| |
J.HAM
& Co Ltd Chartered Accountants
Tax Rates
| Income Tax |
|
|
2009-10 |
2008-09 |
| Starting rate limit * |
|
£2440 |
£2320 |
| Tax Rate * |
|
10% |
10% |
| Basic rate band |
|
£37,400 |
£34,800 |
| Basic rate |
|
20% |
20% |
| Savings rate |
|
10% |
10% |
| Dividend ordinary rate |
|
10% |
10% |
Higher rate |
- taxable income over |
£37,400 |
£34,800 |
Higher rate
|
|
40% |
40% |
| Dividend ordinary rate |
|
32.5% |
32.5% |
| * Where taxable non-savings income does not fully utilise the savings rate limit, the remainder of the limit is available for savings at the 10% starting band. |
| Income Tax - Summary of Allowances
and Reliefs |
| |
|
2009-10 |
2008-09 |
| Personal allowance |
Under 65 |
£6,475 |
£6,035 |
| |
65 to 74 |
£9,490 |
£9,030 |
| |
75 and over |
£9,640 |
£9,180 |
| |
minimum |
£6,475 |
£6,035 |
Blind person's
allowance |
|
£1,890 |
£1,800 |
* If income exceeds £22,900
for 2009-2010 or £21,800 for 2008-2009 these age
related
allowances are reduced by 50% of the excess until the
figure is reduced to; £2,670 for
2009-2010 or £2,540 for 2008-2009 in the case of the married
couple’s allowance. |
| Capital Gains Tax (individuals) |
| |
|
2009-2010
|
2008-2009 |
| On chargeable gains |
|
18% |
18% |
| Annual exemption |
|
|
|
| - individual |
|
£10,1000 |
£9,600 |
| - settlements |
|
£5,050 |
£4,800 |
| Pension Plans for Employees/Self Employed |
| Maximum annual premium allowable for tax
is 100% of earnings up to: |
| |
2009-2010 |
|
2008-2009 |
| |
£254,000† |
|
£235,000† |
| † Subject to a deminimus premium
limit of £3,600 per annum |
| Standard Lifetime Allowance |
|
|
| |
Tax Year |
|
Amount (£) |
| |
2007-2008 |
|
£1,600,000 |
| |
2008-2009 |
|
£1,650,000 |
| |
2009-2010 |
|
£1,750,000 |
| |
2010-2011 |
|
£1,800,000 |
| National Insurance Contributions 2009-2010 |
| Class 1 (not contracted out) |
Employer |
Employee |
| Pyabel on weekly earnings of |
|
|
| £95 (lower limit) to £110 |
0% |
0% |
| £110.01 to £770 |
12.8% |
11% |
| £770.01 to £844 |
12.8% |
11% |
| Over £844 |
12.8% |
1% |
| |
|
|
|
| Class 1A ( benefits ) |
12.8% |
Nil |
| Class 1B ( on PSA's) |
12.8% |
Nil |
| |
|
|
| Class 2 (Self employed) |
£2.40per week |
| Limit of net earnings for exception |
%5.075 per annum |
| |
|
|
| Class 4 (Self employed) |
|
|
| £5,715 to £43,875 |
8% |
| Profits over £43,875 |
1% |
| |
|
|
|
| National Insurance Benefits (per week) |
| |
2009-2010 |
2008-2009 |
| |
Single
person |
Married
couple |
Single
person |
Married
couple |
| Retirement Pension |
£95.25 |
£152.30 |
£90.70 |
£145.05 |
| Jobseekers Allowance |
|
|
|
|
| Single person |
£64.30 |
|
£60.50 |
|
| Couple |
£100.95 |
|
£94.95 |
|
| Bereavement Benefit (lump sum) |
£2000.00 |
|
£2000.00 |
|
| Widow’s Pension (standard rate) |
£95.25 |
|
£90.70 |
|
| Child Benefit (first child) |
£20.00 |
|
£18.80 |
|
| Second and each subsequent child |
£13.20 |
|
£12.55 |
|
Earnings related benefits,
additional benefit for dependants and other benefits
may
be payable depending on claimant’s circumstances. |
| Statutory Sick Pay |
2009-2010 |
2008-2009 |
Average weekly
earnings |
Weekly rate of
Statutory sick pay |
Average weekly
earnings |
Weekly rate of
statutory sick pay |
| Up to £94.99 |
£ NIL |
Up to £89.99 |
£ NIL |
| £95.00 and above |
£79.15 |
£90.00 and above |
£75.40 |
| Statutory Maternity Pay |
| |
2009-2010 |
2008-2009 |
| First
6 Weeks |
90% of employees average weekly earnings |
90% of employees average weekly earnings |
| Next 33 Weeks |
The lower of 90% of employees average weekly earnings,
or £123.06 |
The lower of 90% of employees average weekly earnings,
or £117.18 |
| Individual Savings Account (ISA) |
| |
2009-2010 |
|
2008-2009 |
| Cash account |
£3600 |
Cash account |
£3600 |
| Stocks & shares account |
£7200 |
Stocks & shares account |
£7200 |
| Inheritance Tax |
Death transfers from
6/4/09 to 5/4/10
Gross cumulative transfer |
Rate |
from 6/4/08 to 5/4/09
Gross cumulative transfer |
Rate |
| Up to £325,000 |
NIL |
Up to £312,000 |
NIL |
| £325,001 and above |
40% |
£312,001 and above |
40% |
| Corporation Tax |
| |
1/4/09 to 31/3/10 |
1/4/08 to 31/3/09 |
| Tax Rate |
28% |
28% |
| Small Company Rate |
21% to £300,000 |
21% to £300,000 |
| Intermediate Profits |
£300,001 - £1,500,000 |
£300,001 - £1,500,000 |
| Marginal Rate |
29.75% |
29.75% |
The Starting Rate and Small Companies Rate
provisions do not apply to Close
Investment Companies |
| Car Benefit Assessment - Directors/Higher
Paid Employee |
Benefit is based on a percentage of the
total list price of car when new, including cost of
accessories. List Price is subject to a maximum of £80,000,
including accessories. An
employee’s capital contribution of up to £5,000
is treated as reducing the list price. There are
special rules for cars over 15 years old valued at more
than £15,000. The cost of conversion
of a car for use by a disabled person is disregarded. |
| |
|
2009/10
Company Cars |
CO2 emissions (gm/km) (round down to nearest 5gm/km) |
% of car's list price taxed |
up to 135 |
15 |
140 |
16 |
145 |
17 |
150 |
18 |
155 |
19 |
160 |
20 |
165 |
21 |
170 |
22 |
175 |
23 |
180 |
24 |
185 |
25 |
190 |
26 |
195 |
27 |
200 |
28 |
205 |
29 |
210 |
30 |
215 |
31 |
220 |
32 |
225 |
33 |
230 |
34 |
235 and above |
35 |
|
|
|
|
| Above percentages relate to non-diesel
fuelled cars. There is a supplement charged on certain
diesel
fuelled cars, subject to an overall maximum charge of
35%. Discounts may be available in respect of
cars powered by fuels other than wholly by petrol. |
Car Fuel benefits 2009/10 and 2008/09
£16,900 x 'appropriate percentage'.
The appropriate percentage is the percentage used to calculate the taxabale benefit of the car for which the fuel is provided. No change to this calculation was announced on Budget Day.
The charge is proportionately reduced if provision of private fuel ceases part way through the year. The fuel benefit is reduced to nil only if the employee pays for all private fuel. |
| Van benefit scales |
Applies to vehicles weighing 3.4 tonnes
or less |
| 2009-2010 |
2008-2009 |
| £3000 |
£3000 |
| Van fuel benefit |
Applies to vehicles weighing 3.4 tonnes or less |
| 2009-2010 |
2008-2009 |
| £500 |
£500 |
| Fixed Profit Car Scheme (FPCS) |
Mileage allowances paid to employees who
use their own cars for business purposes
are not taxable if allowance paid is within certain limits. |
| 2009-2010 |
Rate of allowance |
2008-2009 |
Rate of allowance |
| |
First
10,000 mls |
Excess over
10,000 mls |
|
First
10,000 mls |
Excess over
10,000 mls |
| All cars |
40p |
25p |
All cars |
40p |
25p |
| Each passenger |
5p |
5p |
Each passenger |
5p |
5p |
| Motorcycles |
24p |
24p |
Motorcycles |
24p |
24p |
| Bicycles |
20p |
20p |
Bicycles |
20p |
20p |
For further information on how we can help you, why not give J.Ham and Co Ltd chartered accountants a call on 02920 613765 or fill in our no obligation enquiry form Click here
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