Current rates and tax information

 

2015/16 2014/15
Band £ Band £ Rate%
0-5000 0-2880  0*
0-31,785 0-31,865 20
31,786-150,000 31,866-150,000 40
over  150,000 over  150,000 45
Dividends are treated as the top slice of income and are taxed at 10%, 32.5% or 37.5% depending on the top rate of income tax paid during 2015/16
* Only applicable to dividends and savings income. The 0% (10%) rate is not available if taxable non-savings income exceeds £5,000 (£2,880).

 2015/16

2014/15

Class 2 weekly rate

£2.80

£2.75

Class 2 small earnings exception

£5,965 per year

£5,885 per year

Class 4 lower profits limit

 £8,060 per year

£7,956 per year

Class 4 upper profits limit

£42,385 per year

£41,865 per year

Class 4 rate between lower profits limit

and upper profits limit

9%

9%

Class 4 rate above upper profits limit

2%

2%

2015/16  and 2014/15
cars and vans

Rate per mile

Up to 10,000 miles

 45p

over   10,000 miles

 25p

Bicycles

 20p

Motorcycles

 24p
Personal allowance  2015/16 2014/15
 -born after 5April 1948 £10,660 £10,000

-born after 5April 1938

  and before 6April 1948

 £10,600 £10,500
-born before 6April 1938 £10,660 £10,660
Blind person’s allowance £  2,290 £  2,230

2015/16

2014/15

-Individuals

£

£

Exemption

11,100

11,000

Standard rate

18%

18%

Higher rate

28%

28%

-Trusts

£

£

Exemption

 5,550 5,500

Rate

 28%

 28%
Profit band £ Rate%
Small companies 0-300,000 20
Marginal-small
companies		 300,001-
-1,500,000		 21.25
Main rate over 1,500,000 21

Standard rate

20%

Reduced rate

5%

Annual Registration Limit from 01.04.15  £82,000

01.04.14-31.03.15   £81,000)

Annual Deregistration Limit from 01.04.15  £80,000

(01.04.14-31.03.15   £79,000)
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