Brief Tax etc Information ~ 2010/11
Personal Allowance £6,475 (Taxable income £100,000 or less)
Married Couples Allowance [MCA] (Abolished, if both spouses under 65 at 6.4.00 i.e. born 6.4.35,
or later) ~ £6,965 (Restricted to 10% relief)
Married Couples Allowance reduced by £1 for every £2 of income over £22,900
Minimum Married Couples Allowance where limit of £22,900 exceeded ~ £2,670
Age Allowance 65-74: Personal £9,490 (1)
Age Allowance 75 and over: Personal £9,640 (2)
Age Allowance restricted by £1 for every £2 of income over £22,900
Minimum Age Allowance: Personal £6,475
(1) Not beneficial if individual's total income exceeds £28,930.
(2) Not beneficial if individual's total income exceeds £29,230.
Class 1 NI ~ Up to £110 weekly, or £476 monthly - employer and employee = NIL
Class 2 NI ~ Small Earnings Exception = £5,075
Weekly Flat Rate = £2.40
Class 4 NI ~ £43,875 - £5,715 = £38,160 X 8% = £3,052.80
Class 4 NI Excess over £43,875 X 1%
Tax Rates
Starting rate band up to £2,440 = 10%, but this is only for savings income up to that
figure, to the extent that taxable non-savings income does not exceed £2,440.
£1 - £37,400 = 20% (Max = £7,480)
Over £37,400 = 40%
Additional Rate on taxable income over £150,000 = 50%
Construction Industry Scheme ~ Registered Sub-Contractors 20%
Unregistered Sub-Conbtractors 30%
Corporation Tax Years Ended 31.3.10 and 31.3.11 ~
Small Profits Rate (up to £300,000) = 21%
CGT ~ Annual Exemption (Individuals & Personal Representatives) £ 10,100
IHT Nil Rate Band = £0 to £325,000
Capital Allowances
Annual Investment Allowance ~
Plant & Machinery (first £100,000 of expenditure) = 100%
Writing Down Allowance ~
Plant & Machinery = 20%
VAT Registration level wef 1.4.10 (De-Registration = £68,000) £70,000
VAT Rate with effect from ~
1.1.10 = 17.5%
4.1.11 = 20%
Basic/Emergency Code for 2010/11 = 647L
National Minimum Wage from 1.10.10 to 30.9.11 ~
16 & 17 = £ 3.64
18 to20 = £ 4.92
Over 20 = £ 5.93