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Tax Tip

General Tax Information

 

Income Tax Reliefs 2008/2009   2007/2008
  £   £
Personal Allowance (Individual) 6,035   5,225
Age (Individual) 65-74 9,030   7,550
Age (Individual) 75 or over 9,180   7,690
Blind Person's Allowance 1,800   1,730
Married Couples Allowance      
Age less than 75 and born before 06.04.1935 6,535   6,285
Age 75 or over 6,625   6,365
Minimum Amount of Allowance 2,540   2,440
Age Allowance Earnings limit 21,800   20,900
Rent-a-room' limit 4,250   4,250
       
Income Tax Rates 2008/2009   2007/2008
  £   £
10% 0   1 - 2,230
20%/22% 1 - 36,000   2,231 - 34,600
40% 36,000+   34,600+
       
Investment Limits 2008/2009    
  £    
Enterprise Investment Scheme (EIS) 500,000    
Venture Capital Trusts (VCT's) 200,000    
Individual Savings Accounts (ISA's) Maximum 7,200    
Stocks and shares (up to) 7,200    
Cash (up to) 3,600    
       
Corporation Tax £   £
Financial Year ending 31.03.2009   31.03.2008
Full Rate 28.00%   30.00%
Small Companies' Rate 21.00%   20.00%
Effective Marginal Rate 29.75%   32.50%
Small Companies' Profit Limit 300,000   300,000
Small Companies' Marginal Relief Upper Limit 1,500,000   1,500,000
Marginal Relief Fraction for Small Companies 7/400   11/400
       
Capital Gains Tax 2008/2009   2007/2008
  £   £
Annual Exemption (Individual) 9,600   9,200
Annual Exemption (Trust) 4,800   4,600
       
Capital Gains Tax Rates 2008/2009   2007/2008
Individual (07/08 taxed at top slice of income) 18%   10%/20%/40%
Trust 18%   40%
       
VAT £    
Standard Rate 17.50%    
Mandatory Registration Limit from 1 April 2008      
Annual Turnover exceeds 67,000    
De-registration Limit from 1 April 2008 65,000    
Cash Accounting Maximum Turnover 1,350,000    

 

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