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Greenhow
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Business & Car Taxes |
[Taxation Index] [Income Tax] [Other Personal Taxes][Car Use & Mileage Allowances] [Budget Features]
BUSINESS TAXES
TAXATION RATES & THRESHOLDS, ETC.
| 2010/11 | 2009/10 | 2008/09 |
2007/08 |
2006/07 |
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| CORPORATION TAX | Profits | Rate | Profits | Rate | Profits | Rate | Profits | Rate | Profits | Rate | |
| Full | £1,500,000 | 28.0% | £1,500,000 | 28.0% | £1,500,000 | 28.0% | £1,500,000 | 30.0% | £1,500,000 | 30.0% | |
| Starting first | £ N/a | N/a | £ N/a | N/a | £ N/a | N/a | £ N/a | N/a | £ N/a | N/a | |
| Marginal Rate Relief | £ N/a | N/a | £ N/a | N/a | £ N/a | N/a | £ N/a | N/a | £ N/a | N/a | |
| Payable | £ N/a | N/a | £ N/a | N/a | £ N/a | N/a | £ N/a | N/a | £ N/a | N/a | |
| Small Co to | £ 300,000 | 21.0% | £ 300,000 | 21.0% | £ 300,000 | 21.0% | £ 300,000 | 20.0% | £ 300,000 | 19.0% | |
| Marginal Rate Relief | £300,001/1.5m | 11/400 | £300,001/1.5m | 11/400 | £300,001/1.5m | 11/400 | £300,001/1.5m | 1/40 | £300,001/1.5m | 11/400 | |
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Payable | £300,001/1.5m | 29.75% | £300,001/1.5m | 29.75% | £300,001/1.5m | 29.75% | £300,001/1.5m | 32.50% | £300,001/1.5m | 32.75% |
| Notes: | |||||||||||
| 1. The marginal rates payable only apply if overall profits do not exceed the upper level of the band of profits. | |||||||||||
| VALUE ADDED TAX | |||||||||||
| Standard Rate: | 17.5% | 17.5% | 17.5% | ||||||||
| To 30 Nov 2008 | 17.5% | ||||||||||
| From 1 Dec 2008 | 15.0% | 15.0% | |||||||||
| From 1 Jan 2010 | 17.5% | 17.5% | |||||||||
| From 4 Jan 2011 | 20.0% | ||||||||||
| Threshold limit p.a. | £ 70,000* | £ 68,000 | £ 67,000 | £ 64,000 | £ 61,000 | ||||||
| Flat Rate limit (new-below) | £ 150,000 | £ 150,000 | £ 150,000 | £ 150,000 | £ 150,000 | ||||||
| Cash Accounting Turnover (max.) | £ 1,350,000 | £ 1,350,000 | £ 1,350,000 | £1,350,000 | £660,000 | ||||||
New threshold is from 1st May 2010*
HMR&C detailed guidance on VAT changes from 1 January 2010 click:. www.hmrc.gov.uk/agents/forms-vat.htm#2
Optional "Flat Pay" Rates
These are set at numerous different rates, according to industry classification.
Liability is to be calculated using the rates multiplied by the gross outputs (including the V.A.T. charged on "ouput" sales).
GOODWILL AND INTELLECTUAL PROPERTY (Intangible Fixed Assets)
Subject to restrictions, Corporation Tax relief on a fixed Capital Allowances basis of 4% per annum, or the accounting policy is available in respect of
purchases of the above, on or after 1st April 2002. (Goodwill is normally the value of a business,
over and above the book value of net assets.)
STAMP DUTY
Stamp Duty rates are:
| Share Transfers: | 0.5% | ||
| Commercial | Residential | ||
| Property | Up to £ 125,000 | Nil | |
| Up to £ 150,000 | Nil | 1% | |
| to £ 250,000 | 1% | 1% | |
| to £ 500,000 | 3% | 3% | |
| Over £500,000 | 4% | 4% | |
First-time home buyers may be exempt in respect of home purchase up to £ 250,000.
From April 2011 duty on homes costing £ 1,000,000 or over will be 5%.
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Employers' National Insurance Contributions |
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