Trust
Value
Satisfication| Payment Dates | 2014-15 | 2013-14 | |
| Income Tax and Class 4 NIC’s: | |||
| First interim Income Tax payment | 31 January 2015 | 31 January 2014 | |
| Second interim Income Tax payment | 31 July 2015 | 31 July 2014 | |
| Final balancing Income Tax payment | 31 January 2016 | 31 January 2015 | |
| Capital Gains Tax payment | 31 January 2016 | 31 January 2015 | |
| Class 1A NICs (22nd if paid electronically) | 19 July 2015 | 19 July 2014 | |
| Corporation Tax is due 9 months and one day after the end of accounting period (or by quarterly instalments if large company). | |||
| 2013-14 Return filing deadlines | |||
| Issue P60s to employees | 31 May 2014 | ||
| Forms P9D, P11D and P11D(b) – and appropriate copies to employees | 06 July 2014 | ||
| Self Assessment Tax Return (SATR) – paper version | 31 October 2014 | ||
| SATR Online to have unpaid tax of up to £3,000 collected through the 2015-16 PAYE code | 30 December 2014 | ||
| SATR Online | 31 January 2015 | ||
Rates and Allowances
Rates and Allowances
Income tax, capital gains tax, inheritance tax and pension schemes
| £ per year (unless stated) | 2014-15 (£) | 2013-14 (£) | 2012-13 (£) |
| Income tax | |||
| Personal allowance (age under 65) * | 10,000 | 9,440 | 8,105 |
| Personal allowance (age 65-74) | 10,500 | 10,500 | 10,500 |
| Personal allowance (age 75 and over) | 10,660 | 10,660 | 10,660 |
| Married couple's allowance** | 8,165 | 7,915 | 7,705 |
| Married couple's allowance** - minimum amount | 3,140 | 3,040 | 2,960 |
| Income limit for age-related allowances | 27,000 | 26,100 | 25,400 |
| Blind person’s allowance | 2,230 | 2,160 | 2,100 |
| Starting rate band of 10% on savings income up to | 2,880 | 2,790 | 2,710 |
| Basic rate of 20% on income; 10% on dividend income | 0 - 31,865 | 0 - 32,010 | 0 - 34,370 |
| Higher rate of 40% on income; 32.5% on dividend income | 31,865 - 150,000 | 32,010 - 150,000 | 34,370 - 150,000 |
| Additional rate of 45% on income over; 37.5% on dividend income | Over 150,000 | Over 150,000 | - |
| Additional rate of 50% on income over; 42.5% on dividend income | - | - | Over 150,000 |
| Capital gains tax | |||
| Annual exempt amount | |||
| Individuals, personal representatives and trustees for disabled people | 11,000 | 10,900 | 10,600 |
| Other trustees | 5,500 | 5,450 | 5,300 |
| Rates | |||
| Individuals - within the remaining basic rate band | 18% | 18% | 18% |
| Individuals - above the basic rate band | 28% | 28% | 28% |
| Trustees or personal representatives of someone who has died | 28% | 28% | 28% |
| For gains qualifying for Entrepreneurs' Relief | 10% | 10% | 10% |
| Inheritance tax | |||
| Rate | 40% | 40% | 40% |
| Lower Rate | 36% *** | 36% *** | 36% *** |
| Nil rate band | 325,000 | 325,000 | 325,000 |
| Pension scheme allowances | |||
| Annual Allowance | 40,000 | 50,000 | 50,000 |
| Lifetime Allowance | 1,200,000 | 1,500,000 | 1,500,000 |
* Personal allowance reduced by 50% of income over £100,000.
** Married couple's allowance is given as a 10% tax credit. Either person must be born before 6th April 1935.
*** For deaths on or after 6th April 2012, a lower rate of Inheritance tax of 36% can apply where 10% or more of the deceased person's net estate is left to charity.
Corporation tax
| £ per year | Y/E 31.03.2015 (%) | Y/E 31.03.2014 (%) | Y/E 31.03.2013 (%) |
| £0 - £300,000 | 20 | 20 | 20 |
| £300,001 - £1,500,000 | Marginal relief | Marginal relief | Marginal relief |
| £1,500,001 or more | 21 | 23 | 24 |
Note; The upper (£1.5m) and the lower (£300k) limits are divided by the number of associated companies controlled by a person.
National Insurance
| £ per week (unless stated) | 2014-15 | 2013-14 | 2012-13 |
| Lower earnings limit, primary Class 1 | £111 | £109 | £107 |
| Upper earnings limit, primary Class 1 | £805 | £797 | £817 |
| Upper accruals point | £770 | £770 | £770 |
| Primary threshold | £153 | £149 | £146 |
| Secondary threshold | £153 | £148 | £144 |
| 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% |
| Employees’ contracted-out rebate (for contracted-out salary-related schemes only) | 1.4% | 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 | 3.4% | 3.4% | 3.4% |
| Class 2 rate | £2.75 | £2.75 | £2.75 |
| Class 2 small earnings exception (per year) | £5,885 | £5,725 | £5,595 |
| Special Class 2 rate for share fishermen | £3.40 | £3.35 | £3.30 |
| Special Class 2 rate for volunteer development workers | £5.55 | £5.45 | £5.35 |
| Class 3 rate (per week) | £153 | £148 | £144 |
| Class 3 rate (per week) | £13.95 | £13.55 | £13.25 |
| Class 4 lower profits limit (per year) | ££7,956 | £7,755 | £7,605 |
| Class 4 upper profits limit (per year) | £41,865 | £41,450 | £42,475 |
| Class 4 rate between lower profits limit and upper profits limit | 9% | 9% | 9% |
| Class 4 rate above upper profits limit | 2% | 2% | 2% |
National Insurance
| £ per year (unless stated) | 2014-15 | 2013-14 | 2012-13 |
| Working Tax Credit | |||
| Basic element | £1,940 | £1,920 | £1,920 |
| Couple and lone parent element | £1,990 | £1,970 | £1,950 |
| 30 hour element | £800 | £790 | £790 |
| Disabled worker element | £2,935 | £2,855 | £2,790 |
| Severe disability element | £1,255 | £1,220 | £2,790 |
| Childcare element of the Working Tax Credit | |||
| Maximum eligible cost for one child | £175 per week | £175 per week | £175 per week |
| Maximum eligible cost for two or more children | £300 per week | £300 per week | £300 per week |
| Percentage of eligible costs covered | 70% | 70% | 70% |
| Child Tax Credit | |||
| Family element | £545 | £545 | £545 |
| Child element | £2,750 | £2,720 | £2,690 |
| Disabled child element | £3,100 | £3,015 | £2,950 |
| Severely disabled child element | £1,255 | £1,220 | £1,190 |
| Income thresholds and withdrawal rates | |||
| Income threshold | £6,420 | £6,420 | £6,420 |
| Withdrawal rate | 41% | 41% | 41% |
| Threshold for those entitled to Child Tax Credit | £16,010 | £15,910 | £15,860 |
| only | |||
| Income rise disregard | £5,000 | £5,000 | £10,000 |
| Income fall disregard | £2,500 | £2,500 | £2,500 |
| Child benefit and guardian’s allowance rates | |||
| £ per week | |||
| Eldest/ only child | 13.55 | 13.40 | 13.40 |
| Guardian’s allowance | 16.35 | 15.90 | 15.55 |
Stamp Duty Land Tax rates and thresholds (From 4th December 2014)
From 4th December 2014, the rules for calculating the stamp duty land tax (SDLT) charged on the purchases of residential properties changed. Previously it had been calculated on a "slab basis" and therefore charged at a single percentage of the purchase price paid for the property, depending on the rate band within which the purchase price fell.
But from 4th December 2014, SDLT will be charged at each rate on the portion of the purchase price which falls within each rate band:
| Property value band | Rate |
| £0 - £125,000 | 0% |
| £125,001 - £250,000 | 2% |
| £250,001 - £925,000 | 5% |
| £925,001 - £1,500,000 | 10% |
| £1,500,001+ | 12% |
Where contracts have been exchanged but transactions have not completed on or before 3rd December 2014, purchasers will have a choice of whether the old or new structure and rates apply.
This measure will apply in Scotland until 1st April 2015, when SDLT is devolved and replaced in Scotland by Land & Buildings Transaction Tax.
Stamp Duty Land Tax rates and thresholds (From 20th March 2014 to 3rd December 2014)
| Rate | Non-residential | Residential |
| Total value of consideration | Total value of consideration | |
| Zero | 0 - £150,000 | 0 - £125,000 |
| 1% | £150,000 - £250,000 | £125,000 - £250,000 |
| 3% | £250,000 - £500,000 | £250,000 - £500,000 |
| 4% | Over £500,000 | £500,000 - £1,000,000 **** |
| 5% | £1,000,000 - £2,000,000 | |
| 7% | Over £2,000,000 |
**** From 20th March 2014 SDLT is charged at 15% on interests in residential dwellings costing more than £500,000 purchased by certain "non-natural persons". If you exchanged contracts on or after 21st March 2012 but before 20th March 2014 the earlier £2 million threshold for this charge will apply, subject to transitional rules.
"Non-natural persons" include companies, partnerships including a company and collective investment schemes. There are exclusions for trustees of a settlement, property rental businesses, property developers and traders, properties made available to the public, financial institutions acquiring dwellings in the course of lending, dwellings occupied by employees and farmhouses.
Tax Calculators
- Payslip calculator
Want to check your net pay?
http://www.uktaxcalculators.co.uk/payslip-calculator.php - Salary Vs Dividend Calculator
http://www.uktaxcalculators.co.uk/dividend-vs-salary.php - Stamp duty land tax calculator
Calculate the stamp duty charged for the purchase of property.
https://www.gov.uk/stamp-duty-land-tax-calculators.php
Forms
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HMRC forms
http://www.hmrc.gov.uk/forms
Companies House forms
http://www.companieshouse.gov.uk/forms/generalForms/
