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Accounting Help

Tax Rates

Income tax	2013-14	2014-15
Tax-free personal allowance (under 65)	£9,440	£10,000
Basic rate: 20%	£0 - £32,010	£0 - £31,865
Higher rate: 40%(dividends: 32.5%)	£32,011 - £150,000	£31,866 - £150,000
Additional rate: (dividends: 42.5%)	Over £150,000 (45%)	Over £150,000 (45%)

Capital Gains	2013-14	2014-15
Annual Exempt Amounts for individuals	£10,900	£11,000

Corporation tax (rates for financial years starting on 1^st April)	2014	2015
First £300,000	20%	20%
Next £1,200,000	23.75%	21.25%
Over £1,500,000	23%	21%
Tax credit on dividends (basic rate taxpayer)	10%	10%

Approved HMRC mileage rates	First 10,000 business miles in the tax year	Each business mile over 10,000 in the tax year
Cars & vans	45p	25p
Motor cycles	24p	24p
Bicycles	20p	20p

Accounting Help