Hall Accountancy Services Limited

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2005/06

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Personal allowances

Income tax rates

Company taxation

Capital gains tax

Inheritance tax

VAT

 

National insurance

 

 

 

 

 

 

PERSONAL TAXATION

2005/06

2004/05

 

 

 

Personal allowance

 

 

general

£4,895

£4,745

aged 65 or over before 5 April 2006

£7,090

£6,830

aged 75 or over before 5 April 2006

£7,220

£6,950

 

 

 

Married couples allowance

 

 

either spouse born before 6 April 1935

£5,905

£5,725

either spouse aged 75 or over before 5 April 2006

£5,975

£5,795

age allowance income limit

£19,500

£18,900

 

 

 

Blind persons allowance

£1,610

£1,560

 

 

 

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Income tax rates

2005/06

2004/05

Starting rate

10%

10%

on taxable income up to

£2,090

£2,020

 

 

 

Basic rate

22%

22%

from starting rate limit up to

£32,400

£31,400

 

 

 

Higher rate

40%

40%

on taxable income over

£32,400

£31,400

 

 

 

Lower rate on certain interest income

20%

20%

 

 

 

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COMPANY TAXATION

FY2005

FY2004

 

 

 

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% 

* profits distributed to non-company shareholders will be subject to 19% tax - only retained profits will benefit from the nil tax rate

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CAPITAL GAINS TAX

2005/06

2004/05

Rates (subject to tapering relief)

 

 

general

10% : 20% : 40%

trustees and personal representatives

40%

40%

General exemption limit

£8,500

£8,200 

 

 

 

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INHERITANCE TAX

2005/06

2004/05

Threshold

£275,000

£263,000

Death rate

40%

40%

 

 

 

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VAT

2005/06

2004/05

Standard rate

17.5%

17.5%

Registration limit

£60,000

£58,000

Deregistration limit

£58,000

£56,000

Cash accounting limit

£660,000

£660,000

Flat rate accounting limit

£150,000

£150,000

 

 

 

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NATIONAL INSURANCE

2005/06

2004/05

(2004/05 in brackets where different)

 

 

 

Class 1 Contributions (employers)

£0 - £94 (£91) per week

Nil

Nil

Over £94 (£91) per week

12.8%

12.8%

 

 

 

Class 1 Contributions (employees)

£0 - £94 (£91) per week

Nil

Nil

£94 (£91) - £630 (£610) per week

11%

11%

Over £630 (£610) per week

1%

1%

 

 

 

Class 1A and 1B contributions (employers only)

12.8%

12.8%

 

 

 

Class 2 contributions

 

 

Flat weekly rate

£2.10

£2.05

Exemption limit per annum

£4,345

£4,215

 

 

 

Class 3 contributions

 

 

Flat weekly rate

£7.35

£7.15

 

 

 

Class 4 contributions

 

 

Profits per annum

 

 

£0 - £4,895 (£4,745)

Nil

Nil

£4,895 (£4,745) - £32,760 (£31,720)

8%

8%

Over £32,760 (£31,720)

1%

1%

 

 

 

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