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AJB Accountancy

Useful Information


Tax Rates    
     
Income Tax 2015/16 2014/15
Earnings    
Starting rate (savings only) -10% 0 0-2,880
Basic rate - 20% 0-31,785 0-31,865
Higher rate - 40% 31,786-150,000

31,866-150,000

Additional rate - 45% Over 150,000

Over 150,000

     
Dividends    
Basic Rate 10% 10%

Higher Rate

32.5% 32.5%
Additional Rate 37.5% 37.5%
     
Tax Allowances    
Personal allowance - under 65 10,600 10,000
Personal allowance - born 6 April 1938 - 5 April 1948 10,600 10,500
Personal allowance - born before 5 April 1938 10,660 10,660
Income limit for personal allowance 100,000 100,000
Income limit - born before 6 April 1938 27,700 27,000
Married couple's allowance - born before 6 April 1935 8,355 8,165
Minimum amount of married couple's allowance 3,220 3,140
Blind person's allowance 2,290 2,230
     
Rates and Allowances - National Insurance Contributions    
Lower Earnings Limit, primary Class 1 £112 per week £111 per week
Upper Earnings Limited - primary Class 1 £815 per week £805 per week
Primary Threshold £155 per week £153 per week
Secondary Threshold £156 per week £153 per week
Employee's contributions 12% of £155 to £815 then 2% 12% of £153 to £805 then 2%
Employee's Contracted-out rates 1.40% 1.4%
Married Women Reduced Rate 5.85% of £155 to £815 then 2% 5.85% of £153 to £805 then 2%
Employer's Contribution Rates 13.8% on earnings above £156 13.8% on earnings above £153
Class 2 Self employed contribution £2.80 per week £2.75 per week
Class 2 Small Earnings Exception £5,965 per annum £5,885 per annum
Class 3 (voluntary) Contribution £14.10 per week £13.90 per week
Class 4 Contribution 9% on profits between £8,060 9% on profits between £7,956
  and £42,385 then 2% and £41,865 then 2%
     
VAT    
Taxable Turnover Limits    
Registration - over £82,000 £81,000
Deregistration - under £80,000 £79,000
     
Corporation Tax    
£0-£300,000 20% 20%
£300,001-£1,500,000 Marginal relief Marginal relief
£1,500,001 or more 21% 21%
     

 

For more information contact us.

 

 

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Covering Oxfordshire, Northamptonshire, Buckinghamshire & Warwickshire