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VAT and prompt payment discounts
Businesses which currently offer prompt payment discounts (PPD) to their customers need to be aware that there are some changes ahead to the...Read more >
1 Aug 2014
HMRC writes to taxpayers about effective tax rates
HMRC is writing to certain taxpayers to tell them their effective rate of tax is lower than average and to ask them to check if it’s r...Read more >
29 Jul 2014
Advisory fuel rates for company cars
New company car advisory fuel rates have been published which took effect from 1 June 2014. HMRC’s website states:Read more >
28 Jul 2014
Prime Charity Penalty Shoot-out
Arguably at times more exciting that the England v. Costa Rica game here is the video of our charity penalty shoot-out held to raise money f...Read more >
8 Jul 2014
Xero hits $100m milestone
Xero, the leading global cloud accounts system for owner managed businesses, has just hit another milestone with annualised recurring revenu...Read more >
19 Jun 2014
Life At Prime
We put together this short video to use when we attended the Solihull Apprenticeship event on 15th May.Read more >
12 May 2014
Contact Prime Today
To discover your tax liabilities, please contact us for a free initial meeting.Please Email Us >
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