The UK's leading contractor site. 200,000 monthly unique visitors.

SG Accounting

UK Tax Tables 2014/2015

Tax Rates and Allowances

2013-14 (£) 2014-15 (£) Increase (£)
INCOME TAX ALLOWANCES:
Personal allowance 9,440 10,000 +560
CAPITAL GAINS TAX ANNUAL EXEMPT AMOUNT:
Individuals etc: 10,900 11,000 +100
Inheritance tax threshold 325,000 325,000 -
PENSIONS SCHEMES:
Annual allowance: £50,000 £40,000 -10,000
Lifetime allowance: 1,500,000 1,250,000 -250,000

From the 2010-11 tax year the Personal Allowance reduces where the income is above £100, 000 – by £1 for every £2 of income above the £100,000 limit. This reduction applies irrespective of age.

Taxable Bands

Taxable bands 2013-14 (£) Taxable bands 2014-15 (£)
*Starting rate 10% 0 - 2,790 *Starting rate 10% 0 - 2,880
Basic rate 20% 0 - 32,010 Basic rate 20% 0 - 31,865
Higher rate 40% 32,010 - 150,000 Higher rate 40% 31,866 - 150,000
Additional rate 50% Over 150,000 Additional rate 50% Over 150,000

The rates available for dividends for the 2014-15 tax year is the 10 per cent ordinary rate, the 32.5 per cent dividend upper rate, and the additional rate of 37.5 per cent.

Corporation Tax Rates

Band Corporation tax profits 2013-14 (£) Corporation tax profits 2014-15 (£)
0 - 300,000 20% 20%
300,001 - 1,500,000 Marginal relief Marginal relief
1,500,001 or more 23% 21%

National Insurance Rates

2013-14 2014-15
Primary threshold £149 per week £153 per week
Secondary threshold £148 per week £153 per week
Employees’ primary class 1 rate on earnings between primary threshold and upper earnings limit 12% of £149.01 to £797 per week 2% above £797 per week 12% of £153.01 to £805 per week 2% above £805 per week
Employers’ secondary Class 1 rate 13.8% on earnings above £148 per week 13.8% on earnings above £153 per week
Class 4 rate 9% of £7,755 to £41,450 per year 2% above £41,450 per year 9% of £7,956 to £41,865 per year 2% above £41,865 per year
Class 4 lower profits limit £7,755 per year £7,956
Class 4 upper profits limit £41,450 per year £41,865

For further rates and allowances and historic tables see HMRC.