Taxation

Corporation Tax

Rate 2012 (£) 2013 (£) 2014 (£)
Small companies 0 - 300,000 - 20% 0 - 300,000 - 20% 0 - 300,000 - 20%
Marginal relief 300,001–1,500,000 300,001–1,500,000 300,001–1,500,000
Main rate 1,500,001 or more - 24% 1,500,001 or more - 23% 1,500,001 or more - 21%

Income Tax & Self Assessment

Income tax allowances 2012-13 (£) 2013-14 (£) 2014-15 (£)
Personal allowance 8,105 N/A N/A
Personal Allowance for people born after 5 April 1948 N/A 9,440 10,000
Personal allowance for people aged 65-74 10,500 N/A N/A
Personal Allowance for people born between 6 April 1938 and 5 April 1948 N/A 10,500 10,500
Personal allowance for people aged 75 and over 10,660 N/A N/A
Personal Allowance for people before 6 April 1938 N/A 10,660 10,660
Income limit for age-related allowances 24,000 25,400 N/A N/A
Income limit for the allowances for those born before 6 April 1948 N/A 26,100 27,000
Married couple's allowance - born before 6 April 1935 7,705 7,915 8,165
Minimum amount of married couple's allowance 2,960 3,040 3,140
Blind person's allowance 2,100 2,160 2,230


Taxable Bands Allowances 2012-13 (£) 2013-14 (£) 2014-15 (£)
Savings rate 10% 0 - 2,710 0 - 2,790 0 - 2,880
Basic rate 20% 0 - 34,370 0 - 32,010 0 - 31,865
Higher rate 40% 34,371 - 150,000 32,011 - 150,000 31,866 - 150,000
Additional rate 50% Over 150,000 N/A N/A
Additional rate: 45% from 6 April 2013 N/A Over £150,000 Over £150,000


Capital Taxes 

Annual exempt amount 2013-14 (£) 2014-15 (£)
Individuals etc* 10,900 11,000
Other trustees 5,450 5,500

* Individuals, trustees of settlements for the disabled, and personal representatives of the estate of a deceased person.

VAT
HM Revenues & Customs administer the VAT system and there are heavy penalties for breaches of the legislation. We advise on all VAT matters including registration & de-registration, partial exemption and property transactions. We can also assist you in a number of ways including:
  • Tailoring your accounting records to bring together the VAT information accurately and quickly.
  • Providing assistance with the completion of VAT returns.
  • Negotiating settlements with HM Revenue and Customs if disagreements arise.







We provide a complete range of accountancy services, whatever the size of your business. More >>

We offer a full range of solutions and services to assist the financial planning process. More >>