Brief Tax etc Information ~ 2008/09
(incorporating changes made by the Chancellor of the Exchequer 13 May 2008)
Personal Allowance (previously £5,435) £ 6,035
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(1)
MCA £ 6,535(3)
Age Allowance 75+: Personal £ 9,180(2)
MCA £ 6,625(3)
(1) Not beneficial if individual's total income exceeds £28,990.
(2) Not beneficial if individual's total income exceeds £29,920.
(3) 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
Starting rate band up to £2,320 = 10%, but this is only for savings income up to that
figure, to the extent that taxable non-savings income does not exceed £2,320.
£1 - £34,800 20% £34,800 X 20% = £ 6,960
Over £34,800 40%
Construction Industry Scheme ~ Registered Sub-Contractors 20%
Unregistered Sub-Conbtractors 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
Capital Allowances
Annual Investment Allowance (from 5 April 2008) ~
Plant & Machinery (first £50,000 of expenditure) 100%
Writing Down Allowance ~
Plant & Machinery 20%
VAT Registration level wef 1.4.08 (De-Registration = £65,000) £ 67,000
Basic/Emergency Code (previously 543L) 603L
National Minimum Wage from 1.10.08 ~ 16 & 17 £ 3.53
18 to 21 £ 4.77
Over 21 £ 5.73