JMB Accounting | Payroll Surrey/Bookkeeping/Accountancy Hampshire/Accountants Sussex/Sage/Business Start Ups Hampshire/Sage Software Packages Sussex

HMRC Rates

		09/10	10/11
		£	£
Basic Retirement Pension
Single Person		95.25	97.65
Married Couple		152.30	156.15
National Minimum Wage
From October 2008		5.73 ph
From October 2009		5.80 ph	5.80 ph
From October 2010			5.93 ph
Income Tax
Basic Rate	20% on	37,400	37,400
Higher Rate	40% over	37,401	37,401
(There is still a 10% starting rate for certain interest and dividends for both years)
Personal Allowance		6,475	6,475
Personal Allowance (65 - 74)		9,490	9,490
Personal Allowance (75 and over)		9,640	9,640
Blind Persons Allowance		1,890	1,890
Rent a Room Exemption		4,250	4,250
Individual Savings Account limit		7,200	10,200
Individual Savings Account limit (aged 50 and over)		10,200	10,200
Corporation Tax
Small Companies Rate	Year to 31/3/10	21%
(profits up to 300k)	Year to 31/3/11		21%
Corporation tax for small companies is due 9 months and 1 day after trading period
Inheritance Tax
Nil rate band		325,000	325,000
Rate over nil rate band		40%	40%
VAT
Standard rate		15%*	17.5%
The 15% temporary rate of VAT applies from 1st Dec 2008 through to 31st Dec 2009. From 1st Jan 2010 the rate of VAT will revert to 17.5%
Registration level from 1/4/09		68,000
Registration level from 1/4/10			70,000
Deregistration level from 1/4/09		66,000
Deregistration level from 1/4/10			68,000
National Insurance
Class 2 (self-employed) Flat rate		2.40	2.40
Class 4 (self-employed)
on profits 5,715 - 43,875		8%
on profits over 43,875		1%
on profits 5,715 - 43,875			8%
on profits over 43,875			1%

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

JMB accounting - bookkeeping, accounting in Hampshire, uk

Latest News

Record fall in bank lending to business triggers new concern over UK recovery

Lending fell by £4.3 billion, pushing the annual decline to 8.1 per cent - the biggest drop since records began in 1999

Payment Support Service from HMRC expands.

HMRC's Business Payment Support Service, which helps businesses spread their tax payments over a more convenient timeframe, will be expanded.

Compulsory Online VAT Returns

HMRC has indicated that from 1st April 2010 it is expected that the majority of VAT registered businesses will be required to file their VAT returns online.

Green Heating & Lighting

Under normal circumstances heating systems have been considered as part of a building and not part of a business's 'plant' and so tax deductions could not be made on improvements or replacements.