £150 fine
More than 1 month but not more than 3 months £375 fine
More than 3 months but not more than 6 months £750 fine
More than 6 months £1500 fine