HWB Tax Card 2015/2016

TAX TAXFREE FREEMILEAGE MILEAGEALLOWANCES ALLOWANCES Cars Carsand andvans vans

First First10,000 10,000business businessmiles miles Thereafter Thereafter

Motorcycles Motorcycles

24p 24p

Bicycles Bicycles

20p 20p

Business Businesspassenger passenger

5p5p

45p 45p 25p 25p

VALUE VALUEADDED ADDEDTAX TAX From From1 1April April

2015 2015

2014 2014

Standard Standardrate rate

20% 20%

20% 20%

VAT VATfraction fraction

1/6 1/6

1/6 1/6

£82,000 £82,000

£81,000 £81,000

nnTaxable Taxableturnover turnoverlimits limits

Note: Note:For ForNINIpurposes: purposes:45p 45pfor forallallbusiness businessmiles. miles.

Registration Registration(last (last1212months monthsoror next next3030days daysover) over)

nnFuel Fuelonly onlyallowance allowanceforforcompany companycars cars

Deregistration Deregistration (next (nextyear yearunder) under)

From From1 1March March2015 2015

Petrol Petrol

Diesel Diesel

£80,000 £80,000

£79,000 £79,000

LPG LPG

Annual Annualaccounting accountingscheme scheme

£1,350,000 £1,350,000

£1,350,000 £1,350,000

£1,350,000 £1,350,000

£1,350,000 £1,350,000

£150,000 £150,000

£150,000 £150,000

Up Uptoto1400cc* 1400cc*

11p 11p

9p9p

8p8p

Cash Cashaccounting accountingscheme scheme

1401** 1401**– –2000cc 2000cc

13p 13p

11p 11p

10p 10p

Flat Flatrate ratescheme scheme

Over Over2000cc 2000cc

20p 20p

14p 14p

14p 14p

These Theserates ratesmay maychange changewithin withinthe thetax taxyear. year.*1600cc *1600ccfor fordiesel diesel**1601cc **1601ccfor for diesel. diesel.Hybrid Hybridcars carsare aretreated treatedasaseither eitherpetrol petrolorordiesel dieselcars. cars.

VEHICLE VEHICLEAND ANDFUEL FUELBENEFITS BENEFITSIN IN KIND KIND(BIK) (BIK) The Thetaxable taxableBIK BIKisiscalculated calculatedasasaapercentage percentageofofthe thecar’s car’sUK UKlist list emissions emissionsinin price. price.The Thepercentage percentagedepends dependson onthe thecar’s car’sCO CO 2 2 grams gramsper perkilometre kilometre(g/km). (g/km).

Emissions Emissions

STAMP STAMPTAXES TAXES Stamp Stampduty dutyisispayable payableatataarate rateofof0.5% 0.5%on oncertain certaintransfers transfersofof shares sharesand andsecurities securitiesofof£1,000 £1,000and andover. over.

Theincremental incrementalrate rateofofstamp stampduty dutyland landtax taxisisonly onlypayable payableon on The thepart partofofthe theproperty propertyprice pricewithin withineach eachduty dutyband. band. the OnOnthe thetransfer transferofofresidential residentialproperty property UpUptoto£125,000 £125,000

0% 0%

£925,001 £925,001toto£1,500,000 £1,500,000

10% 10%

£125,001 £125,001toto£250,000 £250,000

2% 2%

Over Over£1,500,000 £1,500,000

12% 12%

£250,001 £250,001toto£925,000 £925,000

5% 5%

Over Over£500,000 £500,000

15%* 15%*

Petrol Petrol

Diesel Diesel

00– –50g/km 50g/km

5% 5%

8% 8%

*For *Forpurchases purchasesbybycertain certainnon-natural non-naturalpersons. persons.

51 51– –75g/km 75g/km

9% 9%

12% 12%

nnLand Landand andbuildings buildingstransaction transactiontaxtaxininScotland Scotland

76 76– –94g/km 94g/km

13% 13%

16% 16%

Over Over94g/km 94g/km

add add1% 1%forforevery every5g5g/km /km

210g/km* 210g/km*and andover over

37% 37%maximum maximum

* 195g/km * 195g/kmand andover overfor fordiesel. diesel.

Chargeable Chargeableononemployees employeesearning earning£8,500 £8,500ororover over(including (includingBIK) BIK)and anddirectors. directors.

The Thelist listprice priceisisononthe theday daybefore beforeirst irstregistration, registration,including includingmost mostaccessories accessories and andisisreduced reducedbybyany anyemployee’s employee’scapital capitalcontribution contribution(max (max£5,000) £5,000)when whenthe the car carisisirst irstmade madeavailable. available.

Where Wherethe thecost costofofallallfuel fuelfor forprivate privateuse useisisborne bornebybythe theemployee, employee,the thefuel fuel benei benei t is t isnil. nil.Otherwise, Otherwise,the thefuel fuelbenei benei t is t iscalculated calculatedbybyapplying applyingthe thecar car benei benei t percentage t percentage(above) (above)toto£22,100 £22,100(2014/15 (2014/15£21,700). £21,700).

Vans Vanswhere whereprivate privateuse useisismore morethan thanhome hometotowork worktravel; travel;£3,150 £3,150(2014/15, (2014/15, £3,090) £3,090)benei benei t and t and£594 £594(2014/15, (2014/15,£581) £581)for forprivate privatefuel. fuel.Payments Paymentsbyby employees employeesfor forprivate privateuse usemay mayreduce reducethe theBIK. BIK.Vans Vanswith withzero zeroemissions emissionshave have a abenei benei t of t of£630. £630.

11297_Tax Card3.indd 2

OnOnthe thetransfer transferofofresidential residentialproperty property UpUptoto£145,000 £145,000

0% 0%

£145,001 £145,001toto£250,000 £250,000

2% 2%

£250,001 £250,001toto£325,000 £325,000

5% 5%

£325,001 £325,001toto£750,000 £750,000

10% 10%

Over Over£750,000 £750,000

12% 12%

ISA ISAAND ANDJUNIOR JUNIORISA ISA Annual Annualinvestment investmentlimit limit

2015/16 2015/16

2014/15* 2014/15*

ISA ISA

£15,240 £15,240

£15,000 £15,000

Junior JuniorISA ISA

£4,080 £4,080

£4,000 £4,000

* From * From1 1July July2014.

2014.

Highland House Mayflower Close Chandlers Ford HWB HWB Eastleigh Highland HighlandHouse House Mayflower MayflowerClose Close Hampshire Eastleigh Eastleigh Hampshire Hampshire SO53 4AR

Tax Card 2015/2016

SO53 SO534AR 4AR

admin@hwb-accountants.com Tadmin@hwb-accountants.com 023 8046 1200 0238046 80461200 1200 E023 admin@hwb-accountants.com www.hwb-accountants.com www.hwb-accountants.com W www.hwb-accountants.com HWB HWBisisaatrading tradingname nameofofHopper HopperWilliams Williamsand andBell Bell Limited.

Limited.Registered Registeredtotocarry carryon onaudit auditwork workininthe theUK UK and andisregulated regulated for foraaof range range ofofWilliams investment investment business business HWB a trading name Hopper and Bell Limited. activities activities by the theon Institute Institute ofofChartered Accountants Accountants Registered toby carry audit work inChartered the UK and regulated for ainin range of investment business by the Institute of Chartered England England and andWales.

Wales.

We Weactivities have haveaastrategic strategic alliance alliance with withaa Accountants in England and Wales. We have a strategic alliance firm firmofofIndependent Independent Financial Financial Advisers Advisers who whoare are with a firm of Independent Financial Advisers who are authorised authorised authorisedand andregulated regulatedby bythe theFSA. FSA.Personal Personaland and and regulated by the FSA. Personal and financial planning matters financial financial planning planning matterswill willbe bereferred referredtotothem. them. will be referred to them.matters

Experience the difference

IMPORTANT NOTICE

IMPORTANT IMPORTANTNOTICE NOTICE

Budget 2015 version Budget Budget 2015 2015 version These rates andversion allowances are information only.

These Theserates rates andallowances allowances are areinformation informationonly. only.

Contact us toand discuss your planning.

Contact Contactusustotodiscuss discussyour yourplanning. planning.

02/04/2015 16:25

TAXABLE TAXABLE TAXABLEINCOME INCOME INCOMEBANDS BANDS BANDSAND AND AND TAX TAX TAXRATES RATES RATES Savings Savings Savings Savings starting starting starting starting rate rate rate rate limit limit limit limit

Basic Basic Basic Basic rate rate rate rate

2014/15 2014/15 2014/15 2014/15

Single Single Single Single person’s person’s person’s person’s threshold threshold threshold threshold

£5,000* £5,000* £5,000* £5,000*

£2,880 £2,880 £2,880 £2,880

Combined Combined Combined Combined threshold threshold threshold threshold limit limit limit limit for for for for married married married married couples couples couples couples and and and and civil civil civil civil partners partners partners partners

0% 0% 0% 0%

10% 10% 10% 10%

£31,785 £31,785 £31,785 £31,785

£31,865 £31,865 £31,865 £31,865

20% 20% 20% 20%

Dividend Dividend Dividend Dividend ordinary ordinary ordinary ordinary rate rate rate rate Higher Higher Higher Higher rate rate rate rate band band band band

10% 10% 10% 10%

£31,786-£150,000 £31,786-£150,000 £31,786-£150,000 £31,786-£150,000£31,866-£150,000 £31,866-£150,000 £31,866-£150,000 £31,866-£150,000 40% 40% 40% 40%

40% 40% 40% 40%

Dividend Dividend Dividend Dividend upper upper upper upper rate rate rate rate

32.5% 32.5% 32.5% 32.5%

32.5% 32.5% 32.5% 32.5%

Additional Additional Additional Additional rate rate rate rate band band band band

over over over over £150,000 £150,000 £150,000 £150,000

over over over over £150,000 £150,000 £150,000 £150,000

Additional Additional Additional Additional rate rate rate rate Dividend Dividend Dividend Dividend additional additional additional additional rate rate rate rate

£325,000 £325,000 £325,000 £325,000

45% 45% 45% 45%

45% 45% 45% 45%

37.5% 37.5% 37.5% 37.5%

37.5% 37.5% 37.5% 37.5%

2014/15 2014/15 2014/15 2014/15

£650,000 £650,000 £650,000 £650,000

£650,000 £650,000 £650,000 £650,000

2015/16 2015/16 2015/16 2015/16 Main Main Main Main rate rate rate rate

2014/15 2014/15 2014/15 2014/15

40% 40% 40% 40%

Chargeable Chargeable Chargeable Chargeable on on on on lifetime lifetime lifetime lifetime transfers transfers transfers transfers

40% 40% 40% 40%

20% 20% 20% 20%

Transfers Transfers Transfers Transfers on on on on oror or or within within within within seven seven seven seven years years years years ofof of of death death death death

40% 40% 40% 40%

Reduced Reduced Reduced Reduced rate* rate* rate* rate*

40% 40% 40% 40%

36% 36% 36% 36%

36% 36% 36% 36%

* Applies ***Applies Applies Applies if if10% ifif10% 10% 10% oror or more ormore more more ofof of net ofnet net net estate estate estate estate given given given given toto to charity. tocharity. charity. charity.

AllAll All All lifetime lifetime lifetime lifetime transfers transfers transfers transfers not not not not covered covered covered covered byby by by exemptions exemptions exemptions exemptions and and and and made made made made within within within within 7 7years 77years years years ofof of of death death death death will will will will bebe be be added added added added back back back back into into into into the the the the estate estate estate estate forfor for for the the the the purposes purposes purposes purposes ofof of calculating ofcalculating calculating calculating the the the the tax tax tax tax payable. payable. payable. payable.

This This This This may may may may then then then then bebe be be reduced reduced reduced reduced asas as as follows: follows: follows: follows:

4-5 4-5 4-5 4-5

5-6 5-6 5-6 5-6

6-7 6-7 6-7 6-7

nnAllowances n nAllowances Allowances Allowances that that that that reduce reduce reduce reduce taxable taxable taxable taxable income income income income

Tax Tax Tax Tax reduced reduced reduced reduced byby by by

0% 0% 0% 0%

20% 20% 20% 20%

40% 40% 40% 40%

60% 60% 60% 60%

80% 80% 80% 80%

Born Born Born between between between between 6 6April 66April April April Personal Personal Personal Personal Born 1938 1938 1938 and and and and 5 5April 55April April April 1948* 1948* 1948* 1948* allowance allowance allowance allowance 1938 Born Born Born Born before before before before 6 6April 66April April April 1938* 1938* 1938* 1938* Married Married Married Married couples/civil couples/civil couples/civil couples/civil partners partners partners partners transferable transferable transferable transferable allowance allowance allowance allowance Blind Blind Blind Blind person’s person’s person’s person’s allowance allowance allowance allowance

£10,000 £10,000 £10,000 £10,000

£10,600 £10,600 £10,600 £10,600

£10,500 £10,500 £10,500 £10,500

£10,660 £10,660 £10,660 £10,660

£10,660 £10,660 £10,660 £10,660

£1,060 £1,060 £1,060 £1,060

N/A N/A N/A N/A

£2,290 £2,290 £2,290 £2,290

£2,230 £2,230 £2,230 £2,230

* The ***The The The higher higher higher higher personal personal personal personal allowances allowances allowances allowances are are are are reduced reduced reduced reduced byby by by £1£1 £1 £1 forfor for for each each each each £2£2 £2 £2 ofof of income ofincome income income above above above above £27,700 £27,700 £27,700 £27,700 (2014/15, (2014/15, (2014/15, (2014/15, £27,000), £27,000), £27,000), £27,000), until until until until £10,600 £10,600 £10,600 £10,600 (2014/15, (2014/15, (2014/15, (2014/15, £10,000) £10,000) £10,000) £10,000) isisis is reached. reached. reached. reached.

This This This This isisfurther is isfurther further further reduced reduced reduced reduced byby by by £1£1 £1 £1 forfor for for each each each each £2£2 £2 £2 ofof of income ofincome income income from from from from £100,000 £100,000 £100,000 £100,000 toto to to £121,200 £121,200 £121,200 £121,200 (2014/15, (2014/15, (2014/15, (2014/15, £120,000). £120,000). £120,000). £120,000).

Married Married Married Married couple’s couple’s couple’s couple’s allowance allowance allowance allowance (MCA) (MCA) (MCA) (MCA) tax tax tax tax reduction reduction reduction reduction

2015/16 2015/16 2015/16 2015/16

2014/15 2014/15 2014/15 2014/15

£835.50 £835.50 £835.50 £835.50

£816.50 £816.50 £816.50 £816.50

1.1.

1.

1.Most Most Most Most transfers transfers transfers transfers between between between between spouses spouses spouses spouses and and and and between between between between civil civil civil civil partners. partners. partners. partners.

2.2.

2.

2.First First First First £3,000 £3,000 £3,000 £3,000 ofof of of lifetime lifetime lifetime lifetime transfers transfers transfers transfers ininin in any any any any tax tax tax tax year year year year plus plus plus plus any any any any unused unused unused unused from from from from the the the the previous previous previous previous year. year. year. year.

3.3.

3.

3.Gifts Gifts Gifts Gifts up up up up toto to to £250 £250 £250 £250 p.a. p.a. p.a. p.a. toto to to any any any any number number number number ofof of of persons. persons. persons. persons.

4.4.

4.

4.Gifts Gifts Gifts Gifts made made made made out out out out ofof of of income income income income that that that that form form form form part part part part ofof of of normal normal normal normal expenditure expenditure expenditure expenditure and and and and do do do do not not not not reduce reduce reduce reduce the the the the standard standard standard standard ofof of of living. living. living. living.

5.5.

5.

5.Gifts Gifts Gifts Gifts ininin in consideration consideration consideration consideration ofof of of marriage/civil marriage/civil marriage/civil marriage/civil partnership partnership partnership partnership up up up up toto to to £5,000 £5,000 £5,000 £5,000 byby by by a aparent, aaparent, parent, parent, £2,500 £2,500 £2,500 £2,500 byby by by grandparents, grandparents, grandparents, grandparents, oror or or £1,000 £1,000 £1,000 £1,000 byby by by anyone anyone anyone anyone else. else. else. else.

6.6.

6.

6.Gifts Gifts Gifts Gifts toto to to charities, charities, charities, charities, whether whether whether whether made made made made during during during during lifetime lifetime lifetime lifetime oror or or on on on on death. death. death. death.

2015/16 2015/16 2015/16 2015/16 2014/15 2014/15 2014/15 2014/15 Lower Lower Lower Lower rate rate rate rate

18% 18% 18% 18%

18% 18% 18% 18%

Available Available Available Available toto to people topeople people people born born born born before before before before 6 6April 66April April April 1935.

1935.

1935.

1935.

The The The The age age age age forfor for for MCA MCA MCA MCA isisof is isof of the ofthe the the elder elder elder elder spouse spouse spouse spouse oror or civil orcivil civil civil partner. partner. partner. partner.

The The The The loss loss loss loss ofof of tax oftax tax tax reduction reduction reduction reduction isis10p is is10p 10p 10p forfor for for each each each each £2£2 £2 £2 ofof of income ofincome income income above above above above £27,700 £27,700 £27,700 £27,700 (2014/15, (2014/15, (2014/15, (2014/15, £27,000) £27,000) £27,000) £27,000) until until until until £322 £322 £322 £322 (2014/15, (2014/15, (2014/15, (2014/15, £314) £314) £314) £314) isisreached. is isreached. reached. reached.

Higher Higher Higher Higher rate rate rate rate

28% 28% 28% 28%

28% 28% 28% 28%

Individuals Individuals Individuals Individuals

£11,100 £11,100 £11,100 £11,100

£11,000 £11,000 £11,000 £11,000

High High High income income income income child child child child beneit beneit beneit beneit charge charge charge charge nnn nHigh

Annual Annual Annual Annual exemption exemption exemption exemption Settlements Settlements Settlements Settlements 2015/16 2015/16 2015/16 2015/16

Threshold Threshold Threshold Threshold

£50,000 £50,000 £50,000 £50,000

11297_Tax Card3.indd 3

£5,550 £5,550 £5,550 £5,550

£5,500 £5,500 £5,500 £5,500

Applicable Applicable Applicable Applicable rate rate rate rate

10% 10% 10% 10%

10% 10% 10% 10%

Lifetime Lifetime Lifetime Lifetime limit limit limit limit

£10m £10m £10m £10m

£10m £10m £10m £10m

2014/15 2014/15 2014/15 2014/15 £50,000 £50,000 £50,000 £50,000

There There There There isisais isatax aatax tax tax charge charge charge charge ofof of 1% of1% 1% 1% ofof of the ofthe the the child child child child beneit beneit beneit beneit received received received received forfor for for each each each each £100 £100 £100 £100 that that that that the the the the threshold threshold threshold threshold isisexceeded is isexceeded exceeded exceeded upup up up toto to atoamaximum aamaximum maximum maximum ofof of 100%. of100%.

100%.

100%.

0% 0% 0% 0% UpUp Up Up tototo £156 to£156 £156 £156

0% 0% 0% 0%

12% 12% 12% 12% Over Over Over Over £156 £156 £156 £156

13.8%* 13.8%* 13.8%* 13.8%*

Entrepreneurs’ Entrepreneurs’ Entrepreneurs’ Entrepreneurs’ relief relief relief relief

First First First First year year year year allowance: allowance: allowance: allowance: forfor for for certain certain certain certain environmentally environmentally environmentally environmentally beneicial beneicial beneicial beneicial equipment, equipment, equipment, equipment, electric electric electric electric and and and and low low low low COCO CO CO emission emission emission emission (up (up (up (up 2 222 tototo 75g/km) to75g/km) 75g/km) 75g/km) cars cars cars cars - must ---must must must bebe be be new new new new and and and and unused unused unused unused

100% 100% 100% 100%

Annual Annual Annual Annual investment investment investment investment allowance: allowance: allowance: allowance: onon on on irst irst irst irst £500,000 £500,000 £500,000 £500,000 ofofof of investment investment investment investment tototo 31 to31 31 31 December December December December 2015* 2015* 2015* 2015* (excludes (excludes (excludes (excludes cars) cars) cars) cars)

100% 100% 100% 100%

Over Over Over Over £815 £815 £815 £815

2% 2% 2% 2%

* Limit ***Limit Limit Limit from from from from 1 1January 11January January January 2016 2016 2016 2016 toto to be tobe be be conirmed. conirmed. conirmed. conirmed.

Over Over Over Over state state state state pension pension pension pension age age age age

0% 0% 0% 0% Over Over Over Over state state state state pension pension pension pension age age age age 13.8% 13.8% 13.8% 13.8%

nnWriting n nWriting Writing Writing down down down down allowances allowances allowances allowances

* 0% ***0% 0% 0% under under under under 2121 21 21 onon on on earnings earnings earnings earnings upup up up toto to £815 to£815 £815 £815 per per per per week. week. week. week.

Other Other Other Other plant plant plant plant and and and and machinery machinery machinery machinery

nnClass n nClass Class Class 1A1A 1A 1A

Long-life Long-life Long-life Long-life assets, assets, assets, assets, integral integral integral integral features features features features ofofof buildings, ofbuildings, buildings, buildings, thermal thermal thermal thermal insulation insulation insulation insulation

On On On On relevant relevant relevant relevant beneits beneits beneits beneits

13.8% 13.8% 13.8% 13.8%

nnn Class nClass Class Class 2 222

18% 18% 18% 18% 8% 8% 8% 8%

76g/km 76g/km 76g/km 76g/km – –130g/km ––130g/km 130g/km 130g/km

18% 18% 18% 18%

Over Over Over Over 130g/km 130g/km 130g/km 130g/km

8% 8% 8% 8%

Cars Cars Cars Cars £2.80 £2.80 £2.80 £2.80 per per per per week week week week

Small Small Small Small proits proits proits proits threshold threshold threshold threshold

£5,965 £5,965 £5,965 £5,965 per per per per annum annum annum annum

INVESTMENT INVESTMENT INVESTMENTRELIEFS RELIEFS RELIEFS

£14.10 £14.10 £14.10 £14.10 per per per per week week week week

Limit Limit Limit Enterprise Enterprise Enterprise Enterprise investment investment investment investment Limit scheme scheme scheme scheme Relief Relief Relief Relief rate rate rate rate

nnn Class nClass Class Class 3 333

Voluntary Voluntary Voluntary Voluntary nnn Class nClass Class Class 4*4* 4* 4*

Self Self Self Self employed employed employed employed on on on on proits proits proits proits £8,060-£42,385 £8,060-£42,385 £8,060-£42,385 £8,060-£42,385 Over Over Over Over £42,385 £42,385 £42,385 £42,385

nnn Main nMain Main Main exemptions exemptions exemptions exemptions

CAPITAL CAPITAL CAPITALGAINS GAINS GAINSTAX TAX TAX

nnAllowances n nAllowances Allowances Allowances that that that that reduce reduce reduce reduce taxtax tax tax

UpUp Up Up tototo £155 to£155 £155 £155

Self Self Self Self employed employed employed employed

3-4 3-4 3-4 3-4

2014/15 2014/15 2014/15 2014/15

Employer Employer Employer Employer

20% 20% 20% 20%

0-3 0-3 0-3 0-3

£10,600 £10,600 £10,600 £10,600

nnn Initial nInitial Initial Initial allowances allowances allowances allowances

Employee Employee Employee Employee

£155.01 £155.01 £155.01 £155.01 - £815 ---£815 £815 £815

nnTax n nTax Tax Tax rates rates rates rates

Years Years Years Years before before before before death death death death

2015/16 2015/16 2015/16 2015/16

MAIN MAIN MAINCAPITAL CAPITAL CAPITALALLOWANCES ALLOWANCES ALLOWANCES

nnn Class nClass Class Class 1 1(not 11(not (not (not contracted contracted contracted contracted out) out) out) out)

£325,000 £325,000 £325,000 £325,000

* Savings ***Savings Savings Savings income income income income falling falling falling falling into into into into the the the the irst irst irst irst £5,000 £5,000 £5,000 £5,000 may may may may bebe be be taxed taxed taxed taxed atat at 0% at0% 0% 0% forfor for for certain certain certain certain low low low low income income income income earners. earners. earners. earners.

Born Born Born Born after after after after 5 5April 55April April April 1948 1948 1948 1948

NATIONAL NATIONAL NATIONALINSURANCE INSURANCE INSURANCE Earnings Earnings Earnings Earnings per per per per week week week week

20% 20% 20% 20%

10% 10% 10% 10%

Higher Higher Higher Higher rate rate rate rate

2015/16 2015/16 2015/16 2015/16

2015/16 2015/16 2015/16 2015/16

Savings Savings Savings Savings starting starting starting starting rate rate rate rate Basic Basic Basic Basic rate rate rate rate band band band band

INHERITANCE INHERITANCE INHERITANCETAX TAX TAX

9% 9% 9% 9% 2% 2% 2% 2%

* Exemption ***Exemption Exemption Exemption applies applies applies applies if ifthe ififthe the the state state state state retirement retirement retirement retirement age age age age isisreached is isreached reached reached byby by by 6 6April 66April April April 2015.

2015.

2015.

2015.

Venture Venture Venture Venture capital capital capital capital trust trust trust trust Seed Seed Seed Seed enterprise enterprise enterprise enterprise investment investment investment investment scheme scheme scheme scheme

nnEmployment n nEmployment Employment Employment allowance allowance allowance allowance

Per Per Per Per employer, employer, employer, employer, per per per per year year year year

£2,000* £2,000* £2,000* £2,000*

£1,000,000 £1,000,000 £1,000,000 £1,000,000 30% 30% 30% 30%

Limit Limit Limit Limit

£200,000 £200,000 £200,000 £200,000

Relief Relief Relief Relief rate rate rate rate

30% 30% 30% 30%

Limit Limit Limit Limit

£100,000 £100,000 £100,000 £100,000

Relief Relief Relief Relief rate rate rate rate

50% 50% 50% 50%

DUE DUE DUEDATES DATES DATESFOR FOR FORTAX TAX TAXPAYMENTS PAYMENTS PAYMENTS

* 1***1claim 11claim claim claim only only only only forfor for for companies companies companies companies inina in inagroup aagroup group group oror or under orunder under under common common common common control. control. control. control.

PENSION PENSION PENSIONCONTRIBUTIONS CONTRIBUTIONS CONTRIBUTIONS Individuals Individuals Individuals Individuals

£3,600 £3,600 £3,600 £3,600 ororor 100% or100% 100% 100% ofofof net ofnet net net relevant relevant relevant relevant earnings earnings earnings earnings tototo £40,000* to£40,000* £40,000* £40,000*

Employers Employers Employers Employers

£40,000* £40,000* £40,000* £40,000* less less less less employee employee employee employee contributions contributions contributions contributions

Minimum Minimum Minimum Minimum age age age age for for for for accessing accessing accessing accessing beneits beneits beneits beneits Lifetime Lifetime Lifetime Lifetime allowance allowance allowance allowance

5555 55 55 £1,250,000 £1,250,000 £1,250,000 £1,250,000

Income Income Income Income tax tax tax tax and and and and class class class class 4 4NIC 44NIC NIC NIC

2015/16 2015/16 2015/16 2015/16

2014/15 2014/15 2014/15 2014/15

1st 1st 1st 1st payment payment payment payment on on on on account account account account (31 (31 (31 (31 January) January) January) January)

2016 2016 2016 2016

2015 2015 2015 2015

2nd 2nd 2nd 2nd payment payment payment payment on on on on account account account account (31 (31 (31 (31 July) July) July) July)

2016 2016 2016 2016

2015 2015 2015 2015

Balancing Balancing Balancing Balancing payment payment payment payment (31 (31 (31 (31 January) January) January) January)

2017 2017 2017 2017

2016 2016 2016 2016

Capital Capital Capital Capital gains gains gains gains tax tax tax tax (31 (31 (31 (31 January) January) January) January)

2017 2017 2017 2017

2016 2016 2016 2016

* Plus ***Plus Plus Plus unutilised unutilised unutilised unutilised allowances allowances allowances allowances from from from from the the the the 3 3previous 33previous previous previous years. years. years. years. £10,000 £10,000 £10,000 £10,000 limit limit limit limit may may may may apply apply apply apply if ifinififinincome in inincome income income drawdown. drawdown. drawdown. drawdown.

Inheritance Inheritance Inheritance Inheritance tax tax tax tax

CORPORATION CORPORATION CORPORATIONTAX TAX TAX

Corporation Corporation Corporation tax tax tax Corporation tax

Financial Financial Financial Financial year year year year tototo to 3131 31 31 March March March March

Taxable Taxable Taxable Taxable proits proits proits proits

2016 2016 2016 2016

2015 2015 2015 2015

Main Main Main Main rate rate rate rate

20% 20% 20% 20%

21% 21% 21% 21%

First First First First £300,000 £300,000 £300,000 £300,000

N/A N/A N/A N/A

20% 20% 20% 20%

Next Next Next Next £1,200,000 £1,200,000 £1,200,000 £1,200,000

N/A N/A N/A N/A

21.25% 21.25% 21.25% 21.25%

Over Over Over Over £1,500,000 £1,500,000 £1,500,000 £1,500,000

N/A N/A N/A N/A

21% 21% 21% 21%

Normally Normally Normally Normally 6 6months 66months months months after after after after the the the the end end end end ofof of of the the the the month month month month ininin in which which which which death death death death occurs occurs occurs occurs

Small Small Small and and and medium medium medium companies companies companies Small and medium companies 99months months months and and and 11day day day after after after the the the end end end of of the the the accounting accounting accounting period period period 9 9months and 1 1day after the end ofof the accounting period Large Large Large companies companies companies Large companies 44quarterly quarterly quarterly instalments instalments instalments commencing commencing commencing 66and and and aahalf half half months months months into into into 4 4quarterly instalments commencing 6 6and a ahalf months into the the the accounting accounting accounting period period period the accounting period

02/04/2015 16:25