Datarek Business Services -One Stop Service for Self Assessment Tax, Vat and Corporation Tax Returns

Datarek Business Services, 12 Dalwood, Southend OnSea, Essex,UK, SS3 8UP
Tel: 0844 669 1101 Fax: 0844 669 1102 Email: contact@datarek.co.uk

Website: www.datarek.co.uk

UK Tax Rates

2006/7

2005/6

Income Tax Allowances

(this tax year)

(last tax year)

Personal Allowances:

- aged under 65

5,035

4,895

- aged 65 - 74

7,280

7,090

- aged over 74

7,420

7,220

Married Couples Allowance:

- aged 65 - 74

6,065

5,905

- 75 and over

6,135

5,975

Blind Person

1,660

1,610

Investment Limits:

- VCT

200,000

- EIS

400,000

200,000

- ISA

7,000

Rent a room relief

4,250

Income Tax Rates

(this tax year)

(last tax year)

Starting rate 10%

0-2,150

0-2,090

Basic rate 22%

2,151-33,300

2,091-32,400

Higher rate 40%

over 33,300

over 32,400

National Insurance

(this tax year)

(last tax year)

Class 1 Earnings Threshold

5,044

4,888

Employees Upper Earnings Limit

33,540

32,760

Main Rates:

- Employers NIC

12.8%

- Employees NIC:

- between ET and UEL

11%

- above UEL

Class 2:

- Annual Lower Earnings Limit

4,465

4,345

- Weekly Contribution

2.10

Class 4:

- Annual Lower Earnings Limit

5,035

4,895

- Annual Upper Earnings Limit

33,540

32,760

- Rate between LEL and UEL

- Rate above UEL

Value Added Tax

(this tax year)

(last tax year)

Standard Rate

17.5 %

17.5%

Registration Limit

61,000

60,000

Capital Gains Tax

(this tax year)

(last tax year)

Annual Exemption

8,800

8,500

Corporation Tax

(this tax year)

(last tax year)

Profits under £10,000

19%

Profits of £10,001 - £50,000

19%

23.75%

Profits of £50,001 - £300,000

19%

Profits of £300,001 - £1,500,000

32.75%

Profits over £1,500,000

30%

Capital Allowances

(this tax year)

(last tax year)

Plant & Machinery (Life < 25 yrs)

First Year Allowance

50%

40%

Writing Down Allowance

25%

Industrial Buildings

Agricultural Buildings

Maximum Car Allowance

3,000

Inheritance Tax

(this tax year)

(last tax year)

Nil Rate Band

285,000

275,000

Tax Rate

40%

Annual Exemption

3,000

Small Gifts Exemption

250

The UK intestacy rules, for individuals that die without a Will.

Fixed Profit Car Scheme

(this tax year)

(last tax year)

Cars and Vans:

- First 10,000 miles

40p

- Excess

25p

Motorcycles

24p

Bicycles

20p

Source Inland Revenue