Resources

15/16 Tax Rates

 

Capital Gains Tax

 

Exemptions	15/16	14/15
Individuals, estates, etc	£11,100	£11,000
Trusts generally	£5,500	£5,500
Chattels proceeds (restricted to 5⁄3rds proceeds gain exceeding limit)	£6,000	£6,000

 

Rates	15/16	14/15
Individuals – Up to basic rate limit	18%	18%
Individuals – Above basic rate limit	28%	28%
Trusts and estates	28%	28%

 

Entrepreneurs’ Relief*	15/16	14/15
Gains taxed at	10%	10%
Lifetime Limit	£10,000,000	£10,000,000

 

Corporation Tax

 

Profits	Effective rateto 31/3/16	Effective rateto 31/3/15
0–£300,000	20%	20%
£300,001 – £1,500,000	20%	21.25%
£1,500,001 and over	20%	21%

 

Dates for Tax Payments

 

Income Tax and Capital Gains Tax

31 January in Tax Year
Normally 50% of previous year’s income tax, less tax deducted at source
Following 31 July
Normally 50% of previous year’s income tax, less tax deducted at source
Following 31 January
Balance of income tax and all capital gains tax
 

Corporation Tax

Self Assessment 9 months after end of accounting period

Payable by installments where profits are £1.5m or over. Normally payable in 7th, 10th, 13th and 16th months after start of accounting period.

Growing companies: no installments where profits are £10m or less and the company was not a large company the previous year.

 

Inheritance Tax

 

	15/16	14/15
Nil-rate band*	£325,000	£325,000
Rate of tax on excess	40%†	40%†
Lifetime transfers to and from certain trusts	20%	20%
Exemption for non-UK domiciled spouse/civil partner	£325,000	£325,000

 
100% relief: businesses, unlisted/AIM companies, certain farmland and farm buildings
50% relief: certain other business assets e.g. farmland let pre 1/9/95.

* Up to 100% of the unused portion of a deceased spouse’s/civil partner’s ni-rate band can be claimed on the survivor’s death.
† 36% where at least 10% of the net estate leC to charity for deaths aCer 5/4/12.
 

Income Tax Rates

 

Taxable income	15/16	14/15
Starting rate of 0% on savings income up to*	£5,000	n/a
Starting rate of 10% on savings income up to*	n/a	£2,880
Basic rate of 20% on income up to	£31,785	£31,865
Maximum tax at basic rate	£6,357	£6,373
	£31,786 –	£31,866 –
Higher rate of 40% on income	£150,000	£150,000
Tax on first £150,000	£53,643	£53,627
Additional rate on income over £150,000	45%	45%
Dividends for:
Basic rate taxpayers	10%	10%
Higher rate taxpayers	32.50%	32.50%
Additional rate taxpayers	37.50%	37.50%
Trusts:
Standard rate band generally	£1,000	£1,000
Rate applicable to trusts: Dividends	37.50%	37.50%
Rate applicable to trusts: Other income	45%	45%
Child Benefit:
1% of benefit for every £100 of income for the tax year between	£50,000 – £60,000	£50,000 – £60,000

* Not available if taxable non-savings income exceeds the starting rate

Main Personal Allowances and Reliefs	15/16	14/15
Personal (basic)	£10,600	£10,000
Personal reduced if net income exceeds*	£100,000	£100,000
Transferable tax allowance for married couples*	£1,060	n/a
Personal (age) if born between 6/4/38 and 5/4/48	n/a	£10,500
Personal (age) if born before 6/4/38	£10,660	£10,660
Personal (age) reduced if net income exceeds*	£27,700	£27,000
Married couple’s allowance *† – maximum amount	£8,355	£8,165
Married couple’s allowance *† – minmium amount	£3,220	£3,140
Blind person’s allowance	£2,290	£2,230
Rent-a-room tax-free income	£4,250	£4,250
Venture capital trust (VCT) at 30%	£200,000	£200,000
Enterprise investment scheme (EIS) at 30%	£1,000,000	£1,000,000
EIS eligible for capital gains tax deferral relief	No limit
Seed enterprise investment scheme (SEIS) at 50%	£100,000	£100,000
SEIS CGT reinvestment relief	50%	50%

 
 
*£1 reduction for every £2 of additional income over the income threshold.
† Relief at 10% if at least on of the couple was born before 6/4/35.
 

Non-domicile Remittance Basis Charge

Non-domicile Remittance Basis Charge after UK residence in at least:	15/16	14/15
7 of the last 9 tax years	£30,000	£30,000
12 of the last 14 tax years	£60,000	£50,000
17 of the last 20 tax years	£90,000	n/a

Downloadable Forms

64-8	Authorising your agent
CWF1
New Starter Checklist
VAT1	Application for registration
VAT7	Application to cancel your VAT registration
CF10-2014-15	Self-employed people with small earnings - applying for a certificate of exception
SA1	Registering for Self Assessment and getting a tax return

Companies House

Please click here for a complete postal forms list

PAYE, Student loan and CIS deductions are due for month to 5th September 2016

PAYE, Student loan and CIS deductions are due for the month to 5th October 2016

PAYE quarterly payments are due for small employers for the pay periods 6th July 2016 to 5th October 2016

Deadline for submitting 'paper' 2015/16 self assessment returns

Deadline for submission of 2015/16 self assessment returns if you require HMRC to compute your tax liability and/or if tax underpaid is to be collected by adjustment to your 2017/18 PAYE code

Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th October 2016

PAYE, Student loan and CIS deductions are due for the month to 5th November 2016

Advisory Fuel Rates

PAYE, Student loan and CIS deductions are due for the month to 5th December 2016

Online filing deadline for submitting 2015/16 self assessment return if you require HMRC to collect any underpaid tax by making an adjustment to your 2017/18 tax code

PAYE, Student loan and CIS deductions are due for the month to 5th January 2017

PAYE quarterly payments are due for small employers for the pay periods 6th October 2016 to 5th January 2017

Deadline for submitting your 2015/16 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2015/16 liability together with the first payment on account for 2016/17 are also due