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Rates & Allowances

Authorised Mileage Rates
Cars up to 10,000 miles - 45p over 10,000 miles - 25p
Motocycle up to 10,000 miles - 24p over 10,000 miles - 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.
Capital Gains Tax
2012-13 2013-14
Individuals exemption £10,600 £10,900
Trusts exemption £5,300 £5,450
balance of gains 28% 28%
Corporation Tax
2012-13 2013-14
Profits Band
Small companies rate £0 - £300,000 20% 20%
Marginal (small companies) rate £300,001 - £1,500,000 24% 23%
Full rate Over £1,500,000 24% 23%
Small companies fraction 1/100 3/400
The profits limits are reduced for accounting periods of less than 12 months and for a company with associated companies. Different rates apply for ring-fenced (broadly oil industry) profit.
Income Tax
2011-12 2012-13 2013-14
Starting rate for savings: 10%1 £0 - £2,560 £0 - £2,710 £0 - £2,790
Basic rate: 20% £0 - £35,000 £0 - £34,370 £0 - £32,010
Higher rate: 40% £35,001-£150,000 £34,371-£150,000 £32,011-£150,000
Additional rate: 50% Over £150,000 Over £150,000 Over £150,000
The rates available for dividends are the 10 per cent ordinary rate, the 32.5 per cent dividend upper rate and the dividend additional rate of 42.5 per cent (the dividend additional rate is 37.5 per cent from 2013-14).
Income Tax Allowances
2011-12 2012-13 2013-14
Personal Allowance 1 £7,475 £8,105 £9,440
Income limit for Personal Allowance £100,000 £100,000 £100,000
Personal Allowance for people aged 65-74 1 £9,940 £10,500 £10,500
Personal Allowance for people aged 75 and over 1 £10,090 £10,660 £10,660
Married Couple's Allowance - aged 75 and over £7,295 £7,705 £7,915
Income limit for age-related allowances £24,000 £25,400 £26,100
Minimum amount of Married Couple's Allowance £2,800 £2,960 £3,040
Blind Person's Allowance £1,980 £2,100 £2,160
1Personal Allowance reduces where the income is above £100,000 - by £1 for every £2 of income above the £100,000 limit. This reduction applies irrespective of age.
Individual Savings Account (ISAs)
2013-14
Overall investment limit £11,520 max
- cash limit £5,760 max
- balance in stocks and shares £11,520 max
National Insurance
£ per week 2011-12 2012-13 2013-14
Lower earnings limit, primary Class 1 £102 £107 £109
Upper earnings limit, primary Class 1 £817 £817 £797
Upper accruals point £770 £770 £770
Primary threshold £139 £146 £149
Secondary threshold £136 £144 £148
Employees' primary Class 1 rate between primary threshold and upper earnings limit 12% 12% 12%
Employees' primary Class 1 rate above upper earnings limit 2% 2% 2%
Class 1A rate on employer provided benefits 13.8% 13.8% 13.8%
Employees' contracted-out rebate 1.6% 1.4% 1.4%
Married women's reduced rate between primary threshold and upper earnings limit 5.85% 5.85% 5.85%
Married women's rate above upper earnings limit 2% 2% 2%
Employers' secondary Class 1 rate above secondary threshold 13.8% 13.8% 13.8%
Employers' contracted-out rebate, salary-related schemes 3.7% 3.4% 3.4%
Employers' contracted-out rebate, money-purchase schemes 1.4% N/A N/A
Class 2 rate £2.50 £2.65 £2.70
Class 2 small earnings exception £5,315 per year £5,595 per year £5,725 per year
Special Class 2 rate for share fishermen £3.15 £3.30 £3.35
Special Class 2 rate for volunteer development workers £5.10 £5.35 £5.45
Class 3 rate £12.60 £13.25 £13.55
Class 4 lower profits limit £7,225 per year £7,605 per year £7,775 per year
Class 4 upper profits limit £42,475 per year £42,475 per year £41,150 per year
Class 4 rate between lower profits limit and upper profits limit 9% 9% 9%
Class 4 rate above upper profits limit 2% 2% 2%
Social Security Benefits
Basic Retirement Pension (weekly benefit) 2012-13 2013-14
Single Person £107.45 £110.15
Married Couple £171.45 £176.15
Statutory Pay
Sick Pay £85.85 £86.70
Maternity Pay - first 6 weeks 90% of weekly earnings
Maternity Pay - next 33 weeks £135.451 £136.781
Paternity Pay £135.451 £136.781
Adoption Pay £135.451 £136.781
1or 90% of weekly earning if lower.
Stamp Duty
Land and Buildings (on full consideration paid)
Rate Residental Property Non-Residential
Nil £0 - £125,000 £0 - £150,000
1% £125,000 - £250,000 £150,000 - £250,000
3% £250,000 - £500,000 £250,000 - £500,000
4% £500,000 - £1,000,000 Over £500,000
5% £1,000,000 - £2,000,000
7% Over £2,000,000
Tax Credits
Working Tax Credit 2012-13 2013-14
Basic Element (max) £1,920 £1,920
Child Tax Credit 2012-13 2013-14
Child Element (per child, max) £2,690 £2,690
Family Element £545 £545
Baby Addition £545 £545
V.A.T.
Standard Rate 20%
Reduced Rate 5%
Annual Registration Limit - from 1st April 2013 £79,000
Annual Deregistration Limit - from 1st April 2013 £77,000
Registration can be voluntary under this limit

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