Home | About Us | Client Testimonials | Our Team | Forms | Articles | Careers | Contact Us
kvs accountants

 

020 7731 6131
KVS & Co.
Riverbank House
1, Putney bridge approach
Fulham, London, SW6 3JD
Tell : 020 7731 6131
E-mail : info@kvsaccountants.co.uk

Income Tax allowances table 2013 - 14 and 2014 - 15

2013-14 2014-15
Personal Allowance for people born after 5 April 1948 (1) £9,440 £10,000
Income limit for Personal Allowance £100,000 £100,000
Personal Allowance for people aged 65-74 (1)(2) N/A N/A
Personal Allowance for people born between 6 April 1938 and 5 April 1948 (1) (2) £10,500 £10,500
Personal Allowance for people aged 75 and over (1)(2) N/A N/A
Personal Allowance for people before 6 April 1938 (1) (2) £10,660 £10,660
Maximum amount of Married Couple's Allowance (born before 6th April 1935) (2) (3) £7,915 £8,165
Income limit for age-related allowances N/A N/A
Income limit for the allowances for those born before 6 April 1948 £26,100 £27,000
Minimum amount of Married Couple's Allowance £3,040 £3,140
Blind Person's Allowance £2,160 £2,230

Income Tax rates and taxable bands 2013 - 14 and 2014 - 15

2013-14 2014-15
Starting rate for savings: 10%* £0 - £2,790 £0 - £2,880
Basic rate: 20% £0 - £32,010 £0 - £31,865
Higher rate: 40% £32,011 - £150,000 £31,866 - £150,000
Additional rate: 45% from 6 April 2013 Over £150,000 Over £150,000

National Insurance Contributions

£ per week 2013-14 2014-15
Lower earnings limit, primary Class 1 £109 £111
Upper earnings limit, primary Class 1 £797 £805
Upper accrual point £770 £770
Primary threshold £149 £153
Secondary threshold £148 £153
Employees' primary Class 1 rate between primary threshold and upper earnings limit 12% 12%
Employees' primary Class 1 rate above upper earnings limit 2% 2%
Class 1A rate on employer provided benefits (1) 13.8% 13.8%
Employees' contracted-out rebate (for contracted-out salary related schemes only) 1.4% 1.4%
Married women's reduced rate between primary threshold and upper earnings limit 5.85% 5.85%
Married women's rate above upper earnings limit 2% 2%
Employers' secondary Class 1 rate above secondary threshold 13.8% 13.8%
Employers' contracted-out rebate, salary-related schemes 3.4% 3.4%
Employers' contracted-out rebate, money-purchase schemes N/A N/A
Class 2 rate £2.70 £2.75
Class 2 small earnings exception £5,725 per year £5,885 per year
Special Class 2 rate for share fishermen £3.35 £3.40
Special Class 2 rate for volunteer development workers £5.45 £5.55
Class 3 rate £13.55 £13.90
Class 4 lower profits limit £7,755 per year £7,956 per year
Class 4 upper profits limit £41,450 per year £41,865 per year
Class 4 rate between lower profits limit and upper profits limit 9% 9%
Class 4 rate above upper profits limit 2% 2%
Additional primary Class 1 percentage rate on deferred employments 2% 2%
Additional Class 4 percentage rate where deferment has been granted 2% 2%

Corporation Tax

Rate 2013 2014
Small profits rate* 20%* 20%*
Small profits rate can be claimed by qualifying companies with profits at a rate not exceeding £300,000 £300,000
Marginal Relief Lower Limit £300,000 £300,000
Marginal Relief Upper Limit £1,500,000 £1,500,000
Standard fraction 3/400 1/400
Main rate of Corporation Tax* 23%* 21%*
Special rate for unit trusts and open-ended investment companies 20%* 20%*

Capital Gains Tax

Customer group 2011-12 2012-13 2013-14
Individuals, personal representatives and trustees for disabled people £10,600 £10,600 £10,900
Other trustees £5,300 £5,300 £5,450

Stamp Duty Rates

Purchase price/lease premium or transfer value SDLT rate
Up to £125,000 Zero
Over £125,000 to £250,000 1%
Over £250,000 to £500,000 3%
Over £500,000 to £1 million 4%
Over £1 million to £2 million 5%
Over £2 million from 22 March 2012 7%
Over £2 million (purchased by certain persons including corporate bodies) from 21 March 2012

Speak to our accountants today

 

We understand that needs of every business vary significantly based on the context they operate. Hence, we are more than glad to offer you a customized package that will cover the exact needs of your business.

 

If you would like to discuss your specific business needs, get in touch with us via email or over the phone. We are prepared to talk to you at a free one to one discussion to assess your accounting or tax needs.

 

Call us on 020 7731 6131 or email us at info@kvsaccountants.co.uk for a free discussion.

 

KVS & Co. offers a range of accounting, general business services and personal business advise to individuals and businesses in the areas of Chelsea, fulham, Hammersmith, Putney, Barnes and Wimbledon.