Brief Tax etc Information ~ 2008/09
Personal Allowance 5,435
MCA (Abolished, if both spouses under 65 at 6.4.00 i.e. born 6.4.35,
or later) ~ Minimum Allowance where income exceeds limit 2,540
Age Allowance 65-74: Personal 9,030*
MCA 6,535*^
Age Allowance 75+: Personal 9,180*
MCA 6,625*^
* Abatement of Relief by £1 for every £2 of income over £21,800,
down to basic allowance
^ Restricted to relief at 10%
Class 1 NI ~ Up to £105 weekly, er and ee NIL
Class 2 NI ~ Small Earnings Exception 4,825
Weekly Flat Rate 2 : 30
Class 4 NI ~ £40,040 - £5,435 = £34,605 X 8% = 2,768 : 40
Excess over £40,040 X 1%
Tax Rates
£1 - £2,320 20% £2,320 X 20% = 464
£2,321 - £36,000 20% £33,680 X 20% = 6,736
Over £36,000 40%
Construction Industry Scheme ~ Standard Rate - Registered 20%
Higher Rate – Not Registered 30%
Corporation Tax Year Ended 31.3.09 ~
Normal
Small Companies Rate 21%
CGT ~ Annual Exemption (Individuals & Personal Representatives) 9,600
IHT Nil Rate Band 312,000
First Year Allowances (from April 2008) ~
Plant & Machinery (first £50,000 of expenditure) 100%
Writing Down Allowance 20%
VAT Registration level wef 1.4.08 (De-Registration = £65,000) 67,000
Basic/Emergency Code 543L
National Minimum Wage from 1.10.07 ~ 16 & 17 3 : 40
18 to 21 4 : 60
Over 21 5 : 52