VAT on fuel for private use in cars
Where businesses wish to reclaim the input VAT on fuel which has some degree of private use, they must account for output VAT on a scale charge. The table shows …
Stamp Duty
The rate of stamp duty / stamp duty reserve tax on the transfer of shares and securities is generally payable at 0.5 per cent. 8th July 2020 – 30th March …
Charity
Gift Aid Individuals are able to claim higher rate relief on cash gifts and payments to charities under gift aid. Basic rate tax is treated as having been deducted, so …
Pension
There is no financial limit on the amount that may be contributed to a registered pension scheme. The maximum amount on which an individual can claim tax relief in any …
Key Dates
Income Tax (including Class 4 NIC) 31 July 2011 2010/11 second payment on account 31 January 2012 2010/11 balancing payment, and 2011/12 first payment on account 31 July 2012 2011/12 …
National Insurance Contributions
Class 1 (not contracted out) Employer Employee Payable on weekly earnings of Up to £102 (lower earnings limit) Nil Nil £102 – £136 (employers’ earnings threshold) Nil Nil £136.01 – …
Mileage Allowances
It is quite normal practice for employees to be reimbursed at a reasonable mileage rate for business use of their own vehicles. The income tax and national insurance contributions (NICs) …
Main Capital
Plant and Machinery: Energy saving and environmentally beneficial equipment, zero and low CO2 emission (up to 110 g/km) cars, new zero emission vans, natural gas/hydrogen refuelling equipment: first year allowance …
Corporation Tax
Corporation tax rates and bands are as follows: Financial Year to 31 March 2012 31 March 2011 Taxable profits First £300,000 20% 21% Next £1,200,000 27.5% 29.75% Over £1,500,000 …
Capital Gains
Capital gains tax rates and bands for 2011/12 On chargeable gains Total taxable gains and income: up to £35,000 from £35,001 18% 28% Annual exemption – individual £10,600 – …