dmc partnership
chartered accountants
01342 824181
Newsletter
Useful Information
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PERSONAL ALLOWANCES |
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2015/16 |
2014/15 |
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£ |
£ |
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Personal allowance |
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10,600 |
10,000 |
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Personal allowance ages 65 - 74 (born after 05.04.38 but before 06.04.48 |
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10,600 |
10,500 |
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Personal allowance aged 75 and over (born before 06.04.38) |
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10,660 |
10,660 |
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Income limit for age-related allowances |
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27,700 |
27,000 |
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Income limit for standard personal allowance |
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100,000 |
100,000 |
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INCOME TAX |
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2015/16 |
2014/15 |
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2015/16 |
2014/15 |
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% |
% |
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£ |
£ |
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Savings rate Basic rate |
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0 20 |
10 20 |
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5,000 31,785 |
2,880 31,865 |
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Higher rate |
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40 |
40 |
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118,215 |
118,135 |
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Additional rate |
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45 |
45 |
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above 150,000 |
150,000 |
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NATIONAL INSURANCE |
2015/16 |
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2014/15 |
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2015/16 |
2014/15 |
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% |
%
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Class 1 employee |
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£1 - £8,060 per year |
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£1 - £7,956 per year |
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Nil |
Nil |
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£8,060 - £42,385 per year |
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£7,956 - £41,865 per year |
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12.0 |
12.0 |
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£42,385 and above per year |
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£41,865 and above per year |
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2.0 |
2.0 |
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% |
% |
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Class 1 employer |
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£1 - £8,112 per year |
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£1 - £7,956 per year |
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Nil |
Nil |
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£8,112 and above per year |
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£7,956 and above per year |
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13.8 |
13.8 |
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Class 1 A |
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13.8 |
13.8 |
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Class 2 |
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Small profits threshold |
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£5,965 |
£5,885 |
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Per week |
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£2.80 |
£2.75 |
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% |
% |
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Class 4 |
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£1 - £8,060 per year |
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£1 - £7,956 per year |
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Nil |
Nil |
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£8,060 to £42,385 per year |
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£7,956 - £41,865 per year |
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9.0 |
9.0 |
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£42,385 and above per year |
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£41,865 and above per year |
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2.0 |
2.0 |
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CORPORATION TAX FINANCIAL YEAR
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2015 % |
2014 % |
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Main rate |
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20.00 |
21.00 |
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Small profits rate |
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20.00 |
20.00 |
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Marginal rate |
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0.00 |
21.25 |
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VAT |
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Registration limit |
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£82,000 |
£81,000 |
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Deregistration limit |
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£80,000 |
£79,000 |
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Flat rate scheme registration limit |
(excluding VAT) |
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£150,000 |
£150,000 |
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Flat rate scheme deregistration limit (including VAT) |
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£230,000 |
£230,000 |
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