Tax Rates

		Tax Year 2010/2011	Tax Year 2011/2012
		£	£
Basic Retirement Pension
Single Person		97.65	TBA
Married Couple		156.15	TBA
National Minimum Wage (aged 21 and above)
From October 2009		5.80 ph
From October 2010		5.93 ph	5.93 ph
From October 2011			TBA
Income Tax
Basic Rate	20% on	37,400	35,000
Higher Rate	40% on	37,401	35,001
	to	150,000	150,000
Additional Rate	50% over	150,001	150,001
(There is still a 10% starting rate for certain interest and dividends for both years)
Personal Allowance		6,475	7,475
Personal Allowance (65 - 74)		9,490	9,940
Personal Allowance (75 and over)		9,640	10,090
Blind Persons Allowance		1,890	1,980
Rent a Room Exemption		4,250	4,250
Individual Savings Account limit		10,200	10,200
Individual Savings Account limit (aged 50 and over)		10,200	10,200
Corporation Tax
Small Companies Rate	Year to 31/3/11	21%
(profits up to 300k)	Year to 31/3/12		20%
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	1/01/10 to 4/01/11	17.5%
Standard rate	From 4/01/11		20%
Registration level from 1/4/10		70,000
Deregistration level from 1/4/10		68,000
National Insurance
Class 1 (employees):
Lower earnings limit (weekly)		97	102
Upper earnings limit (weekly)		844	817
Class 1 rate between lower and upper limit		11%	12%
Class 1 rate above upper limit		1%	2%
Class 1A rate on employer provided benefits		12.8%	13.8%
Class 2 (self-employed) flat rate (weekly)		2.40	2.50
Class 4 (self-employed)
on profits 5,715 - 43,875		8%
on profits over 43,875		1%
on profits 7,225 - 42,475			9%
on profits over 42,475			2%

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

JMB Accounting Ltd