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Tax Tip

ABDS - Tax Tables 2013/14 Part 1

ABDS - Tax Tables                                                                                2013/14                      2012/13

Income tax rates - (non-dividend income)

10% lower rate tax - savings rate only                                              Up to 2,790                Up to 2,710
20% basic rate tax                                                                                Up to 32,010              Up to 34,370
40% higher rate tax                                                                              32,010 - 150,000       34,371 - 150,000
45% additional rate tax                                                                        Above £150,000        Above £150,000
    
10% starting rate applies to savings income only and will not apply if non-savings income exceeds threshold.   

Income tax rates - (dividend income)   

10% rate                                                                                                    Up to 32,010            Up to 34,370
32.5% higher dividend rate                                                                    32,010 - 150,000    34,371 - 150,000
37.5% higher dividend rate                                                                    Above £150,000      Above £150,000
    
Personal allowances   

Personal allowance (age under 65)                                                    9,440                         8,105
Personal allowance (age 65 - 74)                                                       10,500                       10,500
Personal allowance (age 75 and over)                                               10,660                       10,660
Married couple's allowance                                                                   N/A                             N/A
(age less than 75 and born before 6 April 1935)
   
Married couple's allowance (age 75 and over)                                 7,915                          7,705
Married couple's allowance - minimum amount                              3,040                          2,960
Income limit for under 65 personal allowance                                 100,000                     100,000
Income limit for age-related allowances                                            26,100                       25,400
Blind person's allowance                                                                      2,160                          2,100
Rent-a-room relief                                                                                  4,250                          4,250
 
Abatement of personal allowance will apply of £1 for every £2 of taxable income in excess income limit.

National insurance
Lower earnings limit, primary Class 1 (per week)                           109                             107
Upper earnings limit, primary Class 1 (per week)                           797                             817
Primary threshold (per week)                                                               149                             146
Secondary threshold (per week)                                                          148                             144
Employee's primary Class 1 rate between
primary threshold and upper earnings limit                                       12.00%                     12.00%
Employee's primary Class 1 rate above upper earnings limit         2.00%                       2.00%
Employer's secondary Class 1 rate above secondary threshold   13.80%                     13.80%
Class 2 rate (per week)                                                                           2.7                             2.65
Class 2 small earning exception (per year)                                         5,725                        5,595
Special Class 2 rate for share fishermen (per week)                        3.35                          3.30
Special Class 2 rate for volunteer development workers                  5.45                          5.35
Class 3 rate (per week)                                                                            13.55                       13.25
Class 4 lower profits limit                                                                         7,755                       7,592
Class 4 upper profits limit                                                                        41,450                     42,475
Class 4 rate between lower profits limit and
upper profits limit                                                                                       9.00%                      9.00%
Class 4 rate above upper profits limit                                                    2.00%                      2.00%

 
Pensions   

Annual allowance                                                                                     50,000                      50,000
Lifetime allowance
(reducing to £1.5million from April 2012)                                            1,500,000                1,500,000
Age at which annuity required                                                                N/A                            N/A


Individual Savings Account (ISA):
              - total maximum investment                                                     11,520                      11,280
    - maximum cash element of ISA                                                        5,760                        5,640
Junior ISA investment limit                                                                     3,720                         3,600
Child Trust Fund Investment Limit                                                        3,720                         3,600
Capital gains tax   
 Rate    - basic rate tax payer                                                                  18%                           18%
- higher rate tax payer (from 23 June 2010)                                        28%                           28%
Individuals                                                                                                 10,600                      10,600
Certain trusts for disabled persons                                                     10,600                      10,600
Other trusts                                                                                               5,300                         5,300
Entrepreneurs Relief lifetime limit                                                       10,000,000              10,000,000
Entrepreneurs rate                                                                                  10%                          10%
Chattels exemption (5/3 taxable on excess)                                      6,000                         6,000

Working and Child tax credits rates

Working tax credit
Basic element                                                                                         1,920                       1,920
Couple and lone parent element                                                        1,970                        1,950
30 hour element (16 hour element from April 2011)                       790                            790
Disabled worker element                                                                     2,855                         2,790
Severe disability element                                                                    1,220                          1,190

Childcare element of the Working tax credit   

Maximum eligible cost for one child (per week)                               175                            175
Maximum eligible cost for two or more children (per week)          300                             300
Percentage of eligible costs covered                                                70.00%                      70.00%

Child tax credit   

Family element                                                                                      545                             545
Family element, baby addition                                                           Nil                                Nil
Child element                                                                                        2,720                         2,690
Disabled child element                                                                       3,015                         2,950
Severely disabled child element                                                       1,220                         1,190

Child benefit/Guardian's allowance rates   

Eldest/only child                                                                                  20.30                         20.30
Other children                                                                                     13.40                         13.40
Guardian's allowance                                                                       15.90                         15.55

A new income tax charge will apply to taxpayers with income exceeding £50,000 in a tax year, when child benefit is also
received by them or their partner.  The charge will reduce the financial benefit of receiving child benefit for those with
income between £50,000 and £60,000 and remove it completely for taxpayers with income above £60,000.

If you need any help and advice on the implications of the 2013 Taxation changes contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can helpABDS Chartered Certified Accountants of Southampton.
 

For all of your Financial and Business Development requirements
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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