Accounting Help

Tax Rates

Income tax 2012-13 2013-14
Tax-free personal allowance (under 65) £8,105 £9,440
Basic rate: 20% £0 - £34,370 £0 - £32,010

Higher rate: 40%(dividends: 32.5%)

£34,371 - £150,000

 £32,011  - £150,000

Additional rate: (dividends: 42.5%)

Over £150,000

(50%)

Over £150,000

(45%)
Capital Gains 2012-13 2013-14
Annual Exempt Amounts for individuals £10,600 £11,000
Corporation tax (rates for financial years starting on 1st April) 2013 2014
First £300,000 20% 20%

Next £1,200,000

 25% 23.75%
Over £1,500,000 24% 23%

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
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