Resources
from Beach Accountants
Useful links
Tax - Personal Allowances
| |
2005-2006 |
2006-2007 |
| Personal allowance (age under 65) |
£4895 |
£5035 |
| Personal allowance (age 65-74) |
£7090 |
£7280 |
| Personal allowance (age 75 and over) |
£7220 |
£7420 |
| Married couples allowance* (aged less than 75 and born
before 6th April 1935) |
£5905 |
£6065 |
| Married couple allowance* (age 75 and over) |
£5975 |
£6135 |
| Married couples allowance* - minimum amount |
£2280 |
£2350 |
| Blind Persons allowances |
£1610 |
£1660
|
*Married persons allowance given at the rate of 10%
Tax Bands
| |
2005-2006 |
2006-2007 |
| Starting Rate 10% |
£0-£2090 |
£0-2150 |
| Basic Rate 22% |
£2091-£32400 |
£2151-£33300 |
| Higher Rate 40% |
Over £32400 |
Over £33300 |
Capital Gains Tax
| |
2005-2006 |
2006-2007 |
| Individuals |
£8500 |
£8800 |
| Trustees |
£4250 |
£4400 |
Corporation Tax
| |
2005-2006 |
2006-2007 |
| Starting Rate 0% |
0-10000 |
N/A |
| Marginal Relief |
10,001 – 50,000 |
N/A |
| Small Companies Rates 19% |
50,001 – 300,000 |
0 - 300,000 |
| Marginal Relief |
300,001 – 1,500,000 |
300,001 – 1,500,000 |
| Main Rate |
1,500,000 or more |
1,500,000 or more |
| Non corporate distribution rate |
19% |
N/A |
National Insurances - Self Employed
| |
2005-2006 |
2006-2007 |
| Class 2 rate |
£2.10 |
£2.10 |
| Class 2 small earnings exemption |
£4345 |
£4465 |
| Class 4 lower limit |
£4895 |
£5035 |
| Class 4 upper limit |
£32760 |
£3540 |
| Class 4 lower profit and upper profit limit |
8% |
8% |
| Class 4 above upper limit |
1% |
1% |
National Insurances - Employee
| |
2005-2006 |
2006-2007 |
| Lower earnings limit, primary Class 1 |
£82 |
£84 |
| Lower earnings limit, primary Class 1 |
£630 |
£645 |
| Primary threshold |
£94 |
£97 |
| Secondary threshold |
£94 |
£97 |
| Employees’ primary class 1 rate between primary
threshold and upper earnings limit |
11% |
11% |
| Employees’ primary class 1 rate above upper earnings
limit |
1% |
1% |
| Employees’ contracted-out rebate |
1.6% |
1.6% |
| Married women’s reduced rate between primary threshold
and upper earnings limit |
4.85% |
4.85% |
| Married women’s rate above upper earnings limit |
1% |
1% |
| Employers’ secondary Class 1 rate above secondary
threshold |
12.8% |
12.8% |
| Employers’ contracted out rebate, salary-related
schemes |
3.5% |
3.5% |
| Employers’ contracted-out rebate money purchase
scheme |
1% |
1% |
Pension Schemes
| |
2005-2006 |
2006-2007 |
| Annual allowance |
N/A |
£215,000 |
| Lifetime allowance |
N/A |
£1,500,000 |
For further information or advice contact
Beach Accountants.
|
