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Tax Allowances
to 5 April 2006
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Tax allowances |
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|
Personal allowance |
4,895 |
Value of childrens tax credit
Value reduces for higher rate taxpayers |
|
1,690 |
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Over Age 65 – Personal Allowance |
7,090 |
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Over Age 65 – Married Allowance |
5,905 |
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Capital Gains Threshold |
8,500 |
National Insurance |
|
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Ees & Ers Weekly - Lower Limit |
94 |
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Employees Weekly - Upper Limit - 1% Above |
630 |
|
Ees & Ers Annual - Lower Limit |
4,895 |
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Employees Annual - Upper Limit - 1% above |
32,760 |
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Employees Rate |
11.00% |
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Employers Rate |
12.80% |
|
Class II - Self Employed @ £2.00 per week |
4,345 |
|
Class IV - Self Employed @ 8% above |
4,895 |
Tax Rates |
|
|
10% on first |
2,090 |
|
22% on next |
30,310 |
|
Higher Rate at 40% on taxable earnings over |
32,400 |
Corporation Tax |
|
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Small Companies profit < £10,000 |
0% |
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Small Companies Rate profit between £10K and £50K |
10-19% |
|
Small Companies Rate at 19% up to |
300,000 |
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The information on this web site is for gidance only and is believed to be correct, however, we strongly recommend you speak to your accountant before taking any action based on this information.
Information and figures are subject to change, we cannot be held responsible for any consequences as a result of acting on the information contained in the pages.
We believe the information to be in the public domain. If this is not the case we would appreciate it if you could inform us as soon as possible.
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