|
|
.
| Taxable
bands |
2007-08
(£) |
| Starting rate 10 per cent |
0-2,090 |
| Basic rate 22 per cent |
2,021-32,400 |
| Higher rate 40 per cent |
Over 32,400 |
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|
2007-08 (£) |
|
Personal allowance
Personal allowance: age 65-74
Personal allowance: age 75 and over |
4,895
7,090
7,220 |
| Married couples allowance: age
71 - 74
Married couples allowance: age 75 or more |
590.50
597.50 |
|
Income limit for age - related
allowances |
19,500 |
|
Blind persons allowance |
1,610 |
*replaced by Tax credits
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| |
2007-08 (£) |
|
Capital gains tax annual exempt
amount |
|
|
Individuals etc |
8,500 |
| Other trustees |
4,250 |
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| |
Writing down allowance |
| Plant and Machinery |
50% first year (25% on reducing balance
) |
| Motor Cars |
25% £3000 max |
| Industrial Buildings |
4% |
| Agricultural Buildings |
4% |
| Hotels |
4% |
Small businesses if less than 50 employees turnover
less than 5.6M and total assets less than 2.8M.
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.
Contribution limit- % of net relevant earning
| Age
on 6 April 2005 |
PPS |
RAP
|
| 35
or less |
17.5 |
17.5 |
| 36-45 |
20.0 |
17.5 |
| 46-50 |
25.0 |
17.5 |
| 51-55 |
30.0 |
20.0 |
| 56-60 |
35.0 |
22.5 |
| 61-74 |
40.0 |
27.5 |
| |
2007/08 |
| |
£ |
| Pension Schemes Earning Cap |
105,600 |
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.
|
Death
Rate |
Lifetime
Rate |
2007/08 |
|
% |
% |
£000s |
|
Nil |
Nil |
0-275 |
|
40 |
20 |
Over 275 |
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..
| Financial Year Commencing
|
2007-08 |
| Taxable profits |
|
| First £10,000
|
0% |
| Next £40,000 |
23.75% |
| Next £250,000 |
19% |
| Next £1,200,000 |
32.75% |
| On profits over £1,500,000
|
30% |
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..
|
Car and Fuel Benefits 2007/08
|
The tax you pay on your company car is governed
by four factors:
-
the list price of the car, on the day
before it was first registered, plus certain accessories,
-
the rate at which the car emits carbon
dioxide (CO2),
-
the fuel type
(for most types of car, this is all the information
you need to work out the taxable benefit)
-
your highest rate of income tax.
You can find your taxable percentage
for 2007/08 using the following table:
|
| CO2
in g/km |
Taxable
% |
CO2
in g/km |
Taxable
% |
CO2
in g/km |
Taxable
% |
| Petrol |
Diesel |
Petrol |
Diesel |
Petrol |
Diesel |
| Less than 145 |
15% |
18% |
175 to 179 |
22% |
25% |
210 to 214 |
29% |
32% |
| 145 to 149 |
16% |
19% |
180 to 184 |
23% |
26% |
215 to 219 |
30% |
33% |
| 150 to 154 |
17% |
20% |
185 to 189 |
24% |
27% |
220 to 224 |
31% |
34% |
| 155 to 159 |
18% |
21% |
190 to 194 |
25% |
28% |
225 to 229 |
32% |
35% |
| 160 to 164 |
19% |
22% |
195 to 199 |
26% |
29% |
230 to 234 |
33% |
35% |
| 165 to 169 |
20% |
23% |
200 to 204 |
27% |
30% |
235 to 239 |
34% |
35% |
| 170 to 174 |
21% |
24% |
205 to 209 |
28% |
31% |
240 and over |
35% |
35% |
If the employee pays for the full cost of
all fuel for private journeys (usually including home to
work) there will be no car fuel benefit. In all other cases
the full tax charge will be due.
The taxable car fuel benefit is, for 2007/08, is calculated
by multiplying £14,400 by the same percentage as
applies (or would apply) for the car benefit.
Example: A company car driver has a car which, on the day
before it was first registered, had a list price of £18,000.
It runs on petrol, and emits 182 g/km of CO2.
If we assume the driver pays tax at 40%, the annual tax
bill on the car is: £18,000 x 23% x 40% = £1,656
If the employer provides any fuel used for private journeys
and is not re-imbursed for the cost, the 2007/08 tax bill
for the fuel is: £14,400 x 23% x 40% = £1,324.80.
|
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..
| Standard Rate |
17.5% |
| Lower Rate |
5% |
| Annual Registration Limit- from
1 April 2005. |
£60,000 |
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|
National Insurance Contributions
2007/08
|
| Class 1 (not contracted out) |
Employer |
Employee |
| Lower earnings limit |
|
£82 |
| Payable on weekly earnings |
|
|
| £94.01 - £630 |
12.8% |
11% |
| Over £630 |
12.8% |
1% |
Men 65 and over and
women 60 and over |
as above |
Nil |
| |
|
| Class 1A (on relevant benefits) |
12.8% |
Nil |
| |
|
| Class 1B (on PAYE settlement arrangement) |
12.8% |
|
| |
|
| Class 2 (Self employed) |
£2.10 per week |
| Limit of net earnings for exception |
£4,345 per annum |
| |
|
| Class 3 (Voluntary) |
£7.35 per week |
| |
|
| Class 4 (* Self employed on profits) |
|
| £4,895 to £32,760 |
8% |
| Excess over £32,760 |
1% |
| *Exemption applies if state retirement age was
reached by 6 April 2005. |
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|
| |
| |
|
