UK Tax Tables 2004/2005

Tax Rates and Allowances

2003-04 (£) 2004-05 (£) Increase (£)
INCOME TAX ALLOWANCES:
Personal allowance 4,615 4,745 130
CAPITAL GAINS TAX ANNUAL EXEMPT AMOUNT:
Individuals etc: 7,900 8,200 300
Other trustees: 3,950 4,100 150
Inheritance tax threshold 255,000 263,000 8000
Pension schemes earnings cap 99,000 102,000 3000

Taxable Bands

Taxable bands 2003-04 (£) Taxable bands 2004-05 (£)
Starting rate 10% 0 - 1,960 Starting rate 10% 0 - 2,020
Basic rate 22% 1,961 - 30,500 Basic rate 22% 2,021 - 31,400
Higher rate 40% Over 30,500 Higher rate 40% Over 31,400

Corporation Tax Rates

Corporation tax profits 2003-04 (£) Corporation tax profits 2004-05 (£)
Starting rate 10% 0 - 10,000 Starting rate zero 0 - 10,000
Marginal relief 10,001 - 50,000 Marginal relief 10,001 - 50,000
Small companies' rate 20% 50,001 - 300,000 Small companies' rate 19% 50,001 - 300,000
Marginal relief 300,001 - 1,500,000 Marginal relief 300,001 - 1,500,000
Main rate 30% 1,500,001 or more Main rate 30% 1,500,001 or more

REV2: National Insurance Rates 2002-04

2003-04 2004-05
Primary threshold £89 per week £91 per week
Secondary threshold £89 per week £91 per week
Employees’ primary class 1 rate on earnings between primary threshold and upper earnings limit 11% of £89.01 to £595 per week 1% above £595 per week 11% of £91.01 to £610 per week 1% above £610 per week
Employers’ secondary Class 1 rate 12.8% on earnings above £89 per week 12.8% on earnings above £91 per week
Class 4 rate 8% of £4,615 to £30,940 per year 1% above £30,940 per year 8% of £4,745 to £31,720 per year 1% above £31,720 per year
Class 4 lower profits limit £4,615 per year £4,745 per year
Class 4 upper profits limit £30,940 per year £31,720 per year

For further rates and allowances and historic tables see HMRC.

  
Bookmark and Share
  
     
  

Latest Site Updates

Contractors with key strategic, technical and engineering skills in greatest demand Contractors with key strategic, technical and engineering skills in greatest demand

Contractors who have key strategic, technical and engineering skills are forecast to have the greatest contract opportunities in the next 12 months.

Barriers to starting contracting and how to overcome them Barriers to starting contracting and how to overcome them

Would-be contractors often believe that there are too many barriers to going contracting, but most can be overcome, or are simply contracting myths.

Contractor availability in Scotland at ten-year low, demand at seven-year high Contractor availability in Scotland at ten-year low, demand at seven-year high

Contractor availability in Scotland fell at the fastest rate in ten years, with demand for contractors increasing at the fastest pace in seven years.

ContractorCalculator: Contracting news in brief – 15/Aug/2014 ContractorCalculator: Contracting news in brief – 15/Aug/2014

News this week covers: contractor demand soars; self-employment growth; public sector contractors; IHT payouts pre-death; OTS; & construction growth.


  
  

Twitter

Follow Us On Twitter


  
     

  
  

Contractor solutions

Contractor Angels Orange and Gold Accountancy Limited IR35 Test Clever Accounts Accountants Checklist Alliance Accountants Contractors Handbook
  
  

Contractor solutions

Clever Accounts

Complete contractor accounting service. 24/7 online access. £69 pm!

InTouch Accounting

Perfect mix of technology & personal service for only £92 per month.

Need an accountant?

Comprehensive service for £59 per month. Call now for a FREE consultation.

Contractor Angels

More than just an Umbrella. Retain up to 90% of your earnings.

Parasol

The UK’s largest employment organisation - 0% risk, 100% compliance

Contractor Accountant

Free consultation, incorporation and IR35 reviews. Find out more…

NA Bedouin Group D J Colom Accountants Contractor Financials NewsNow
  
Caprica Accountants Contractor Angels Contractor Insurance Life Insurance

  

The UK's leading contractor site. Independently audited traffic (ABC) – 131,456 monthly unique visitors.