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Income Tax

Whether you are an employer or an employee, a higher rate earner or a married couple, find out how you are affected by 2012/13 changes to Income Tax by using our easy reference Personal Tax Chart. Prime’s trained experts can also advise you on the latest Company Car Tax, Benefits in Kind and Mileage Allowance rates while our Prime Paysolve team can even handle all your PAYE and NIC requirements, ensuring that your payments are accurate and on time.

Furthermore, if you are amongst the increasing number of UK residents who are considering working abroad, are you aware of how, and when, you manage your move could significantly affect your tax liabilities? Prime can provide valuable Residence and Domicile advice to ensure you comply with statutory requirements while benefiting from minimised liabilities.

INCOME TAX RATES  2013-2014 2014-2015        
10% starting rate for savings* £0 - £2,790 £0 - £2,880 
20% on first/next

£0 - £32,010

£0 - £31,865

40% on income over  £32,011                £31,866
45% on income over (50% in 2012-13) £150,000 £150,000     
Dividends for basic rate taxpayers 10% 10% 
Dividends for higher rate taxpayers up to £150,000          32.5% 32.5%  
Dividends for income over £150,000 37.5% 37.5% 
Trusts within relevant property regime**    45% 45%                
Dividends for trusts within relevant property regime 37.5% 37.5% 

* Restricted to savings income and not available if non-savings income exceeds starting rate limit.
** A standard rate band of £1,000 applies. Below this level income will be taxed at no more than 20%.


MAIN INCOME TAX RELIEFS  2013 - 2014 2014-2015      
Personal allowance (for income up to £100,000)*     £9,440 £10,000      
Personal allowance (age 65-74) 



Personal allowance (age 75 and over) £10,660 £10,600 
Married couple’s allowance (where aged 75 and over)** £7,915 £8,165     
Income limit for age-related allowances  £26,100 £27,000    
Blind person’s allowance  £2,160 £2,230 
Enterprise Investment Scheme at 30%***  £1,000,000 £1,000,000              
Venture Capital Trust at 30%      £200,000 £200,000                        
Rent-a-room tax-free income     £4,250 £4,250 

* From 2010-11 the allowance reduces by £1 for every £2 of income above the limit, irrespective of age.
** Relief is restricted to 10%, subject to conditions.
*** Capital gains tax deferral relief also available.

Call Prime Today - we're here to help

For more information on the latest Income Tax legislation or our Prime Paysolve service, please contact Prime Chartered Accountants.

Coventry - 024 7651 8555 or Solihull - 0121 711 2468