HMRC Is Shite

HMRC Is Shite
Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.

Taxable Bands, Rates and Allowances

Income tax: taxable bands and rates 2012/2013

Taxable incomerate of tax
0 - £2,71010 per cent (starting rate for savings only)
0 - £34,37020 per cent (basic rate)
£34,371 - £150,00040 per cent (higher rate)
Over £150,00050 per cent (additional rate)



Earlier Years


Tax year 2011/2012

Taxable incomerate of tax
0 - £2,56010 per cent (starting rate for savings only)
0 - £35,00020 per cent (basic rate)
£35,001 - £150,00040 per cent (higher rate)
Over £150,00050 per cent (additional rate)


Tax year 2010/2011

Taxable incomerate of tax
0 - £2,44010 per cent (starting rate for savings only)
0 - £37,40020 per cent (basic rate)
£37,401 - £150,00040 per cent (higher rate)
Over £150,00050 per cent (additional rate)


Tax year 2009/2010

Taxable incomerate of tax
0 - £2,44010 per cent (starting rate for savings)
0 - £37,40020 per cent (basic rate)
Over £37,40040 per cent (higher rate)


Tax year 2008/2009

Taxable incomerate of tax
0 - £2,320 10 per cent (starting rate for savings)
0 - £34,80020 per cent (basic rate)
Over £34,80040 per cent (higher rate)
From 6 April 2008, the starting rate of 10 per cent was abolished for non-savings income.

Tax year 2007/2008

Taxable incomerate of tax
0 - £2,23010 per cent
£2,231 - £34,60022 per cent
Over £34,60040 per cent


Tax year 2006/2007

Taxable incomerate of tax
0 - £2,15010 per cent
£2,151 - £33,30022 per cent
Over £33,30040 per cent

Here are the perosnal allaowances that can be set against income:

Income tax allowances 2011/2012 2012/2013 2013/2014
Personal allowance1 (under 65) £7,475 £8,105 £9,205
Age-related allowance (65-74)2 £9,940 £10,500 £10,500
Age-related allowance (75 and over)3 £10,090 £10,660 £10,660
Income limit for age-related allowances £24,000 £25,400 N/A
Married couples allowance (age 75 or over) £7,295 £7,705 TBA
Married couples allowance - minimum amount £2,800 £2,960 TBA
Blind person's allowance £1,980 £2,100 TBA

1 For those earning over £100K, the personal allowance is reduced by £1 for every £2 earned so that those earning over £116,210 in 2012/2013 (£114,950 in 2011/2012 and £118,410 in 2013/2014) have their personal allowance completely removed. In 2013/14, the amount of the personal allowance will be determined by date of birth rather than age. For those born after 5 April 1948, the limit of £100K applies as before. The limit for those born before 6 April 1948 is yet to be announced.
2 For the tax year 2013/14, this allowance applies for those born after 5 April 1938 but before 6 April 1948.
3 For the tax year 2013/14, this allowance applies for those born before 6 April 1938.

NICs 2011/2012 2012/2013
Employees' primary Class 1 rate 12% 12%
Employees' primary Class 1 rate above Upper Earnings Limit 2% 2%
Employers' secondary Class 1 rate above Secondary Threshold 13.8%
13.8%


Capital gains tax 2011/2012 2012/2013
Rates:
Basic 18% 18%
Higher 28% 28%
Entrepreneurs' relief 10% 10%
Annual exempt amounts:

Individuals £10,600 £10,600
Trustees £5,300 £5,300
Entrepreneurs' relief: lifetime allowance £10m £10m


Inheritance tax 2011/2012 2012/2013
Nil rate band £325,000 £325,000
Rate of tax on death on excess 40% 40%



Corporation tax 2011/2012 2012/2013
Small companies rate - for companies with ring fenced profits not exceeding £300,000 19% 19%
Small companies rate - for companies with profits (other than ring fenced profits) not exceeding £300,000 20% 20%
Marginal relief for companies with ring fenced profits between £300,000 - £1.5m Marginal relief fraction 11/400 Marginal relief fraction 11/400
Marginal relief for companies with profits (other than ring fenced profits) between £300,000 - £1.5m Marginal relief fraction 3/200 Marginal relief fraction 1/100
Main rate - for companies with ring fenced profits of £1.5m or more 30% on whole of profits 30% on whole of profits
Main rate - for companies with profits of £1.5m or more which are not ring fenced profits 26% on whole of  profits 24% on whole of  profits

Value Added Tax 2011/2012 2012/2013
Standard rate 20% 20%