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Essentials
news
| information | enquiries
News
Each
quarter, we publish a newsletter and annually a budget summary detailing
the latest tax and business information relevant to the small business.
You
can download the latest of these here in PDF Format.
Newsletter
Budget 2009
Uses of our Weekly Till
or Mileage Log Sheets can download them here
Weekly
Till Sheet
Mileage Log Sheet
 To
view this document you will need Adobe Acrobat Reader installed on
your computer if you do not have it already it can be downloaded FREE
by clicking on the button to the right.
Information
income
tax rates | main income tax reliefs |
tax credits | car benefit assessment
| tax free mileage rates |individual
savings accounts (ISA's) | national insurance
contributions | personal pensions | rates
of inheritance tax | capital gains tax |
corporation tax | main capital
allowances | value added tax | vat
scale rates on private fuel | vat flat
rate scheme | stamp duty | pensions
and benefits | national minimum wage | earliest
due date to payment of tax
|
INCOME
TAX RATES
|
2010/2011 |
2009/2010 |
| 10% starting
rate (for savings income only) to: |
2,440 |
2,440 |
| 20% basic
rate on income to: |
£37,400 |
£37,400 |
| 40% higher
rate on income to |
£150,000 |
no limit |
| 50% additional rate on
income above |
£150,000 |
n/a |
| Higher rate on dividends |
32.5% |
32.5% |
| - effective rate with
tax credit |
25% |
25% |
| Additional rate on dividends |
42.5% |
n/a |
| - effective rate with
tax credit |
36.1% |
n/a |
|
MAIN
INCOME TAX RELIEFS
|
20010/11 |
2009/2010 |
| Personal
allowance* |
£6,475 |
£6,035 |
|
Age-related allowance
Personal
allowance
- Age 65-74
- Age 75 or over
Married
Couple**
(either spouse
born on or before 5 April 1935)
- minimum amount
Income
Limit
Clawback
|
£9,490
£9,640
£6,865
£2,670
£22,900
£1 in £2
|
£9,490
£9,640
£6,865
£2,670
£22,900
£1 in £2
|
| Blind
person's allowance |
£1,890 |
£1,890 |
| Maintenance
payments* (born before 5/4/35) |
£2,350 |
£2,350 |
*
Reduced by £1 for £2 where income exceed £100,000
** Denotes allowance given as a 10% credit
|
IMPORTANT
LIMITS
|
2010/2011 |
2009/2010 |
| Charitable
donations under payroll giving scheme |
no
limit |
no
limit |
| Golden
handshake exemption |
£30,000 |
£30,000 |
| Venture
capital trusts** |
£200,000 |
£200,000 |
| Gift aid
- minimum |
no
minimum |
no
minimum |
| Rent a
room exemption |
£4,250 |
£4,250 |
| Enterprise
Investment scheme* |
£500,000 |
£500,000 |
| Enterprise
Management Incentive Investment |
£120,000 |
£120,000 |
*Relief
restricted to 20%
** Relief restricted to 30% - must
now be held for 5 years
|
WORKING
TAX CREDIT (WTC) 2010/2011
|
|
BASIC
ELEMENT
|
LONE
PARENT ELEMENT
|
2nd
ADULT ELEMENT
|
30 HOUR ELEMENT
|
DISABILITY ELEMENT
|
SEVERE DISABILITY
ELEMENT
|
50 PLUS ELEMENT
|
CHILDCARE ELEMENT
|
|
16 to less than
30hrs work pw
|
Over 30 hrs work
pw
|
80%of cost
Max / Max 1 Child
|
|
£1,920pa
£36.92 pw
|
£1,890pa
£36.35pw
|
£1,890pa
£36.35pw
|
£790pa
£15.19pw
|
£2,570pa
£49.42pw
|
£1,095pa
£21.06pw
|
1,320pa
£25.38pw
|
£1.965pa
£37.79pw
|
£300pw /
£175pw
|
Claimants over retirement
age
From 6 April 2011, people over 65 will be able to claim Working Tax
Credit if they work at least 16 hours a week. Currently they must
work at least 30 hours a week, unless they have dependent children,
or qualify for the disability element, or they are returning to work
after claiming certain benefits(the 50+ Return to Work payment)
|
CHILDRENS
TAX CREDIT (CTC) 2010/2011
|
|
FAMILY
ELEMENT
|
BABY
ADDITION (under 1 year)
|
CHILD
ELEMENT
|
DISABLED CHILD
ELEMENT
|
ENHANCED DISABLED
CHILD ELEMENT
|
|
£545pa
£10.45 pw
|
£545pa
£10.450pw
|
£2,300pa
£44.23pw
|
£2,715pa
£52.21pw
|
£1,095pa
£21.06pw
|
|
HOW
WTC/CTC IS CALCULATED
|
|
Those
entitled to CTC only: income less than £16,190 pa or £311.35pw
- full CTC.
Those entitled to WTC & CTC
income less than £6,420pa or £123.46pw - full WTC
& CTC
Tax Credits reduced by 39p for every £1 over the threshold.
Family Element of CTC retained until income over £50,000pa
then tapers at £1 for each £15 .
No Capital limits
First £25,000 income disregarded.
|
|
PENSION
CREDIT
|
| The
figures to be used in calculating Pension Credit entitlements
are |
2010/2011
|
2009/2010
|
|
Standard
minimum guarantee
- single person
- couple
Additional
amount for severe disability
- single person
- couple (one qualifies)
-
couple (both qualify)
Additional
amount for carers
|
£132.60
£202.40
£53.65
£53.65
£107.30
£30.05
|
£130.00
£198.45
£52.85
£52.85
£105.70
£29.50
|
|
Savings credit - single person
- threshold
- maximum
|
£98.40
£20.52
|
£96.00
£20.40
|
|
Savings credit - couple
- threshold
- maximum
|
£157.25
£27.09
|
£153.40
£27.03
|
|
Disregards
Standard earnings
Couple's earnings
Higher Earnings
(carers, part-time fireman etc)
War disablement pension
War widow'spension
Armed Forces Compensation Scheme
Widowed parent's allowance
Income from a subtenant+
|
£5.00
£10.00
£20.00
£10.00
£10.00
£10.00
£10.00
£20.00
|
£5.00
£10.00
£20.00
£10.00
£10.00
£10.00
£10.00
£20.00
|
|
Deductions from awards
Recovery of overpaid Pension Credit
- ordinary overpayments
- claimant convicted of fraud
Recovery of Council Tax, housing, fuel
and water costs
Child Support - standard deduction
- lower deduction
|
£9.90
£13.20
£3.30
£6.60
£3.30
|
£9.75
£12.80
£3.25
£6.50
£3.25
|
|
Income from investments
The capital disregard was increased to £10,000 with effect
from 2 November 2009 and will not be further increased for 2010/11.
The deemed weekly income from capital in excess of the disregard
remains £1 for each £500 or part thereof.
+For income from a boarder, the
disregard is £20 plus half the balance of the amount paid
by the boarder
|
|
CAR
BENEFITS 2010/2011 - CARS WITH C02 EMISSION
FIGURE*
|
| Grams
per litre |
Fuel |
120
or
less
|
130 |
135
|
140 |
145 |
150 |
155 |
160 |
165 |
170 |
175 |
180 |
185 |
190 |
195 |
200 |
205 |
210 |
215 |
220 |
225 |
230
|
| %
of Car's price taxed |
Petrol
Diesel |
10
13
|
15
18
|
16
19
|
17
20
|
18
21
|
19
22
|
20
23
|
21
24
|
22
25
|
23
26
|
24
27
|
25
28
|
26
29
|
27
30
|
28
31
|
29
32
|
30
33
|
31
34
|
32
35
|
33
35
|
34
35
|
35
35
|
You can find your vehicle
CO2 emission
fiqure at
SMMT
- CO2 Emission Service
|
CARS
WITH NO CO2 EMISSION FIGURE & CARS 1ST REGISTERED BEFORE 1/1/98
|
Registered before 1st January 1998
% rate |
1400cc or less
15
|
1401cc
-2000cc
22
|
2001cc and more
32
|
Rotary
engine
32
|
Registered
after 1st January 1998
% rate |
15
(Diesel + 3%)
|
25
(Diesel + 3%)
|
35
|
35
|
|
CAR
BENEFITS - CARS THAT RUN ON ALTERNATIVE FUELS & TECHNOLOGIES
|
| Type of Car |
Electric only
|
Hybrid
electric
|
Gas only
|
Bi-fuelwith
CO2 Emissions figure
|
Bi-fuelconversion
or other bi-fuel not type B
|
Cars manufactured
for E85 fuel
|
| Code |
E
|
H
|
B
|
B
|
C
|
G
|
|
Discount from 2006/7
|
6%
|
3%
(note 2)
|
2%
(note 1)
|
2%
(notes 1 & 2) |
None
(note 2) |
2% (from 2008/09)
(note 2)
|
Notes: 1. Type
B car only. 2. Do not apply to QUALECs
|
FUEL
BENEFIT CHARGE
|
|
Based on CO2
emissions. Charge to be multiplied by a set figure for the year.
From 20010/11 set figure is £18,000. From 2008/09 to 2009/10
set figure was £16,900
Example: A car that has a CO2 emissions
of 195 g/km. % used to calculate car benefit is 27% for 2008/09.
The fuel scale charge will be 27% x £18,000 = £4,860.
Cars registered before 1/1/98 and cars with no CO2
emissions figure. % figure to be used is the same as used for
Car Benefits.
|
|
TAX
FREE MILEAGE RATES - OWN TRANSPORT
|
| Miles |
2010/2011 |
2009/2010 |
| up to
10,000 miles |
40p |
40p |
| over 10,000
miles |
25p |
25p |
For each additional passenger 5p. Motor
Cycles 24p. Bicycles 20p.
|
ADVISORY
ONLY - TAX FREE MILEAGE RATES - 01/06/2010 - COMPANY
CARS*
|
| Cylinder
Capacity |
Petrol
|
Diesel
|
LPG
|
| 0 - 1400cc |
12p
|
11p
|
8p
|
| 1401 - 2000cc |
15p
|
11p
|
10p
|
| 2001cc + |
21p
|
16p
|
14p
|
|
INDIVIDUAL
SAVINGS ACCOUNTS (ISA's)
|
|
Individuals 18 or over, Maximum
Investment of £10,200pa of which there is a maximum of £5,100
for a "cash ISA" and £1,000 for a "life
insurance ISA"
Individuals 16-17 can invest up
to £5,100pa in either the cash element of a maxi-ISA or
in a cash mini-ISA
Income from this
type of investment is free of any Income tax or Capital Gains
Tax.
|
|
NATIONAL
INSURANCE CONTRIBUTIONS 2010/2011
Class 1 - Employed
|
| |
Employee's
Contribution
|
Employer's
Contribution
|
|
Earnings
in range
|
Contribution
Table A
|
Contribution
Table B
|
Contribution
Table C
|
Tables
A,B and C
|
|
Up to £110pw
(£477pm)
|
Nil
|
Nil
|
Nil
|
Nil
|
| £110.01
- £770pw (£3,337pm) |
11%
|
9.4%
|
Nil
|
12.8%
|
| £770.01
- £844pw (£3,657pm) |
11%
|
11%
|
Nil
|
12.8%
|
| Over
£844pw |
1%
|
1%
|
Nil
|
12.8%
|
.
The reduced rate payable by certain
married women and widows will remain 4.85%, payable on earnings between
£110.01 and £844, 1% above £844 per week.
Class 1A (employers only)
:
12.8% based on taxable benefits excluding childcare
Class 1B (employers
only) :
12.8% in respect of amounts in PAYE settlement agreement
Class 2 - self-employed
flat rate: £2.40 per week if earnings are over £5,075
pa
Class 3 - Voluntary: £12.95 per week
Class 4* - Self-employed:
8% on profits between £5,715 and £43,875pa, 1% over
£40,440pa
*Exemption applies if state retirement age was reached
by 6 April 2009
PERSONAL
PENSIONS (PPPs) and RETIREMENT ANNUITY PREMIUMS (RAPs)
|
The maximum amount
of contributions on which an individual can claim tax relief
in 20010/11 is the greater of
- The "basic" amount
- currently £3,600: and
- The amount of the individual's
relevant UK earnings that are chargeable to income tax for
the tax year up to a maximum of £255,000.
In certain circumstances
it may be possible to contribute more than above, but specialist
advice should be sought.
A tax charge potentially
arises if the value of the pension at retirement exceeds the
lifetime allowance.
The pension scheme
lifetime allowance for 2010/11 is £1,800,000
From the 6 Aprill 2011 tax relief for pension contributions
will be restricted for people with incomes over £150,000
- higher rate relief will be progressively withdrawn until,
for those with incomes of £180,000 or more, relief will
be given at he basic rate only.
|
|
RATES
OF INHERITANCE TAX
|
| Transfers
on or Within Seven Years Before Death |
| |
2010/2011 |
2009/2010 |
| Nil
rate band to |
£325,000 |
£325,000 |
| Rate of
tax on balance |
40% |
40% |
| Chargeable
lifetime transfers |
20% |
20% |
Main exemptions
Spouse/cival partner - both UK domiciled (or tranferor non domiciled):
unlimited
Non domiciled spouse/cival partner - UK domiciled transferor:
£55,000
Business property
relief of 100% for all shareholdings in qualifying unquoted companies.
Similar relief for qualifying assets used in unincorporated businesses
and working farms.
Annual exemption for chargeable lifetime transfers £3,000.
Small gifts - annual amount per donee £250.
Marriage gifts by
- parent: £5,000
- grandparent: £2,500
- other: £1,000
Charities
and political parties: unlimited
Regular gifts out of surplus income are also exempt.
Reduced tax charge on
transfers within 7 years of death
|
Years
before death
|
%
of death rates
|
|
0
- 3
|
100%
|
|
3
- 4
|
80%
|
|
4
- 5
|
60%
|
|
5
- 6
|
40%
|
|
6
- 7
|
20%
|
|
Over
7
|
NIL
|
|
CAPITAL
GAINS TAX
|
|
Tax is charged at
18% after deduction of Annual Exemption.
Entrepreneurs' Relief reduces the rate to 10% on the first £1m
of gains on disposals of qualifying business assets.
|
| Annual
exemption |
2010/2011
|
2009/2010
|
| Individuals and personal reps |
£10,100
|
£10,100
|
| Trusts for diabled person |
£10,100
|
£10,100
|
| Most
trusts |
£5,050
|
£5,050
|
| Chattels exemption - proceeds up
to |
£6,000
|
£6,000
|
| Transfers between husband &
wife living together |
No Limit
|
No Limit
|
Companies:
Gains charged to corporation tax after indexation, no annual exemption
available.
|
CORPORATION
TAX
|
Y/E
31/3/2011
|
Y/E
31/3/2010
|
| Small companies'
rate |
up to £300,000 |
21% |
21%
|
| Upper marginal
rate |
£300,001 to 1,500,000
|
29.75% |
29.75% |
| Full rate |
Over £1,500,00 |
28% |
28%
|
Companies with taxable profits of £1,500,000
or more may be liable to quarterly instalment payments on account of
tax liabilitis.
|
MAIN
CAPITAL ALLOWANCES
|
|
Plant and machinery
- writing down allowance
(some long life assets 6%)
- Long life assets
(including integral features)
- Approved energy-savings
items
- Annual Investment
Allowance
up to £100,000 (2009/10 £50,000)
Motor Cars (max
relief £3,000pa)
General (reducing
balance basis)
Low emission cars (less than 110co2)
New cars purchased after 1 April 2009 (Co) or
6 April 2009
Low emission cars (less than 110c02)
Cars less than 160 co2
Cars higher 160 co2
The max relief of £3,000pa will no longer apply
Other Items
- Research &
Development
- Enterprize Zone buildings
- Industrial buildings, hotels
and agricultural buildings
|
2010/2011
20%
10%
100%
100%
20%
100%
100%
20%
10%
100%
100%
3%
|
2009/2010
20%
10%
100%
100%
20%
100%
100%
20%
10%
100%
100%
3%
|
|
VALUE
ADDED TAX
|
| Standard
rate |
17.5% |
| Reduced rate |
5% |
| Registration
level from 01/04/2010 |
£70,000
pa |
| Deregistration
level from 01/04/2010 |
£68,000
pa |
| Optional flat rate
scheme - up to |
£150,000
|
| Annual accounting scheme
- up to |
£1,350,000
|
| Cash
Accounting Scheme |
£1,350,000
|
VAT as a fraction of gross
price - 7/47ths
|
VAT
SCALE RATES ON PRIVATE FUEL
(return
periods starting after 01/05/2010)
|
| Return
Period |
Monthly
|
Quarterly
|
Annual
|
| CO2
band |
Gross
|
VAT
|
Gross
|
VAT
|
Gross
|
Vat
|
| 120 or
less |
£47 |
£7.00 |
£141 |
£21.00 |
£570 |
£84.89 |
|
125
|
£70 |
£10.42 |
£212 |
£31.57 |
£850 |
£126.60 |
| 130 |
£70 |
£10.42 |
£212 |
£31.57 |
£850 |
£126.60 |
| 135 |
£75 |
£11.17 |
£227 |
£33.81 |
£910 |
£135.54 |
| 140 |
£80 |
£11.91 |
£241 |
£35.89 |
£965 |
£143.72 |
| 145 |
£85 |
£12.66 |
£255 |
£37.98 |
£1,020 |
£151.91 |
| 150 |
£89 |
£13.26 |
£269 |
£40.06 |
£1,080 |
£160.85 |
| 155 |
£94 |
£14.00 |
£283 |
£42.15 |
£1,135 |
£169.04 |
| 160 |
£99 |
£14.74 |
£297 |
£44.23 |
£1,190 |
£177.23 |
| 165 |
£104 |
£15.49 |
£312 |
£46.47 |
£1,250 |
£186.17 |
| 170 |
£108 |
£16.09 |
£326 |
£48.55 |
£1,305 |
£194.36 |
| 175 |
£113 |
£16.83 |
£340 |
£50.64 |
£1,360 |
£202.55 |
| 180 |
£118 |
£17.57 |
£354 |
£52.72 |
£1,420 |
£211.49 |
| 185 |
£122 |
£18.17 |
£368 |
£54.81 |
£1,475 |
£219.68 |
| 190 |
£127 |
£18.91 |
£383 |
£57.04 |
£1,530 |
£227.87 |
| 195 |
£132 |
£19.66 |
£397 |
£59.13 |
£1,590 |
£236.81 |
| 200 |
£137 |
£20.40 |
£411 |
£61.21 |
£1,645 |
£245.00 |
| 205 |
£141 |
£21.00 |
£425 |
£63.30 |
£1,705 |
£253.94 |
| 210 |
£146 |
£21.74 |
£439 |
£65.38 |
£1,760 |
£262.13 |
| 215 |
£151 |
£22.49 |
£454 |
£67.62 |
£1,815 |
£270.32 |
| 220
|
£156 |
£23.23 |
£468 |
£69.70
|
£1,875 |
£279.26 |
| 225 |
£160 |
£23.83 |
£482 |
£80.30 |
£1,930 |
£287.45 |
| 230
or more |
£165 |
£24.57 |
£496 |
£73.87 |
£1,985 |
£295.64 |
|
OPTIONAL
VAT FLAT RATE SCHEME FOR SMALL BUSINESSES
|
|
(HMCE Notice 733)
Registration Allowed subject to certain exemptions, if expected
turnover in the next 12 months is No more than £150,000
taxable supplies; once on the scheme the trader is
not required to leave the scheme until his annual income exceeds
£225,000.
Calculate vat payable
by multiplying the flat rate percentage for the relevant trade
sector by total income.
N.B. Supplies to
other Vat registered businesses are invoiced at the normal rate
for the supply
|
|
FLAT RATE PERCENTAGE
BY TRADE SECTOR
|
|
Category of Business
|
%
|
|
Accountancy or
book-keeping
|
13.0
|
| Advertising |
10.0
|
|
Agricultural services
|
10.0
|
Any other activity not listed
elsewhere
|
10.5
|
|
Architect, civi
and structural engineer or surveyor
|
13.0
|
|
Boarding or care
of animals
|
10.5
|
| Business
services that are not listed elsewhere |
10.5
|
|
Catering services
including restaurants and takeaways
|
11.0
|
|
Computer and
IT consultancy or data processing
|
13.0
|
|
Computer repair
services
|
9.5
|
|
Dealing in waste
scrap
|
9.5
|
|
Entertainment
or journalism
|
11.0
|
|
Estate agency
or property management services
|
10.5
|
|
Farming or agriculture
that is not listed elswhere
|
6.0
|
|
Film, radio, television
or video production
|
11.5
|
|
Financial services
|
12.0
|
| Forestry
or fishing |
9.5
|
| General building
or construction services* |
8.5
|
| Hairdressing
or other beauty treatment services |
11.5
|
| Hiring or
renting goods |
8.5
|
| Hotel or
accommodation |
9.5
|
| Investigation
or security |
10.5
|
| Labour-only
building or construction services* |
13.0
|
| Laundry or
dry-cleaning services |
10.5
|
| Lawyer or
legal services |
13.0
|
| Library,
archive, museum or other cultural activity |
8.5
|
| Management
consulting |
12.5
|
| Manufacturing
fabricated metal products |
9.5
|
| Manufacturing
food |
8.0
|
| Manufacturing
that is not listed elsewhers |
8.5
|
| Manufacturing
yarn, textiles or clothing |
8.0
|
| Membership
organisation |
7.0
|
| Mining or
quarrying |
9.0
|
| Packaging |
8.0
|
| Photography |
10.0
|
| Post offices |
4.5
|
| Printing |
7.5
|
| Publishing |
10.0
|
| Pubs |
6.0
|
| Real estate
activity not listed elsewhere |
12,5
|
| Repairing
personal or household goods |
9.0
|
| Reparing
vehicles |
7.5
|
| Retailing
food, confectionary, tobacco, newspapers or children's clothing |
3.5
|
| Retailing
pharmaceuticals, medical goods, cosmetics or toiletries |
7.0
|
| Retailing
that is not liested elsewhere |
6.5
|
| Retailing
vehicles or fuel |
6.0
|
| Secretarial
services |
11.5
|
| Socialwork |
10.0
|
| Sport or
recreation |
7.5
|
| Transport
or storage, including couriers, freight, removals and taxis |
9.0
|
| Travel agency |
9.5
|
| Veterinary
medicine |
10.0
|
| Wholesaling
agricultural products |
7.0
|
| Wholesaling
food |
6.5
|
| Wholesaling
that is not listed elsewhere |
7.5
|
* 'Labour-only building or construction
services' means building or construction services where the value of
materials supplied is less than 10% of relevant turnover from such services;
any other building or construction services are 'general building or
construction services'.
|
STAMP
DUTY
|
| Transfers
by sale |
%
of Consideration
|
| Shares
and marketable securities |
0.5%
|
|
Land and other
property - Disadvantage Area
£0 - £150,000 (increased to £250,000
for 1st time buyers)
£150,001 - £250,000
£250.001 - £500,000
£500,001 - £1,000,000
over £1,000,000 (with effect
from 6 April 2011)
|
Nil
1%
3%
4%
5%
|
|
Land and other
property - Residential
£0 - £125,000 (increased to £250,000
for 1st time buyers)
£125,001 - £250,000
£250.001 - £500,000
£500,001 - £1,000,000
over £1,000,000 (with effect from 6 April 2011)
|
Nil
1%
3%
4%
5%
|
|
Land and other
property - Non-residential
£0 - £150.000
£150,001 - £250,000
£250,001 - £500,000
Over £500,000
|
Nil
1%
3%
4%
|
| Transfers
by gift |
NIL
|
| Property that is not
land, shares or interests in partnerships is no longer subject
to stamp duty. |
|
New Leases (lease duty)
Charge for the rental element
of leases is 1% on the net present value (NPV) of the rental
payments to the extent that the NPV exceeds £125,000 for
residential property of £150,000 for non-residential property.
Lease premiums are charged at
the same rates as for freehold transfers, unless the annual
rent exceeds £600, in which case there will be no zero
band for the premium and the 1% charging band will apply to
premiums up to £250,000.
|
|
|
|
Basic Retirement Pension
Basic person
On husband's insurance
Addition at age 80
Value of graduated pension unit
|
Weekly Benefit
|
|
2010/2011
|
2009/2010
|
£97.65
£58.50
£0.25
0.1153
|
£95.25
£57.05
£0.25
0.1153
|
|
Child Benefit &
Guardian's Allowance
Child Benefit - eldest or only child
- each other child
Guardian's Allowance
|
£20.30
£13.40
£14.30
|
£20.00
£13.20
£14.10
|
Statutory Sick Pay
(SSP)
Earnings threshold
Standard Rate
|
£97.00
£79.15
|
£95.00
£79.15
|
|
Maternity and Paternity Benefits
Maternity Allowance
- earnings threshold
- standard rate
Statutory Maternity, Paternity & Adoption
- earnings threshold
- standard rate
|
£30.00
£124.88
£97.00
£124.88
|
£30.00
£123.06
£95.00
£123.06
|
Carer's Allowance
Standard Rate
- spouse or person looking after children
Earnings rule
|
£53.90
£31.70
£95.00
|
£53.10
£31.70
£95.00
|
|
Incapacity Benefit
Long Term
-spouse or person looking after children
Short-term (under state pesion age)
-lower rate
-Higher rate
- spouse or person looking after children
|
£91.40
£53.10
£68.95
£81.60
£41.35
|
£89.80
£53.10
£67.75
£80.15
£41.35
|
Bereavement
Benefits
Bereavement payment (lump sum)
Widowed parent's allowance
Bereavement allowance ( Standard rate) |
£2,000.00
£97.65
£97.65
|
£2,000.00
£95.25
£95.25
|
|
Jobseekers allowance
Age under 25
Age 25 and over
|
£51.85
£65.45
|
£50.95
£64.30
|
|
NATIONAL
MINIMUM WAGE
|
| Age |
From 1 October
2010
|
From 1 October
2009
|
| 22 and above |
£5.93
|
£5.80
|
| 18 - 21 |
£4.92
|
£4.83
|
| 16 - 17 |
£3.64
|
£3.57
|
Minimum Holidays 28 days ( 5.6 weeks)
which can include statutory holidays
|
EARLIEST
DUE DATES FOR PAYMENT OF TAX
Income Tax
|
| Employments |
- Under PAYE -
withheld on payment.
- Balance - 31 January
following end of tax year, or added to PAYE in later year.
|
| All income
received without tax deduction (trades, professions, rents and
untaxed interest) |
- Payments on account
on 31 January and 31 July based on 2009/10 tax
- Balance of 2009/10
tax due 31 January 2011
|
| Dividends and most
interest |
- 10% withheld
on payment.
- Higher rate due
31 January 2011 for 2009/10
|
Capital Gains Tax - 31 January following the end of the tax
year
Inheritance Tax - normally 6 months after month of death
Corporation Tax - normally 9 months after end of accounting
period
Disclaimer
The above information has been provided for guidance only and
should not be taken as a substitute for professional advice. The
writer cannot accept any liabilities for loss sustained in the
use of the above information. |
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