Annual year-end accounts, tax and self assessment for small businesses.
|
Rate Band |
2006 / 07 |
2005 / 06 |
|
10% on first |
£2,150 |
£2,090 |
|
22% (20% for savings income) on next |
£31,150 |
£30,310 |
|
40% on income over |
£33,300 |
£32,400 |
|
Dividends for basic rate taxpayers |
10% |
10% |
|
Dividends for higher rate taxpayers |
32.5% |
32.5% |
|
Personal Allowances |
2006 / 07 |
2005 / 06 |
|
Personal Allowance (basic) |
£5,035 |
£4,895 |
|
Personal Allowance (65-74) |
£7,280 |
£7,090 |
|
Personal Allowance (75 & over) |
£7,420 |
£7,220 |
|
Married couple's allowance (basic) at 10%* |
£2,350 |
£2,280 |
|
Married couple's (under 75) allowance at 10% * |
£6,065 |
£5,905 |
|
Married couple's (75 & over) allowance at 10% * |
£6,135 |
£5,975 |
|
Age related allowance reduced to basic by £1 for each £2 of income over |
£20,100 |
£19,500 |
|
Blind person's allowance |
£1,660 |
£1,610 |
|
Rent-a-room tax-free income |
£4,250 |
£4,250 |
|
Enterprise Investment Scheme (EIS) at 20% ** |
£400,000 |
£200,000 |
|
Venture Capital Trust (VCT) at 30% ** (20% 2005 / 06) |
£200,000 |
£200,000 |
|
Golden Handshake (max.) |
£30,000 |
£30,000 |
|
Child Tax Credit (CTC) (reduced by 6.67% if income over £50,000) |
£545 |
£545 |
* Where at least 1 claimant was born before 6 April 1935
** Also eligible for CGT re-investment relief (no ceiling for EIS)
The information on this page is for guidance only. Professional advice should be obtained before acting on any information contained.
