Hall Accountancy Services Limited

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2004/05

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Personal allowances

Income tax rates

Company taxation

Capital gains tax

Inheritance tax

VAT

 

National insurance

 

 

 

 

 

 

PERSONAL TAXATION

2004/05

2003/04

 

 

 

Personal allowance

 

 

general

4,745

4,615

aged 65 or over before 5 April 2005

6,830

6,100

aged 75 or over before 5 April 2005

6,950

6,370

 

 

 

Married couples allowance

 

 

either spouse born before 6 April 1935

5,725

5,565

either spouse aged 75 or over before 5 April 2005

5,795

5,635

age allowance income limit

18,900

18,300

 

 

 

Blind persons allowance

1,560

1,510

 

 

 

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Income tax rates

2004/05

2003/04

Starting rate

10%

10%

on taxable income up to

2,020

1,960

 

 

 

Basic rate

22%

22%

from starting rate limit up to

31,400

30,500

 

 

 

Higher rate

40%

40%

on taxable income over

31,400

30,500

 

 

 

Lower rate on certain interest income

20%

20%

 

 

 

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COMPANY TAXATION

FY2004

FY2003

 

 

 

Corporation tax rates

 

 

Taxable profits:

 

 

0 - 10,000

Nil

Nil

10,001 50,000

23.75%

23.75%

50,001 - 300,000

19%

19%

300,001 - 1,500,000

32.75%

32.75%

Over 1,500,000

30%

30% 

 

 

 

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CAPITAL GAINS TAX

2004/05

2003/04

Rates (subject to tapering relief)

 

 

general

10% : 20% : 40%

trustees and personal representatives

40%

34%

General exemption limit

8,200

7,900 

 

 

 

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INHERITANCE TAX

2004/05

2003/04

Threshold

263,000

255,000

Death rate

40%

40%

 

 

 

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VAT

2004/05

2003/04

Standard rate

17.5%

17.5%

Registration limit

58,000

56,000

Deregistration limit

56,000

54,000

Cash accounting limit

660,000

600,000

Flat rate accounting limit

150,000

150,000

 

 

 

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NATIONAL INSURANCE

2004/05

2003/04

(2003/04 in brackets where different)

 

 

 

Class 1 Contributions (employers)

0 - 91 (89) per week

Nil

Nil

Over 91 (89) per week

12.8%

12.8%

 

 

 

Class 1 Contributions (employees)

0 - 91 (89) per week

Nil

Nil

91 (89) - 610 (595) per week

11%

11%

Over 610 (595) per week

1%

1%

 

 

 

Class 1A and 1B contributions (employers only)

12.8%

12.8%

 

 

 

Class 2 contributions

 

 

Flat weekly rate

2.05

2.00

Exemption limit per annum

4,215

4,095

 

 

 

Class 3 contributions

 

 

Flat weekly rate

7.15

6.95

 

 

 

Class 4 contributions

 

 

Profits per annum

 

 

0 - 4,745 (4,615)

Nil

Nil

4,745 (4,615) - 31,720 (30,940)

8%

8%

Over 31,720 (30,940)

1%

1%

 

 

 

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