TAX TIMETABLE
Following the pre-budget report on 24 November 2008 the timetable for the tax changes have been announced is as follows:
Date Effective | Corporation Tax | Personal & Trust Tax | VAT | Employment Tax and Administration |
From 24 November 2008 | Loss carry back for accounting periods ended after 24.11.08 · certain lease transactions (anti – avoidance) | Personal Allowance £6,035 · Basic Rate of Income Tax 20% · Higher Rate of Income Tax 40% · Rate Applicable to Trusts 40% · Dividend Trust Rate 32.5% | Rate falls from 17.5% to 15% from December 2008 for 13 months | Class 1 NIC: Employers 12.8% Employees 11% Payment support line available on 0845 302 1435 |
From April, 2009 | Small companies tax rate maintained at 21% · Restricted tax deductions for cars with CO2 emissions more than 160g/km · Extension of land remediation relief application (150% deduction) | The Basic Personal Allowance increases to £6,475 | Relaxation of double charge on nil or part paid employee shares under a share scheme | |
From April, 2010 | Small companies tax rate to rise to 22% | Personal Allowance reduced by £1 for every £2 of gross income over £100,000 up to a maximum of half the allowance. For gross income over £140,000 the allowance will be reduced at the same rate until extinguished. | ||
From April, 2011 | Taxable income other than dividends above £150,000 will be liable to tax at 45% · Dividend income will be taxable at 37.5% · The Rate applicable to Trusts will rise to 45% · The Dividend Rate applicable to Trusts will rise to 37.5% | Class 1 NIC will rise by 0.5% to: Employers 3.3% Employees:11.5% |
Further advice
For further advice about the capital allowances available to your business please contact us on 01299 879140.
