Tax Tables London, Accountant for a Small Business in Norbury, Cheap Accountants in London, Norbury, Croydon, SW, SW16, South London, Lambeth Doshi and co.

Income Tax

Starting rate is for savings income up to the starting rate limit of £2,560 within the basic rate band. The rate applies to any balance of the limit remaining after allocating taxable non-savings income.
		2011-12	2010-11

Basic rate band - income up to		£35,000	£37,400
Starting rate for savings		*10%	*10%
Basic rate		20%	20%
Dividend ordinary rate		10%	10%
Higher rate - income over		£35,000	£37,400
Higher rate		40%	40%
Dividend upper rate		32.50%	32.50%
Additional rate - income over		£150,000	£150,000
Additional rate		50%	50%
Dividend additional rate		42.50%	42.50%

Trusts		2011-12	2010-11
For interest in possession trusts on all income, and other trusts on the first £1,000 of income ("standard rate band"):
Dividend type income - ordinary rate		10%	10%
Savings income		20%	20%
Other income		20%	20%
Income of other trusts above £1,000 is taxed at the special trust rates:
Rate applicable to trusts for all other income		50%	50%
Dividend type income - trust rate		42.50%	42.50%
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Personal allowance (PA)
under 65	A, D	£7,475	£6,475
65 to 74	A, B, D	£9,940	£9,490
75 and over	A, B, D	£10,090	£9,640
Blind person's allowance		£1,980	£1,890
Married couple's allowance (MCA)
Either partner born before 6 April 1935 (relief restricted to 10%)	A, C, D	£7,295	£6,965
Tax Shelters
Enterprise Investment Scheme (EIS) up to		£500,000	£500,000
Venture Capital Trust (VCT) up to		£200,000	£200,000
Golden Handshake max.		£30,000	£30,000
Rent a Room - exempt on gross annual rent up to		£4,250	£4,250
Construction Industry Scheme deduction rate:
Standard (registered)		20%	20%
Higher (not registered)		30%	30%
A. Ages are as the end of the tax year. Ages for the MCA relate to the elder spouse or civil partner. B. The higher rates of personal allowances are reduced by £1 for each £2 of excess income over £24,000 until the basic allowance is reached. C. Similar limits apply to the married couple's allowance. The reduction in allowance is subject to a minimum level of £2,800. (For couples married before 5 December 2005, only the husband's income is taken into account. For those married on or after 5 December 2005 or in a civil partnership, only the higher earner?s income is taken into account.) D. For 2011/12 the personal allowance, including the minimum age-related allowance, is reduced by £1 for every £2 that net adjusted income exceeds £100,000.

National Insurance Contributions

Over state retirement age, the employee contribution is generally Nil
Class 1 (not contracted out)		Employer	Employee
Payable on weekly earnings of
Below £102 (lower earnings limit)		Nil	Nil
£102 - £136 (employers' earnings threshold)		Nil	Nil
£136.01 - £139 (employees? earnings threshold)		13.80%	Nil
£139.01 - £770 (upper accrual point)		13.80%	12%
£770.01 - £817 (upper earnings limit)		13.80%	12%
Over £817		13.80%	2%
Class 1A (on relevant benefits)		13.80%	Nil
Class 1B (on PAYE settlement arrangement)		13.80%	Nil
Class 2 (Self employed)		£2.50 per week
Limit of net earnings for exception		£5,315 per annum
Class 3 (Voluntary)		£12.60 per week
Class 4* (Self employed on profits)
£7,225 to £42,475	9%
Excess over £42,475	2%
*Exemption applies if state retirement age was reached by 6 April 2011.
Note
For those earning between £102 per week and £770 per week, employers receive a rebate of 1.4% on contracted out money purchase schemes or 3.7% on contracted out salary related schemes, and employees a rebate of 1.6% for either scheme.

Capital Gains Tax

(Proceed per item or set)
	2011-12	2010-11
Exemptions
Individuals, estates, etc	10,600	10,100
Trusts generally	5,300	5,050
Chattels proceeds	6,000	6,000


Rates
Standard rates - Up to £35,000	18%	18%
Higher rates - From £35,000	28%	28%
(From 23 June 2010)

Enterpreneurs' Relief
Lifetime limit from 23 June 2010	10,00,0000	50,00,000
(Before 23 June 2010 it was £2,000,000)

The first gains up to above limit will be charged at following rate. Gains in excess of the exception will be charged at the normal rate.

Enterpreneurs' Relief Rate	10%	10%

For trading businesses & companies (min 5% employee shareholding) held for 1year+.

Corporation Tax

Profits £		2011-12	2010-11
0 - 300,000	Small profit rate	20.00%	21.00%
300,001 - 1,500,000	Marginal rate	27.50%	29.75%
1,500,001 and over	Main rate	26.00%	28.00%

Value Added Tax

Taxable Turnover Limits
From	4-Jan-11	1-Jan-10
Standard Rate	20%	17.50%
Reduced Rate	5%	5%
Registration - last 12 months or next 30 days over	£73,000 from 1 April 2011
Deregistration - next 12 months under	£71,000 from 1 April 2011
Cash accounting scheme - up to	£1,350,000
Optional flat rate scheme - up to	£150,000
Annual accounting scheme - up to	£1,350,000

Basic State Pension

BASIC STATE PENSION	��2011-12		2010-11
	WEEKLY	ANNUAL	WEEKLY	ANNUAL
Single Pension	102.15	5,311.80	97.65	5,077.80
Dependant's addition	61.20	3,182.40	58.50	3,042.00
Total married Pension	163.35	8,494.20	156.15	8,119.80
Pension Credit - Standard Income guarantee
	Single : £137.35		Married: £209.70

Car Benefit for Employees

Chargeable on employees earning £8,500 or over (including benefits), and directors.

Benefit is calculated as a percentage of the Price of the car. This percentage depends upon the rate at which the car emits carbon dioxide (CO2), and the fuel type.

Table for the year 2011 - 12
CO2 emissions	Appropriate percentage		CO2 emissions	Appropriate percentage
(g/km)	Petrol %	Diesel %	(g/km)	Petrol %	Diesel %
01 - 75	5	8	175 - 179	25	28
76 - 120	10	13	180 - 184	26	29
121 - 129	15	18	185 - 189	27	30
130 - 134	16	18	190 - 194	28	31
135 - 139	17	19	195 - 199	29	32
140 - 144	18	21	200 - 204	30	33
145 - 149	19	22	205 - 209	31	34
150 - 154	20	23	210 - 214	32	35
155 - 159	21	24	215 - 219	33	35
160 - 164	22	25	220 - 224	34	35
165 - 169	23	26	225 and above	35	35
170 - 174	24	27	225 and above

To find CO2 emission of your car check Car registration documents or following website
	http://carfueldata.direct.gov.uk

Fuel Benefit

FUEL BENEFIT	2011-12	2010-11

Multiply the CO2% used for the car benefit by	£18,800	£18,000
Vans - Fixed charge	£550	£550

Child Trust Fund

The Child Trust Fund (CTF) is a long-term tax-free savings account for children born between 1 September 2002 and 2 January 2011
The money in the CTF account belongs to the child but can't be taken out until they are 18.

For each child that is entitled to a CTF account, HM Revenue & Customs (HMRC) will usually send you a voucher. You use this to open the account in your child's name. The voucher could be worth £50 or £250 depending on when your child was born and when they became entitled to an account.

From 1 November 2011 parents, family and friends can add money to the account up to a limit of £3,600 a year.

Company Cars Advisory Fuel Rates

(Effective from 01 September 2011)
for employee private mileage reimbursement or employer reimbursement of business mileage in company cars

Engine Size	Petrol	LPG
1400cc or less	15p	11p
1401cc - 2000cc	18p	12p
Over 2000cc	26p	18p
Engine Size	Diesel
1600cc or less	12p
1601cc - 2000cc	15p
Over 2000cc	18p

Employee Share Schemes Limits

	2011-12
Share incentive plans
Employer contributions	£3,000
Employer matching (2:1)	£3,000
Employee	£1,500

Enterprise management incentive option value	£120,000
Approved share option schemes option value	£30,000
Savings-related share options per month	£250

Individual Savings Account (ISA)

	2011-12	2010-11
Maximum Investment Component
Cash	£5,340	£5,100
Stocks & Shares (Balance to)	£10,680	£10,200
Balance to means : For year 2011-12 you can put up to £5,340 in a cash ISA and the remainder of the £10,680 into a stocks and shares ISA with either the same or another provider.

Inheritance Tax

Reduced Tax charge on gifts within 7 years of death
			2011-12		2010-11

Standard threshold			£325,000		£325,000
Combined threshold maximum for married couples and civil partners			£650,000		£650,000

Rate of tax on balance:
Chargeable lifetime transfers			20%		20%
Transfers on, or within 7 years of, death			40%		40%

100 % Relief :	Business Assets, Unlisted/AIM companies, Certain farmlands/buildings
50 % Relief :	Certain other business assets
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Years before death	0-3	3-4	4-5	5-6	6-7
Tax reduced by	0%	20%	40%	60%	80%
Main exemptions
1. Most transfers between spouses and civil partners.
2. The first £3,000 of lifetime transfers in any tax year plus any unused balance from previous year.
3. Gifts of up to but not exceeding £250 p.a. to any number of persons.
4. Gifts in consideration of marriage or civil partnership of: up to £5,000 by a parent, up to £2,500 by a grandparent, or up to £1,000 by any other person.
5. Gifts made out of income that form part of normal expenditure and do not reduce the standard of living.
6. Gifts to charities, whether made during lifetime or on death.

Main Capital and Other Allowances

Motor cars : Expenditure on or after 01/04/2009
Plant and Machinery and others�
Energy saving and environmentally beneficial equipment, zero and low CO2 emission (up to 110g/km) cars, new and unused zero emission goods vehicles, natural gas/hydrogen refuelling equipment: first year allowance (FYA)			100%
Annual investment allowance (AIA) ? on first £100,000 of investment (excludes cars and other expenditure already qualifying for 100% FYA)			*100%
Writing down allowance on expenditure not qualifying for AIA or FYA:
Long-life assets, integral features of buildings, cars over 160g/km			10%
Other plant and machinery			20%
Enterprise Zone allowance, conversion of parts of business premises into flats, business premises renovation: max initial allowance			100%
Industrial & agricultural buildings (Straight line)			2%
CO2 emissions of g/km :	110 or less	111-160	161 or more
Capital allowance :	100%	20%	10%
* Transitional rules may apply

Main Due Dates for Tax Payment

Dates
Income Tax (including Class 4 NIC)
31-Jul-11	2010/11 second payment on account
31-Jan-12	2010/11 balancing payment, and 2011/12 first payment on account
31-Jul-12	2011/12 second payment on account
31-Jan-13	2011/12 balancing payment, and 2012/13 first payment on account
Class 1A NICs
19-Jul-11	2010/11 payment due
Capital Gains Tax
31-Jan-12	2010/11 Capital Gains Tax
31-Jan-13	2011/12 Capital Gains Tax
Corporation Tax
9 months and one day after the end of the accounting period (or by quarterly instalments if large company)
Inheritance Tax
6 months after the end of the month of death.
For chargeable lifetime transfers between 6 April and 30 September, due date is 30 April in the following year.
For chargeable lifetime transfers between 1 October and 5 April, due date is six months after the end of the month in which the transfer was made.
Latest Filing/Issuing Deadlines -2010/11 PAYE Returns
19-May-11	P14, P35, P38 and P38A - file online
31-May-11	Issue P60s to employees
6-Jul-10	P9D, P11D and P11Db - also issue copies to employees
	Form 42 - Reporting of employment-related securities.
2011 Self Assessment Tax Return
31-Oct-11	Last filing date - paper returns
30-Dec-11	Online if outstanding tax (less than £2,000) to be included in 2012/13 PAYE code
31-Jan-12	Last filing date - online returns

Main Personal Allowances and Reliefs


Plant and Machinery and others�
Energy saving and environmentally beneficial equipment, zero and low CO2 emission (up to 110g/km) cars, new and unused zero emission goods vehicles, natural gas/hydrogen refuelling equipment: first year allowance (FYA)			100%
Annual investment allowance (AIA) ? on first £100,000 of investment (excludes cars and other expenditure already qualifying for 100% FYA)			*100%
Writing down allowance on expenditure not qualifying for AIA or FYA:
Long-life assets, integral features of buildings, cars over 160g/km			10%
Other plant and machinery			20%
Enterprise Zone allowance, conversion of parts of business premises into flats, business premises renovation: max initial allowance			100%
Industrial & agricultural buildings (Straight line)			2%
Motor cars : Expenditure on or after 01/04/2009
CO2 emissions of g/km :	110 or less	111-160	161 or more
Capital allowance :	100%	20%	10%
* Transitional rules may apply

Registered Pensions

There is no financial limit on the amount that may be contributed to a registered pension scheme. 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.
If total pension input exceeds the annual allowance of £50,000, there may be a tax charge on the excess.

Maximum age for tax relief	74
Minimum age for taking benefits	55
Lifetime allowance charge - lump sum paid	55%
Lifetime allowance charge - monies retained��	25%
on cumulative benefits exceeding	£1,800,000
Maximum tax-free lump sum	25%*
to transitional protection for excess amount.
Note - Total pension input is the increase in value of the aggregate of all the individual's pension savings. The pension input period is usually the year to the anniversary date which falls within the relevant tax year.

Stamp Duties

Transfers of property are subject to stamp duty land tax at the following rates:
	Residential		Commercial
Value up to £125,000*	Nil	Value up to £150,000	Nil
Over £125,000* to £250,000**	1%	Over £150,000 to £250,000**	1%
Over £250,000 to £500,000	3%	Over £250,000 to £500,000	3%
Over £500,000 to £1,000,000	4%	Over £500,000	4%
Over £1,000,000	5%	�	5%
* £150,000 for residential property in disadvantaged areas
** First time buyers nil

The rate of stamp duty / stamp duty reserve tax on the transfer of shares and securities is generally payable at 0.5 per cent.
New Leases
Duty is charged according to the net present value of all the rental payments over the term of the lease (NPV), with a single rate of 1% on residential NPV's over £125,000 and on non-residential NPV's over £150,000.
Lease premiums
Duty on premiums is the same as for transfers of land (except that the zero rate does not apply where rent of over £600 annually is also payable).

Tax-Free Mileage Allowance

Cars and vans:
on the first 10,000 miles in the tax year	45p per mile
on each additional mile above this	25p per mile

Motorcycles	24p per mile

Bicycles�	20p per mile

tax tables