2014 Rates and allowances

Published: 27 Feb 2014

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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.

 

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