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Useful Facts

    07/08 08/09
    £ £
Basic Retirement Pension
Single Person   87.30 90.70
Married Couple   139.60 145.05
National Minimum Wage
From October 2006   5.35 ph  
From October 2007   5.52 ph 5.52 ph
From October 2008     5.73 ph
Income Tax
Lower Rate 10% on 2,230 0
Basic Rate 22% on next 32,370 0
  20% on   36,000
Higher Rate 40% over 34,600 36,000
(There is still a 10% starting rate for certain interest and dividends for both years)
Personal Allowance   5,225 5,435
Personal Allowance (65 - 74)   7,550 9,030
Personal Allowance (75 and over)   7,690 9,180
Blind Persons Allowance   1,730 1,800
Rent a Room Exemption   4,250 4,250
Individual Savings Account limit   7,000 7,200
Corporation Tax
Small Companies Rate Year to 31/3/08 20%  
(profits up to 300k) Year to 31/3/09   21%
Corporation tax for small companies is due 9 months and 1 day after trading period
Inheritance Tax
Nil rate band   300,000 312,000
Rate over nil rate band   40% 40%
VAT
Standard rate   17.5% 17.5%
Registration level from 1/4/07   64,000  
Registration level from 1/4/08     67,000
Deregistration level from 1/4/07   62,000  
Deregistration level from 1/4/08     65,000
National Insurance
Class 2 (self-employed) Flat rate   2.20 2.30
Class 4 (self-employed)      
on profits 5,225 - 34,840   8%  
on profits over 34,840   1%  
on profits 5,435 - 40,040     8%
on profits over 40,040     1%

 

These figures and rates are for guidance only and professional advice should be taken before using.

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