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

	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.

Contractors have time to close their contracting business tax efficiently using ESC C16 before new rules and a £25k cap come into force on 1 March.

Project management contractor Ken Burrell won his first contract, and just secured his first renewal, by acquiring & applying new contracting skills.

Contractors received a PR boost in Davos and have a target rich contract market if they can pick the winning sectors of the UK’s two-speed economy.

Contractors could be forgiven for assuming HMRC only targets the public over tax avoidance, while the political elite are left to get on with it.

UK manufacturing output rises http://t.co/R0dzpXWB and trade deficit improves http://t.co/EryNWZ69 according to ONS December 2011 data
18 hours ago
HMRC inconsistency: Redknapp's misfortune was to be a private individual and not a large company. http://t.co/vcz43CvZ via @TheIndyNews
19 hours ago
Contractor ESC C16 options for tax efficient limited company closure by 1 March 2012 http://t.co/QXDaShgU
19 hours ago
Good news for financial IT contractors London's financial sector bounces back in Jan: Morgan McKinley Employ Monitor http://t.co/38nKDOaC
20 hours ago
HMRC extends anti-avoidance campaigns to construction trades and traders using new online search technology http://t.co/walUSlzX
Wed, 08 Feb 2012
Project management contractor does it ‘by the book’, literally, to win first contract http://t.co/8H4wfIhk
Wed, 08 Feb 2012