Affiliates

Roslyns are the leading pub accountants in the UK and work alongside the following pub companies:



































Tax

Roslyn’s is able to assist with tax affairs for Self Assessment and Corporation Tax. Many of our accountancy packages will include the filing each year of the requisite taxes depending on your trading entity. We can also offer advice on all taxation matters. If you’d like more information, please give us a call and ask to speak to one of our tax specialists.

Tax Tables

Jump to:

Income Tax Allowances | Income Tax Rates | National Insurance | Inheritance Tax
Capital Gains Tax | Corporation Tax | Stamp Taxes | Car Benefit | Car Fuel Benefit
Tax-Free Mileage Allowances | Individual Savings Account | Investment Reliefs
Value Added Tax | Capital Allowances | Registered Pension Schemes | Tax Credits

Income Tax Allowances

2014/15 2013/14
Personal Allowance £ £
General 10,000 9,440
Income limit 100,000 100,000
Born after 05/04/1938
but before 06/04/1948
10,500 10,500
Born before 06/04/1938 10,660 10,660
Age allowance income limit 27,000 26,100
Minimum where income exceeds age
limit (subject to general income limit)
10,000 9,440
 
Married Couple’s Allowance* (relief at 10%)
Either partner born before 06/04/1935 8,165 7,915
Age allowance income limit 27,000 26,100
Minimum where income exceeds limit 3,140 3,040
 
Blind person’s allowance 2,230 2,160

*Available for civil partners.
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Income Tax Rates

Taxable Income £ Rate %
2014/15  
0 – 31,865 20
31,866 – 150,000 40
Over 150,000 45
 
2013/14
0 – 32,010 20
32,011 – 150,000 40
Over 150,000 45

Savings income is generally treated as the highest part of total income. A 10% starting rate, for savings income only, applies to the extent that such income falls within the first £2,880 of taxable income (£2,790 for 2013/14). If taxable non-savings income exceeds this limit, the 10% rate does not apply. Income from dividends is taxed at 10% within the starting and basic rate bands, at 32.5% in the higher rate band and at 37.5% thereafter (these rates are applied to the dividend grossed-up by a tax credit of 1/9).

For 2013/14 and 2014/15 the trust rate of income tax is 45% and the dividend trust rate is 37.5%.

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National Insurance Contributions

2014/15
Class 1 (Earnings Related)
Employees Not Contracted out Contracted out
Weekly Earnings
First £153 Nil Nil
£153.01 – £770 12% 10.6%
£770.01 – £805 12% 12%
Over £805 2% 2%
Employers
Weekly Earnings
First £153 Nil Nil
£153.01 – £770 13.8% 10.4%
Over £770 13.8% 13.8%

Employees’ rates are reduced to 5.85% for married women with valid certificates of election by the 2% rate above £805 still applies. Rates are nil for employees over state pensionable age. Normal employers’ contributions are still payable.

Employers also receive a rebate of 3.4% for contracted out schemes on earnings from £111 to £153 per week. A rebate of 1.4% on earnings from £111 to $153 per week is given to employees (or employers where insufficient contributions have been paid for offset).

Class 1A and Class 1B – 13.8%.
Class 2 (Self-employed) – Flat rate £2.75 a week.
Small earnings exemption £5,885 a year.
Class 3 (Voluntary contributions) – £13.90 a week.
Class 4 (Self-employed) – 9% of profits between £7,956 and £41,865 a year, 2% of profits above £41,865 a year.

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Inheritance Tax

Transfers after 6th April 2014 and before 5th April 2015.

Death Rates Gross Transfer Rate %
Up to £325,000* Nil
Over £325,000 40†

Chargeable lifetime transfers are initially charged at 200%.
Annual gifts of up to £3,000 over donor are exempt.
*Unused nil rate band is transferable to spouse or civil partner.
†36% where 10% or more of the net estate is left to charity.

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Capital Gains Tax

Annual Exempt Amounts 2014/15 £
Individuals, disabled trusts, personal representatives for year of death and two years thereafter 11,000
Trusts generally 5,500
 
Rates 2014/15
Individuals
Standard rate 18%
Higher rate 28%
Trustees and personal representatives 28%
Gains to which entrepreneurs’ relief applies* 10%

*Subject to lifetime limit of gains of £10 million.

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Corporation Tax

Financial Year to 31/03/2015 31/03/2014
Full rate 21% 23%
Small profits rate 20% 20%
20% rate limit £300,000 £300,000
marginal relief limit £1,500,000 £1,500,000
marginal relief fraction 1/400 3/400
effective marginal rate 21.25% 23.75%

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Stamp Taxes

Shares and marketable securities 0.5%*
 
Transfers of land and buildings (consideration paid)
Residential Non-residential Rate
£125,000 or less £150,000 or less Nil
£125,001 – £250,000 £150,001 – £250,000 1%
£250,001 – £500,000 £250,001 – £500,000 3%
£500,001 – £1,000,000 Over £500,000 4%†
£1,000,001 – £2,000,000 N/A 5%†
Over £2,000,000 N/A 7%†
 
Leases (Rent – net present value)
Residential Non-residential Rate
Up to £125,000 Up to £150,000 Nil
Over £125,000 Over £150,000 1%

Premiums
Duty on premiums is the same as for transfers of land (but special rules apply to non-residential property where rent exceeds £1,000 annually).
*Rounded up to the nearest multiple £5. Transactions of value £1,000 or less exempt.
†For residential property, 15% if purchase is by — or by a partnership including — a company or collective investment scheme envlopeing the property.

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Car Benefit

CO2 emissions (2014/15) % of list price
grams per km Petrol Diesel
75 5 8
76-94 11 14
95 12 14
100 13 16
105 14 17
110 15 18
115 16 19
120 17 20
125 18 21
130 19 22
135 20 23
140 21 24
145 22 25
CO2 emissions (2014/15) % of list price
grams per km Petrol Diesel
150 23 26
155 24 27
160 25 28
165 26 29
170 27 30
175 28 31
180 29 32
185 30 33
190 31 34
195 32 35
200 33 35
205 34 35
210 35 35

No charge applies to cars incapable of producing CO2.

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Car Fuel Benefit

For 2014/15, car fuel benefit is calculated by applying the above car benefit percentage to a figure of £21,700.

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Tax-Free Mileage Allowances

Employee’s own vehicle
Motorcars and vans 2014/15
Up to 10,000 business miles 45p
Over 10,000 business miles 25p
Each passenger making the same trip 5p
Motorcycles 24p
Cycles 20p
 
Advisory fuel rates for company car from 1st March 2014
Cylinder capacity Petrol Diesel LPG
Up to 1,400 cc 14p 9p
Up to 1,600 cc 12p
1,401 cc to 2,000 cc 16p 11p
1,601 cc to 2,000 cc 14p
Over 2,000 cc 24p 17p 17p

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Individual Savings Account

Overall annual limit Cash annual limit Junior ISA annual limit
2014/15 – after 30/06/2014 £15,000 £15,000 £4,000
– before 01/07/2014 £11,880 £5,940 £3,840
2013/14 £11,520 £5,760 £3,720

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Investment Reliefs

Investment limit Income tax relief rate
Enterprise investment scheme £1,000,000 30%
Venture capital trusts £200,000 30%
Seed enterprise investment scheme £100,000 50%
Social enterprise investment scheme £1,000,000 30%

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Value Added Tax

Standard rate 20%
Lower rate 5%
 
Registration theshold from 1st April 2014 £81,000 pa
Deregistration theshold from 1st April 2014 £79,000 pa
 
VAT car fuel scale charges from 1st May 2014
CO2 grams per km Quarterly £ Monthly £
120 156 52
125 234 78
130 251 83
135 266 88
140 282 94
145 297 99
150 313 104
155 328 109
160 345 115
165 360 120
170 376 125
CO2 grams per km Quarterly £ Monthly £
175 391 130
180 408 136
185 423 141
190 439 146
195 454 151
200 470 156
205 485 161
210 502 167
215 517 172
220 533 177
225 548 182

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Capital Allowances

Dredging Rate %
Writing-down allowance (straight-line basis) 4
 
Business premises renovation
Initial allowance 100
 
Unrelievd Expenditure
Wiring-down allowance (straight-line basis) 25
 
Know-how
Wiring-down allowance (reducing balance basis) 25
 
Mineral Extraction
Wiring-down allowances (reducing balance basis)
General 25
Acquisition of mineral asset 10
 
Patent rights
Wiring-down allowance (reducing balance basis) 25
 
Plant and machinery
Annual investment allowance (max £500,000) 100
First-year allowances
Energy-saving or envrionmentally beneficial assets 100
New cars with CO2 emissions not exceeding 95g/km 100
New zero-emission goods vehicles 100
New assets for use in designedated areas of enterprise zones 100
Writing-down allowances (reducing balance basis) 100
General 18
Cars (other than low-emission cars) 8
Special rate expenditure (including integral features and thermal insulation) 8
Long-life assets 8
 
Research and development
Allowance 100

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Registered Pensions Schemes

Individual contributions
Maximum tax-relievable contributions are higher of:
– 100% of taxable UK earnings; or
– £3,600 (where sceme applies tax relief at source)

2014/15
Annual allowance £40,000
Lifetime allowance £1,250,000
 
2013/14
Annual allowance £50,000
Lifetime allowance £1,500,000

Any unused annual allowance can be carried forward for up to three years.

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Tax Credits

Annual amounts 2014/15 £
Child tax credit
Family element 545
Child element (for each child) 2,750
Addition for disabled child 3,100
Sever disabled child enhancement 1,255
 
Working tax credit
Basic element 1,940
Lone parent and couple element 1,990
30-hour elment 800
Disability element 2,935
Severe disability element 1,255
Childcare element (up to 70% of costs) Weekly
maximum eligible cost (1 child) 175
maximum eligible cost (2 or more) 300
 
Income thresholds
First income threshold 6,420
  eligible for child tax credit only 16,010
Withdrawal rate 41%
Income rise disregard 5,000
Income fall disregard 2,500

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