Tax rates and allowances

With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients'' tax liabilities are planned to be at a minimum.

With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients' tax liabilities are planned to be at a minimum.

The main changes for 2014/15 are:

  • Personal allowance increase to £10,000
  • Annual investment allowance increased to £500,000
  • ISA subscription limit increases to £11,880
  • New ISA launched on 1 July with an overall ISA/New ISA investment limit of £15,000 for 2014/15
  • Car benefit multiplier increases to £21,700
  • Basic state pension increases by £2.95 to £113.10 per week
  • Pension input limit reduces from £50,000 to £40,000
  • Pension cumulative limit reduces by £250,000 from £1,500,000 to £1,250,000
This is a summary of the key filing and payment dates.
Personal tax rates and allowances.
Details of corporation tax rates and bands.
Inheritance tax rates, nil rate band and allowances.
Capital gains tax rates and allowances.
VAT rates, schemes and thresholds
National insurance contributions and rates
Residential property letting tax rates and allowances.
Reduce your business tax liability with your capital expenditure.
In order to attract a deduction in computing the profits of a trade or business any expenses must be incurred wholly and exclusively for the purpose of the trade. Capital expenditure is not an allowable expense (capital allowances are claimed on these costs), and certain other expenses are barred by statute.
The tax system has many fines and penalties for those that do not file or pay on time. Make sure you do not become liable to any of these fines or penalties.
Trusts and settlements - tax rates and allowances.
The basics of the non domicile charge.
Qualification to be a small or medium sized company applies if two or more of the following criteria are met in the current and preceding year.
There are a number of schemes intended to encourage employers to make arrangements for their staff to travel to work by more environmentally beneficial means.
Current and previous mileage allowances.
Chargeable on employees earning £8,500 or over (including benefits), and directors.
Check your benefit for this tax year.
Vehicle duties
There are limits that may be contributed to a registered pension scheme without incurring a tax charge. The maximum amount on which an individual can claim tax relief in any tax year is the greater of the individual's UK relevant earnings or £3,600.
Enterprise investment schemes,seed enterprise investment schemes and venture capital trusts.
Details of this year’s investment maximums for ISAs and New ISAs (NISAs).
Details of the rates and types of stamp taxes.
Duty levied on flights
Landfill tax rates
Charitable contributions and Gift Aid.
ATED is a tax payable by companies on high value residential property (a dwelling).
Tax credits rates for this year and the last tax year.
State pension rates, pension credit and winter fuel allowances .
Selected benefit rates.
The following are a range of credits and are all the applicable monthly rates.