Rates ...

 

 

 

 

 

 

( All figures Post Budget 2009 )


National Minimum Wage

	Effective From	1st October 10	1st October 09
Age Group	-	(£ / per hour)	(£ / per hour)
16 to 17 years old	-	TBC	3.57
18 to 21 years old	-	TBC	4.83
22 years old +	-	TBC	5.80

Income Tax Rates

	09 / 10
Rate	Taxable Income £	Rate %
Starting	Abolished	-
Basic	0 - 37,400	20
Higher	Over 37,400	40

Corporation Tax Rates

	1st April 09
Rate	Rate %
Small Companies Rate	21
Main Rate	28

VAT Rates

Rate	Percentage
Standard Rate	15 % (see table below)
Reduced Rate	5 %
Zero Rate	0 %

Standard Rate	Effective From	Effective To
17.5 %	01/01/2010	until further notice
15 %	01/12/2008	31/12/2009
17.5 %	-	30/11/2008

VAT Registration Thresholds

09 / 10

£ 68,000

Personal Tax Allowances

	09 / 10
Age Banding	£
Aged under 65	6,475
Aged 65-74	9,490
Aged 75 +	9,640

Mileage Rates
( Where own car is used - excludes company vehicles )

Vehicle	Up to 10,000 miles	Over 10,000 miles
Privately owned cars (all engine sizes)	40p	25p
Bicycle	20p	20p
Motorcycle	24p	24p
Passenger	5p	5p

Fuel Rates (HMRC Advisory)
( Where company car is used - employee pays for fuel)

	01/01/09
Up to 1400cc
- Petrol	10 p
- Diesel	11 p
- LPG	7 p
1401 to 2000cc
- Petrol	12 p
- Diesel	11 p
- LPG	9 p
Over 2000 cc
- Petrol	17 p
- Diesel	14 p
- LPG	12 p

Rates apply:-
Employers reimbursing employees for business travel in their company cars.
Employees required to repay the cost of fuel used for private travel.

Statutory Payments

	09 / 10
Qualifying Earning Level (AWE - Average Weekly Earnings)	£ 95.00
Statutory Sick Pay	£ 79.15
Statutory Maternity Pay
- First 6 Weeks	90% of AWE
- Next 33 Weeks	Lesser of 90% AWE or £ 123.06
Statutory Adoption Pay
- 39 Weeks	Lesser of 90% AWE or £ 123.06
Statutory Paternity Pay
- 2 Weeks	Lesser of 90% AWE or £ 123.06

Redudancy Pay Entitlement

Weeks Due :	Service / Age :
0.5	For each full year of service whilst under 22 years of age
1.0	For each full year of service whilst over 22 to 41 years of age
1.5	For each full year of service whilst over 41 years of age +

Statutory Redudancy Pay is payable at the employee's contractual pay rate, but is capped at a maximum of £ 380 per week (wef 01/10/09)

National Insurance : Class 1

(Payable on earnings within employment - Ees & Ers)

Not Contracted Out
	09 / 10
Weekly	Employee %	Employer %
Below £95.00	nil	nil
£95.00 to £110.00	0	0
£110.01 to £770.00	11	12.8
£771.00 to £844.00	11	12.8
Over £844.00	1	12.8

Contracted Out - (Salary Related Schemes)
	09 / 10
Weekly	Employee %	Employer %
Below £95.00	nil	nil
£95.00 to £110.00	0	0
£110.01 to £770.00	9.4	9.1
£771.00 to £844.00	1	12.8
Over £844	1	12.8
Rebate	1.6	3.7

Contracted Out - (Money Purchase Schemes)
	09 / 10
Weekly	Employee %	Employer %
Below £95.00	nil	nil
£95.00 to £110.00	0	0
£110.01 to £770.00	9.4	11.4
£771.00 to £844.00	11	12.8
Over £844.00	1	12.8
Rebate	1.6	1.4

National Insurance : Class 1A

(Payable on benefits within employment - Ers Only)

	09 / 10
Rate %	12.8

National Insurance : Class 1B

(Payable on settlement agreements pre-arranged with HMRC - Ers Only)

	09 / 10
Rate %

National Insurance : Class 2

(Payable on earnings from self employment)

	09 / 10
Weekly Contribution	£ 2.40

National Insurance : Class 3 - Voluntary

(Payable by those who have not paid enough to qualify for state benefits)

	09 / 10
Weekly Contribution	£ 12.05

National Insurance : Class 4

(Payable on earnings from self employment above a certain level)

Profits Limit :	09 / 10
Lower to Upper Profits Limit	8 %
Above Upper Profits Limit	1 %

Profits Limit :	09 / 10
Lower Profits Limit	£ 5,715
Upper Profits Limit	£ 43,875

Data Sources :
Inland Revenue : Expenses and Benefits (A tax guide) 480(2009)
Inland Revenue : PAYE and NICs rates and limits for 2009-2010
Inland Revenue : Statutory Sick Pay manual for employers (CA30)

Disclaimer : Whilst every care has been taken in the publication of data within this web page RMD Accountancy Solutions Ltd does not accept any liability for any misprint / typographical errors that may be contained herein. In addition the information contained within this web page is a summaried version and is not intended as representation of the law in full.