2014 Rates and allowances
Written by Ray Coman
The following is a list of many of the main tax rates for 2013-14 which altered in the following tax year. For up todate rates and supporting notes,please consult the tax rates menu.
Basic State Pension
| 2013-14 |
2012-13
|
|||
|
Weekly |
Annual | Weekly | Annual | |
| Single person | £100.15 | £5,727.80 | £107.45 | £5,587.40 |
| Spouse's/civil partner's | £66.00 | £3,432.00 | £64.40 | £3,348.80 |
| Total married person | £176.15 | £9,159.80 | £171.85 |
£8,936.20 |
|
Pension credit - standard minimum guarantee
|
||||
| Single | £145.60 | £7,560.80 | £142.70 | £7,420.40 |
| Couple | £222.05 | £11,645.60 | £217.90 | £11,330.80 |
Corporation Tax
|
Financial year to
|
31 March 2014 | 31 March 2013 |
| First £300,000 | 20% | 20% |
| Next £1,200,000 | 23.75% | 25% |
| On profits over £1,500,000 | 23% | 24% |
| Tax credit on dividends | 10% | 10% |
| Marginal relief fraction | 3/400 | 1/100 |
Capital Gain Tax
| 2013-14 | 2012-13 | |
| Standard rate | 18% | 18% |
| Higher rate | 28% | 28% |
| Entrepreneurs' relief - effective rate | 10% | 10% |
| Entrepreneurs' relief | £10 mil. | £10 mil. |
|
Annual exemption
|
||
|
Individual |
£10,900 | £10,600 |
| settlement(s) (spread over total number) | £5,450 | £5,300 |
|
Chattels exemption
|
||
| (proceeds per item or set) | £6,000 | £6,000 |
| Marginal relief | 5/3 excess over £6, |
Individual Saving Account
| Individual savings accounts (ISAs) | 2013-14 |
2012-13
|
| Overall investment limit | £11,520 | £11,280 |
| Including cash maximum of | £5,760 | £5,640 |
| Junior ISA | £3,720 | £3,600 |
Advisory Fuel Rates
From 1 September 2013
| Rates per mile | |||
| £ | £ | £ | |
| Engine capacity | Petrol | Diesel | Gas |
| Less than 1,400 cc | 0.15 | 0.12 | 0.10 |
| 1401 to 2,000 cc | 0.18 | 0.15 | 0.11 |
| More than 2,000 cc | 0.26 | 0.18 | 0.16 |
Thresholds for Class 1 National Insurance Contributions (NICs)
| 2013-14 | 2012-13 | |||||
| Thresholds | Annual | Monthly | Weekly | Annual | Monthly | Weekly |
| Lower earnings limit | £5,668 | £473 | £109 | £5,564 | £464 | ;£107 |
| Primary earnings threshold | £7,755 | £646 | £149 | £7,605 | £634 | £146 |
| Secondary earnings threshold | £7,696 | £641 | £148 | £7,488 | £624 | £144 |
| Upper accruals point | £40,040 | £3,337 | £770 | £40,040 | £3,337 | £700 |
| Upper earnings limit | £41,450 | £3,454 | £797 | £42,475 | £3,540 | £817 |
Class 1 NIC rate on earnings
| 2013-14 | 2012-13 | |||||
| Employee | Employer | Employee | Employer | |||
| Between primary threshold and upper earnings limit | 12% | 13.8% | 12% | 13.8% | ||
| Above upper earnings limit | 2% | 13.8% | 2% | 13.8% | ||
| Contracted out rebate | 1.4% | 3.4% | 1.4% | 3.4% | ||
Class 1(A) NICs
| 2013-14 | 2012-13 | |
| Rate | 13.8% | 13.8% |
Class 2 NICs
| 2013-14 | 2012-13 | ||||
| Weekly | Yearly | Weekly | Yearly | ||
| Flat rate | £2.70 | £140.40 | £2.65 | £137.80 | |
| Small earnings exception limit | £5,752 | £5,595 | |||
Class 4 NICs
| 2013-14 | 2012-13 | ||||
| Profit band | Rate | Profit band | Rate | ||
| Between lower profits and upper profits limit | £7,755 to £41,450 | 9% | £7,605 to £42,475 | 9% | |
| Above upper profits limit | 2% | 2% | |||
Class 3 NICs
| 2013-14 | 2012-13 | ||||
| Weekly | Yearly | Weekly | Yearly | ||
| Flat rate | £13.55 | £704.60 | £13.25 | £689.00 | |
Rates of income tax
|
Rate |
2013-14 |
2012-13 |
|
Starting rate: 10% |
£0 to £2,790 | £0 to £2,710 |
|
Basic rate: 20% |
£0 to £32,010 |
£0 to £34,370 |
|
Higher rate: 40% |
£32,011 to £150,000 |
£34,371 to £150,000 |
|
Upper rate: 50% |
N/A |
Over £150,000 |
|
Upper rate: 45% |
Over £150,000 |
N/A |
Personal allowances
|
Income Tax allowances |
2013-14 |
2012-13 |
|
Personal Allowance (basic) |
£9,440 |
£8,105 |
|
Income limit for Personal Allowance |
£100,000 |
£100,000 |
|
Personal Allowance for people born between 6 April 1938 and 5 April 1948 |
£10,500 |
£10,500 |
|
Personal Allowance for people before 6 April 1938 |
£10,660 |
£10,660 |
|
Income limit for the allowances for those born before 6 April 1948 |
£26,100 |
£25,400 |
|
Married Couple's Allowance (born before 6th April 1935) |
£7,915 |
£7,705 |
|
Minimum amount of Married Couple's Allowance |
£3,040 |
£2,960 |
|
Blind Person's Allowance |
£2,160 |
£2,100 |
Value added tax
|
|
From 1 April 2013 | From 1 April 2012 |
| Standard rate | 20% | 20% |
| Reduced rate | 5% | 5% |
| Zero rate | 0% | 0% |
|
Taxable turnover limits
|
||
| Registration - last 12 months or next 30 days over | £79,000 | £77,000 |
| Deregistration - next 12 months under | £77,000 | £75,000 |
| Cash accounting scheme-up to | £1,350,000 | £1,350,000 |
| Flat rate scheme turnover limit | £150,000 | £150,000 |
| Annual accounting scheme up to | £1,350,000 | £1,350,000 |
Written by Ray Coman
|
|
From 1 April 2014 | From 1 April 2013 |
| Standard rate | 20% | 20% |
| Reduced rate | 5% | 5% |
| Zero rate | 0% | 0% |
|
Taxable turnover limits
|
||
| Registration - last 12 months or next 30 days over | £81,000 | £79,000 |
| Deregistration - next 12 months under | £79,000 | £77,000 |
| Cash accounting scheme-up to | £1,350,000 | £1,350,000 |
| Flat rate scheme turnover limit | £150,000 | £150,000 |
| Annual accounting scheme up to | £1,350,000 | £1,350,000 |
Value Added Tax (VAT) is charged on the supply of taxable services and goods made in the UK by a taxable person.
