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2010/11 2011/12
£ £
Tax allowances Personal 6,475 7,475
Extra from 65-75 3,015 2,465
(goes up a bit if over 75 and extra drops out on a £ for £ basis and completely
if income over) 22,900 24,000
Capital Gains Tax tax free sum 10,100 10,600
Rate 18% 18%
National insurance Normally employed Class 1 from 5,715 7,070
Employees 11% 12%
Employers 12.8% 13.8%
Self employed
Class 2 if profits over 5,075 5,315
Flat rate per week 2.40 2.50
Class 4 8% from 5,715 9% 7,225
to 43,875 42,475
then 2%
Inheritance Tax 40% after 325,000 325,000
Relief effectively doubled (in most cases) in October 2007
650,000 650,000
Important dates The day tax returns must be in by - also the end of the annual
accountants nightmare 31st January !!!!!
Three months after you have started self employment you must
notify the Revenue - or guess what - a £100 fine!
Limited companies now have to file their accounts at Companies
House within 9 months of their year end - or guess what, a £150 fine
VAT Registration Currently (April 2011), and from 1st April 2011, £73,000.
Audit limit Most companies with a turnover of under £6,500,000 per annum do not
need an audit.
The above is not comprehensive but I hope is useful to 'Joe Public' who I am in business to serve.
Last update 27/04/2011 co.uk
£ £
Tax allowances Personal 6,475 7,475
Extra from 65-75 3,015 2,465
(goes up a bit if over 75 and extra drops out on a £ for £ basis and completely
if income over) 22,900 24,000
Capital Gains Tax tax free sum 10,100 10,600
Rate 18% 18%
National insurance Normally employed Class 1 from 5,715 7,070
Employees 11% 12%
Employers 12.8% 13.8%
Self employed
Class 2 if profits over 5,075 5,315
Flat rate per week 2.40 2.50
Class 4 8% from 5,715 9% 7,225
to 43,875 42,475
then 2%
Inheritance Tax 40% after 325,000 325,000
Relief effectively doubled (in most cases) in October 2007
650,000 650,000
Important dates The day tax returns must be in by - also the end of the annual
accountants nightmare 31st January !!!!!
Three months after you have started self employment you must
notify the Revenue - or guess what - a £100 fine!
Limited companies now have to file their accounts at Companies
House within 9 months of their year end - or guess what, a £150 fine
VAT Registration Currently (April 2011), and from 1st April 2011, £73,000.
Audit limit Most companies with a turnover of under £6,500,000 per annum do not
need an audit.
The above is not comprehensive but I hope is useful to 'Joe Public' who I am in business to serve.
Last update 27/04/2011 co.uk
Keith Coulson & Co. Ltd, 61 Norfield Rd, Joydens Wood, Dartford,Kent, DA2 7NY
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